Will EIP-1559 Upgrade Turn Ethereum Into a Deflationary Asset?
ChrisCrypto
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Grace Garcia
Awesome work!
Josh Hendricks
Nice article!
Catherine Dela Torre
Burn baby, burn! Deflationary asset here we come!
Cathy Chua
The current way ethereum transaction fees work is the miners choose the transactions which have the highest gas value (how much they are willing to pay). This is inefficient because it forces everyone to try to outbid one another to get the opportunity to use the network which sends the transaction fees soaring.
The new update will make it so the amount paid to the miners is the same for everyone, and it gets automatically adjusted by the algorithm depending on demand. This means people will not need to compete against each other therefore no bidding wars to use the network, and lower fees. This new dynamic fee is also "burned", meaning it gets destroyed during the transaction and since there is only 2 etherum generated per block, if the fees that get burned by paying the dynamic fee will cause more ether to be destroyed than generated, causing the overall supply to decrease making it deflationary
Ana Angeles
EIP 1559 has been passed, much to the chagrin of the ETH mining community. What it does is effectively makes ETH a deflationary asset, and mining ETH Will become a thing of the past as it fully implements proof of stake. Considering there is roughly 9% of all ETH already locked up in the staking contract, not to be released for afew years, combined with the fact that soon massive amounts of ETH Will be burned due to 1559, the result is an extremely bullish price scenario for ETH. Despite all the hype surrounding the “ETH killers” , ETH has a massive network effect and has a substantial most built around it. Even when fees are high, people will continue to use it, and that will just be “the cost of doing business” not to mention all of the layer 2 solutions already implemented that make transaction much cheaper. Take that, combined with the NFT movement which is JUST starting, and is native to the ETH blockchain, and you have a digital asset that is being massively accumulated by the “big boys” of finance like Greyscale. All this adds up to a very likely 6–12x from this point in price, and possibly higher depending on BTC.
Bianca Baretto
The burning of transaction fees (fees that still need to be paid) is in order to create a certain amount of scarcity for the Ethereum coin.
Normally will transaction fees go to the miners who support the network and do all the validating and verifying of the transactions being made. A transaction fee takes up about 1/3 of the mining reward miners get for mining.
With EIP 1559 is this transaction fee “burned”. It means 1/3 of their rewards for mining and sustaining the blockchain are gone. EIP 1559 does not solve the high transaction fees nor does it help the miners. It only creates scarcity of the coin so that its value may rise. Miners are angry as it might imply, to some, not being able to make a profit and suffer losses for mining. A part of them will probably depart as a result and the blockchain might become more susceptible to attacks.