3 Reasons Ethereum’s Future Hangs in Balance Over EIP 1559 Reform
If there’s one thing this summer’s DeFi boom taught us, it’s that the Ethereum gas fee structure needs reform. Although things have calmed down since the summer, rip off fees, and stuck transactions are still a problem for Ethereum users. So much so, a failure to address the problem will only give rival blockchains an […]
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As Ethereum’s transition to EIP-1559 and Ethereum 2.0 loom ever closer, discussions over the future of GPU mining have swept over the crypto mining community. If EIP-1559 fails to bring down Ethereum’s obscenely high transaction costs and thus drive Ethereum mining obsolete, the shift to proof-of-stake certainly will. While these thoughts are a dime a […]
What the planned EIP-1559 could mean for Ethereum, DeFi and miners. Ethereum Improvement Proposal 1559, set to be bundled together with the “London” upgrade in July, has caused as much excitement as fear and panic. On the surface, EIP-1559 is nothing more than a change in Ethereum’s gas fee structure. And to spice it up, it has also been labeled as Ethereum’s scarcity engine, or burn mechanism, as it will destroy Ether (ETH) used in transaction fees, making the cryptocurrency deflationary, and perhaps more valuable down the line. Related: Ethereum at a crossroads: Ether community turmoil....
Ethereum’s scalability solution Polygon will implement this network update in its fee model via EIP-1559. According to an official post, this upgrade will introduce a burning mechanism for MATIC and will improve its fee visibility. Related Reading | Polygon Expands Its Footprint As Evolving NFT And Gaming Ecosystems Seek Ethereum Alternatives Ethereum introduced EIP-1559 with Hard Fork London back in 2021. The update was highly anticipated as it was supposed to aid mitigate Ethereum’s congestion issues and made fee more predictable. Some users even claimed the update was going to....
The Ethereum community is anxiously awaiting the mainnet launch of EIP-1559. Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly....
Ether has more potential than Bitcoin as a newer cryptocurrency, and the latest EIP 1559 will help the token trade more like a fixed asset, Pantera Capital CEO said. Amid the looming Ethereum London hard fork, Pantera Capital CEO Dan Morehead predicted that the upcoming upgrade would likely help Ether (ETH) outpace Bitcoin (BTC) as the largest cryptocurrency.As a newer cryptocurrency, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday, noting that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help the digital token to trade....