ether Network has completed its upgrade and EIP-1559 has been activated. The highly anticipated upgrade is a monument to the Ethereum network and the price of ETH accumulated before the upgrade.
According to Coinmarketcap, ether is up more than 5% in the last 24 hours to $ 2787 and is up over 20% in the last 7 days. In contrast, Bitcoin is down slightly to $ 39,000 in the last 24 hours and down 2.7% in the last 7 days. ETH has outperformed BTC in the past 7 days.
In this upgrade, 5 Ethereum Improvement Proposals (EIP) are embedded in the code of the Ethereum network. Among them, EIP-1559 is a solution to the pricing mechanism of Ethereum network transactions. The remaining 4 EIPs include: Optimizing the Smart Contract User Experience and Enhancing the Security of the Second Layer Fraud Prevention Network (EIP-3198); Resolving the attacks caused by the current gas return mechanism (EIP-3529); to enable further updates of Ethereum in the future (EIP-3541); to help developers make a better transition to Ethereum 2.0 (EIP-3554).
In recent months, the high gas tariff and network congestion have become the main concerns of users. EIP-1559 has drastically changed the method of calculating transaction fees, making transaction fees on the Ethereum blockchain more predictable and cheaper.
One problem with the upgrade is that it reduces miners’ profits. The burning mechanism makes ETH more scarce. If the block reward is lower than the ETH burned, it can lead to deflation. In less than a day after the upgrade, about 3,395 ETH were burned.
In the long term, the upgrade is good for Defi and NFTs as it makes the cost more acceptable. Also, ETH’s burn mechanism could help become deflationary, like Bitcoin, which makes it more valuable. More people are looking for ETH as it is easier to own a whole ETH than a BTC. Healthy fundamentals and an emerging Ethereum ecosystem should drive the price of Ethereum higher in the long run
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