Burning 88,000 Ethereum in preparation for the upcoming “EIP-1559” upgrade
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Burning 88,000 Ethereum in preparation for the upcoming “EIP-1559” upgrade
The “hard fork” split called “London” was launched on the experimental network “Ropsten” yesterday, June 24, in preparation for its launch on the main network next July.
Robston V # London!
Hello #EIP1559– Nethermind June 24, 2021
The upgrade will lead to the highly anticipated “EIP-1559” implementation that will modify the mechanism for calculating Ethereum transaction fees.
The next stage of the split in London is the deployment to the Goerli testnet, which is scheduled for June 30.
After that, it will launch on the Rinkeby test network on July 7 and then the main network later in July.
Read:A new partnership between the “Qtum” project and “Google” to launch blockchain development tools
Burn Ethereum:
Part of how the EIP-1559 upgrade works is to change the fee auction structure, burning out the core fees, which will make Ethereum more shrinkable over time.
A website called . has been created “Watch The Burn” To watch the burning processes directly.
At the time of the article’s publication, 88,483 Ethereum had been burned on the testnet.
This equates to about $177 million at current prices.
Ethereum software solutions company ConsenSys estimates that the annual change in supply will be minus 1.6 million ETH.
At current prices, this is equivalent to burning $3.2 billion in ETH, which would reduce the annual supply rate by 1.4%.
The deflationary characteristics of the network will be further complicated when the PoS is launched on the Ethereum 2.0 mainnet in 2022.
In February, Mr. Ryan Berkmans, founder of Prediction Global, explained how, in his opinion, the price of Ethereum could rise to five digits through these deflation mechanisms.
This, he said, effectively returns Ethereum to its holders and not to miners as the coin’s scarcity is increased through fee-burning.
Read:France approves the country’s first initial coin offering (ICO)
Ethereum price fluctuation:
Ethereum has not recovered the psychological level of $2000 at the time of writing this article.
The currency fell 0.78% in the last 24 hours but is still in a downtrend.
It may take a little longer to wait for developments and updates on the scarcity and demand characteristics to be reflected in the price movement of Ethereum.
Read also:
Bitmain has temporarily stopped selling Antminer mining hardware for these reasons!
Coinbase gets FSA approval to enter the Japanese crypto market
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time