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$3 million in 1,809 ETH was just burned by Benzinga


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1,809 ETH Worth $3M Was Just Burned

Published Oct 23, 2023 19:00

Updated Oct 23, 2023 20:10

1,809 ETH Worth $3M Was Just Burned

Benzinga - by Benzinga Insights, Benzinga Staff Writer.

What happened: On Sunday a total of 1,809.40 Ether (CRYPTO: ETH) worth $3,056,867, based on the current value of Ethereum at time of publication ($1,689.44), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.

Ethereum is currently issuing new Ether at a rate of 4% per year, although this is expected to decrease to around 0.5-1% as a part of the Ethereum 2.0 upgrade. Once this occurs, many speculate that the burn rate of Ether will be greater than the token's issuance, causing ETH to become a deflationary currency.

The net annualized issuance rate for Ether yesterday was 0.98%.

Data provided by Glassnode

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Written By: Benzinga

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