What happened: Total 6,133.46 Ether on Thursday ETH/USD Price $9,768,646, based on current prices Ethereum At the time of publication ($1,592.68), Ethereum was lit by transactions. On fire This is when a coin or token is sent to an unused wallet to be removed from circulation.
why it matters: On August 5, 2021, the Ethereum blockchain implemented a major upgrade known as EIP-1159. This Ethereum improvement proposal drastically changed the fee model. Each transaction now includes a variable base fee that adjusts according to the current demand for block space. This base fee is then burned, or permanently removed from circulation, reducing 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 happens, many speculate that the Ether burn rate will exceed the issuance of the token, making ETH a deflationary currency.
The Net Annual Issue Rate for Ether yesterday was -9.15%.
data provided by glassnode