The report cites sand dune analysis dash board Known as “Ethereum after 1559”, it tracks the amount of ETH burned after it went online on August 5 in London. Bitcoin News stated on August 22 that 73,784 ETH (approximately US$230 million at the exchange rate of the day) was introduced in the hard fork.
Since then, these numbers have been growing. The dashboard now shows that 83,873 ETH has been destroyed so far. Coinbase will Ethereum price At the time of writing, it was approximately US$3,309, which means that due to the London hard fork, cryptocurrency worth approximately US$277,535,757 has been destroyed.
All this went according to plan.One of the changes that made its debut in London is Ethereum Improvement Proposal (EIP) 1559The proposal introduces a basic fee, which is determined by an algorithm for each transaction on the network, instead of providing the fee to the Ethereum miners, the network will destroy the related Ether.
The author of EIP 1559 explained that “it is important to ensure that miners in a block do not charge basic fees because it eliminates the incentive for miners to manipulate fees to collect more fees from users.” The proposal also aims to protect ETH and fight against currency. Inflate and reduce “risks related to miners’ extractable value.”
Miners will still receive block rewards, transactions can include supplementary fees as tips, but the change in EIP 1559 means that the Ethereum network effectively burns more than $12,000 worth of ETH per minute, just to prevent miners from profiting from transactions on the platform Carried on.
Other changes brought about by the London hard fork also strongly remind people that Ethereum plans to shift from its proof-of-work model to a proof-of-stake model, which will effectively eliminate miners.this The market responds well To that transition; Coinbase data shows that the price of Ether has rebounded from $2,153 on July 24.