In April, we anticipated some new features on Ethereum that would be added to the mainnet version during 2021. Among the most important ones is EIP-1559, one of the most anticipated changes since the Ethereum blockchain has existed. As already explained, with this upgrade Ethereum will maximize the value of its ETH token, making it deflationary. From now on, in fact, every day we will see the burning of ETH being collected by the FEES from various transactions executed on the Ethereum network. Those who used to criticize Ethereum for its unlimited supply will now have one less thing to say about ETH! Now let’s see how EIP-1559 works and why it will be the winning move long term!
EIP-1559 is finally ACTIVE
This upgrade will send to the burn address many Ether obtained from the fees of every transaction that happens on the Ethereum network. These fees have been going entirely to MINERS, who have been making good money and will now find themselves without a piece of their favorite pie. Besides the good, this change could also do harm since many miners will surely decide to go elsewhere and use their resources to mine other tokens. Furthermore, every new change to Ethereum’s core code is a new risk as there could be exploits and hacks of various kinds, but this particular change has been tested for several months so hopefully we won’t get any nasty surprises.
Blockchain statistics have analyzed Ethereum’s fees over the past 365 days and have shown that if EIP-1559 had been active 1 year ago, nearly 3 million Ether would have been burned so far. A very high figure that if it continues to be this high could be the best solution to the problem of Ethereum’s unlimited supply. BTC MAXIs will now have no reason to hate Ethereum, as this brings ETH at least a little closer to the ‘limited supply’ of BTC.
How to follow the BURN of ETH in Real Time
I recently found a great site on Twitter dedicated to the burning of Ethereum that will now allow us to follow every single burn in real time. It’s called WatchTheBurn.com and was created by some DEVs who have been active in the crypto industry for some time. The design is very simple and it only takes 1 click to follow the progress of EIP-1559. The site was actually working during the test-net months as well, so this is nothing new for the experts. The important data in our opinion is the ‘Total Burned’ section where it will be possible to be kept up to date on the total burned so far.
For some experts, Ethereum should have avoided this EIP-1559 as it is very reminiscent of all the ERC-20 and BEP-20 shitcoins seen in recent months, but in our opinion and that of the Ethereum community, this is what was needed to bring us closer to an event we have all been waiting for: the Flippening of ETH vs BTC. We will see who will be right!