Ethereum Has Burned $100 Million in Fees Since EIP-1559 Took Effect

in #steemlinks • 3 years ago

Ethereum's London hard fork, a long-awaited network upgrade that included a measure to reduce the supply growth of ETH, went live just last Thursday.

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Since the hard fork, over $100 million in ETH has been burned, or taken out of circulation, helping fuel a price increase from $2,725 to $3,230, according to data from Nomics.

The London upgrade featured five code changes, but the most discussed was EIP-1559. The "Ethereum Improvement Proposal" altered the transaction fee structure for the network. Instead of fees going directly to the miners that process and validate transactions, a base fee would instead go to the network and promptly be destroyed.

Read the full article from here- https://decrypt.co/78344/ethereum-has-burned-100-million-fees-since-eip-1559?amp=1

#decrypt #ethereum #london #hardfork #upgrade #price #spike
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