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Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Lenipiw on October 16, 2020, 07:25:26 AM

Title: Almost 1M Ether would have been burnt in past year if fee proposal approved
Post by: Lenipiw on October 16, 2020, 07:25:26 AM

The long awaited EIP-1559 would have seen almost 1 million ETH burnt in the last 365 days if it had been implemented, but miners are yet to get on board. The controversial Ethereum Improvement Proposal (EIP) 1559 would have burnt 970,000 Ether (ETH) — with a total value of $360 million — in the last year, if it had been implemented. EIP-1559 seeks to reduce transaction fees by introducing flat fees alongside a burn mechanism,

The findings, based on Dune Analytics data and published by the Head of DTC Capital Spencer Noon, have raised questions among some in the wider Ethereum community as to why the proposal has not been implemented already.
Visit here: https://cointelegraph.com/news/almost-1m-ether-would-have-been-burnt-in-past-year-if-fee-proposal-approved

Title: Re: Almost 1M Ether would have been burnt in past year if fee proposal approved
Post by: Riya143 on October 16, 2020, 09:27:11 AM

I don't know if it's tested. But if someone offers to read it, you have to pay the ultimate price for it. The proposal will not pass. Because its gas fee wanted to go up a lot and the price of eth in the world was constantly rising. But at the present time it has decreased a bit. The main reason for this is not using too much technology. So I think it takes some thinking to solve it and to think kind of better. Therefore, various steps should be taken in this regard. Of course there would have been some improvement but it could have been closer to $360 billion.