🔥Currently at this rate each year, approximately 0.24% of the $ETH in circulation will be removed from supply.

While the 0.24% number may seem small, when multiplied by the increasing amount of ETH over time, the amount of ETH burned each year becomes more and more.

This will unintentionally reduce the circulating supply of ETH, making the supply more scarce than demand, then the price of ETH will tend to increase. Because supply has decreased sharply compared to demand.

So, this ETH burning mechanism is seen as a way to create negative monetary inflation for Ethereum, making it a scarcer and more valuable digital asset if demand remains.

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