Binance Square
ETHBURN
968 views
7 Posts
Hot
Latest
LIVE
LIVE
PsyRiz
--
Bullish
Approx 4,597 ETH Worth $10M Was Just Burned On Monday a total of 4,597.61 Ether ETH/USD-3.02%  worth $10,087,987, based on the current value of Ethereum at time of publication ($2,194.18), 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. #ETHBURN #ETH #binance Disclaimer : #DYOR
Approx 4,597 ETH Worth $10M Was Just Burned

On Monday a total of 4,597.61 Ether
ETH/USD-3.02%
 worth $10,087,987, based on the current value of Ethereum at time of publication ($2,194.18), 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.
#ETHBURN #ETH #binance
Disclaimer : #DYOR
Explore the latest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number