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9,915 ETH worth $20 million were just burned!
With a value of $20,130,574 USD, calculated based on the current price of Ethereum at the time of publication ($2,030.19 USD), this amount was burned as a result of Ethereum transactions. Burning refers to when a coin or token is sent to an unusable wallet to permanently remove it from circulation.
Why is this important: On August 5, 2021, a significant Ethereum upgrade known as EIP-1159 was implemented in the Ethereum blockchain. This upgrade radically changed the fee model of Ethereum. 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, effectively reducing the supply of Ether.
Currently, Ethereum is issuing new Ether at a rate of 4% per year, although it's expected to decrease to approximately 0.5-1% as part of the Ethereum 2.0 upgrade. Once this happens, many expect the burning rate of Ether to surpass its issuance rate, making ETH a deflationary currency.
Other assets that were burned in 2023:
$369,020WBT on November 14, 2023.
$2M HT token on October 15, 2023.
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