19,544 ETH Worth $74M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 19,544.93 Ether (ETH) worth approximately $74.73 million was burned, permanently removing it from circulation. This action is part of the Ethereum blockchain's EIP-1159 upgrade, which introduced a variable base fee for transactions that is burned. The Ethereum network is currently issuing new 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 -26.68% yesterday.
March 06, 2024 | 6:00 pm
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19,544.93 Ether worth $74.73 million was burned, potentially impacting the supply and value of ETH. The Ethereum network's upgrade and the move towards Ethereum 2.0 could make ETH a deflationary asset.
The burning of a significant amount of Ether, coupled with the Ethereum network's upgrade and the anticipated decrease in new Ether issuance with Ethereum 2.0, suggests a potential increase in the value of ETH due to reduced supply. The net annualized issuance rate being negative further supports the potential for ETH to become a deflationary currency, which could increase its value.
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