Almost 1M Ether would have been burnt in past year if fee proposal approved

Almost 1M Ether would have been burnt in past year if fee proposal approved


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. Twitter user ‘Laur Science’ suggested it should be implemented in the next hard fork, adding:

“Hopefully, we don’t keep discussing this for two more years while miners get too much $ETH and dump it for $USD, keeping the $ETH price in check.”

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Cumulative ETH burnt with EIP-1559. Source: Dune Analytics

Although the idea of burning fees has long been considered, even prior to Ethereum’s genesis block in 2015, EIP-1559 was the first serious proposal to

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