One of the value propositions iEthereum tokens has is its finite supply of 18,000,000 million total circulating supply.
That value proposition just got better.
On October 27, 2023 a transaction occurred sending 313.0079104 to the ENS Burn address wallet 0x000000000000000000000000000000000000dEaD.
The transaction 0xd81685afdf274b4744dee9a0b4846b95f157154edd2b9ea89709f77eb2a54720 occurred in block 18438850.
When tokens are sent to a “burn” address they become unretrievable and therefore removes the “said quantity amount” of tokens from circulation. This is typically suggested and interpreted as the tokens are destroyed. Thus reducing the total number in circulating supply.
This particular ENS burn address has a value of over $35 million dollars in Ethereum and ERC20 tokens. Currently, 12,605 Ethereum at nearly $2,000/per and more than 201 different ERC tokens totaling nearly $15 million dollars in value alone.
There seems to be a numerous amount of reasons the Ethereum developer community has created such an address for specific reasons to burn various token supplies. Many of the reasons are intended while others are circumstantial. Projects that have created buy and burn functions within their contracts, ENS name service expirations, Vickory auctions and by accident are to name a few reasons how or why this burn address is used.
With this particular iEthereum transaction; the reasons would be hard to know without having inside information. I have to lean towards it being a mistake; although hard to believe. To physically send an allotted amount of tokens to an address that is clearly unique with 36 “0’s” is a tough sell. Additionally, to even know about this address you must be very experienced with the Ethereum network. Thus making a novice mistake is less believable. However, it is more common than you would think. People start copying and pasting contracts while they are researching or transacting on the blockchain and a simple paste and click of the send/confirm buttons without thinking can be detrimental. There are many stories of this on the internet. Thankfully, it was only 313 iEthereum currently worth $20+- at todays prices.
Perhaps that $20 spend was not a mistake and there was intention behind internal development/testing taking place. I would assume that if this were true; that other transaction activity on the iEthereum ledger would be recorded at nearly the same general timeframe. I do not see this, but I could be wrong. I am conversational in Etherscan and not technically fluent. Remind me to ask a developer this question when I hold my first interview on this media outlet.
I have even speculated that it was a cryptic message being sent. We are currently one of very few scouring the iEthereum ledger and this transaction would not go unnoticed by any of us.
Was 313 sent as a “death note?” Was this confirmation of our research we have been publishing? Is this a dead project? Possibly this was a private message from an Angel reminding us of the progress we have made and encouraging us to keep moving forward. Who knows, perhaps December 18th will be a tale.
I am not a cryptographer. Perhaps time will tell why 313 iEthereum were sent to the “dead” address.
Regardless, whatever the intent or reasons behind wallet 0xAe3C3d8F7d0bCa3ac8191D470173fBa38AC6338d sending 313 iEthereum to the known ENS burn address is now iEthereum history. We are here to document and archive this big news. No longer does iEthereum have a circulating token supply of 18 million tokens.
The 313 tokens now “destroyed” was 0.001738888% of the already low finite circulating supply. This brings the new total of iEthereum tokens to a total maximum supply of 17,999,687 that will ever exist in circulation.
iEther way, We see value!