The adoption of Ethereum Improvement Proposal (EIP) 1559 has altered the way network transaction fees function. Now, users pay a flat charge for their transactions to be processed by miners and can tip miners to have their transactions processed faster.
Miners are not paid the basic fee since it may encourage them to purposefully congest the network in order to maintain it high and earn more. Instead, the base fee is burned, thereby removing ether from the market.
Ethereum’s net issuance per day has plummeted to roughly 1,100 ETH, implying that its net reduction is now more than 91 percent. According to some analysts, ETH might become a deflationary currency if burns outstrip net issuance, which has happened on a few blocks.
Following the London hard fork, numerous investors have shown enthusiasm for ETH. Raoul Pal, a former Goldman Sachs employee, has indicated that he believes Ethereum is the “greatest trade” setup he has ever seen, owing to the cryptocurrency’s fundamentals signalling considerable potential.
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