In a Twitter post published Wednesday, blockchain research firm CryptoRank revealed that over 1 million Ether (ETH) worth $4.24 billion had been burned since the introduction of the EIP-1559 protocol in August as part of the London hard fork. The EIP-1559 protocol reformed the Ethereum fee market, modifying the limit for gas fees and introducing a burn feature that takes a … [Read more...] about One million ETH worth have been burned since the implementation of EIP-1559 in August
EIP1559
The technical benefits of EIP-1559
By Yuga CohlerTLDR: EIP-1559 transactions have allowed Coinbase and Coinbase users to save ETH on gas prices without sacrificing confirmation times. Coinbase has also burned a lot of ETH, permanently reducing the supply of the second largest cryptocurrency by market capitalization.On August 5, 2021, Ethereum’s “London” upgrade launched successfully on mainnet as the last hard … [Read more...] about The technical benefits of EIP-1559
Around the Block #15: CryptoPunks, the NFT boom, and EIP-1559
Around the Block sheds light on key trends in crypto. In this edition, Justin Mart and Connor Dempsey highlight the latest NFT boom, and Ethereum’s EIP-1559 upgrade.CryptoPunks & the latest NFT boomA Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent contradiction with the law of demand. Rolex watches, diamonds, yachts, … [Read more...] about Around the Block #15: CryptoPunks, the NFT boom, and EIP-1559
Vitalik Buterin says EIP-1559 is proof Ethereum is ‘capable of change’
After a slight delay on the initial rollout date, the Ethereum London hard fork went live on Thursday at approximately 13:00 GMT.Speaking on the upgrade, Ethereum co-founder Vitalik Buterin said the launch’s success is evidence that the ecosystem can make significant changes for the better.Buterin’s comment was directed at naysayers who doubt the dev team’s ability to pull off … [Read more...] about Vitalik Buterin says EIP-1559 is proof Ethereum is ‘capable of change’
Over 4,000 ETH burned hours after EIP-1559 upgrade
Over 4000 ETH have been ‘burned’ just hours after the ambitious EIP-1559 upgrade was rolled out on the Ethereum network, data from multiple sources shows.The burned stash is worth over $11 million at press time, representing a tiny portion of the asset’s $325 billion market cap. Still, the burns mean everything is working as intended, ahead of Ethereum’s move to a … [Read more...] about Over 4,000 ETH burned hours after EIP-1559 upgrade