17,087 ETH Worth $62M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Monday, 17,087.69 Ether (ETH) worth approximately $62.7 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade on August 5, 2021, which introduced a variable base fee for transactions that is burned. The Ethereum network is currently issuing Ether at a 4% annual rate, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -22.83% yesterday.

March 05, 2024 | 6:00 pm
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17,087.69 Ether worth $62.7 million was burned, potentially leading to ETH becoming a deflationary currency due to the EIP-1159 upgrade and upcoming Ethereum 2.0 changes.
The burning of Ether directly impacts its supply, potentially increasing its value due to scarcity. The EIP-1159 upgrade and the anticipated Ethereum 2.0 changes are significant factors that could lead to ETH becoming a deflationary currency, positively affecting its price in the short term.
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