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...and since EIP-1559 that went live on August 5th, over $4.6 billion worth of ETH fees have been burned into non-existence. https://watchtheburn.com/ https://
by 300bps 5y ago
...and since EIP-1559 that went live on August 5th, over $4.6 billion worth of ETH fees have been burned into non-existence.
https://watchtheburn.com/ https://watchtheburn.com/
These fees used to be paid to miners. Now the currency paid as transaction fees are simply destroyed.
- skellera 5y agoProbably more nuanced than “destroyed.” The entire value of the coin didn’t exist like 6 years ago and is now $500B. The burned coins are just going to be factored into the price in some way.
- 300bps 5y agoI don't agree. Every year, a max of 18 million ETH is created through mining every year with no hard cap on # of ETH. Starting August 5th for the first time, coins that were created were literally destroyed. You can see the profound impact this has had on the total ETH supply in the chart below. You'll see the growth curve largely flattened out. https://ycharts.com/indicators/ethereum_supply https://ycharts.com/indicators/ethereum_supply
- marcoslozada 5y agoHope we have 2.0 soon…
- ur-whale 5y ago> since EIP-1559 that went live on August 5th How did they pull that off w/o a hard fork? Or was this a planned feature from the get go?
- bhaak 5y agoOf course it needed a hard fork: https://ethereum.org/en/history/#london https://ethereum.org/en/history/#london It was first proposed by Vitalik in 2018 but lay dormant for a while before being picked up by community members and being prepared for inclusion. IIRC it took about 2 years to get it into production. Besides the technical changes it's interesting as the most vocal proponents weren't developers and as such its inclusion was truly driven by the community.
- marcoslozada 5y agoTrue that…