Bitcoin News and Finance
Ethereum’s Vitalik Buterin Says EIP 1559 ‘Most Important Part of London,’ Network Is Burning $16K in ETH per Minute Skip to main content

Ethereum’s Vitalik Buterin Says EIP 1559 ‘Most Important Part of London,’ Network Is Burning $16K in ETH per Minute

The Ethereum blockchain has completed the highly anticipated London upgrade on Thursday and ether fans have been discussing the protocol’s burn rate with great fervor following the fork.

5.9 Ether Is Burned Every Minute, Vitalik Buterin ‘Confident’ About the future after London

At press time, Ethereum is burning 5.9 ether per minute or $16.8K using today’s exchange rates against the U.S. dollar. Meanwhile, in a recent interview from Singapore, Ethereum’s co-founder Vitalik Buterin said the Ethereum Improvement Proposal (EIP) “1559 is definitely the most important part of London.”

On Thursday morning around 8:30 a.m. (EDT) on August 5, the long-awaited Ethereum London hard fork took place and the blockchain was successfully upgraded. The community was ecstatic, to say the least, and on Twitter, terms like “ethereum” and “EIP1559” started trending.

Of course, the most topical conversation about the London upgrade was EIP-1559: The fee market change for ETH 1.0 chain. The EIP essentially changes the algorithm tethered to the base fee per gas in the protocol and it burns the base fee per gas.

There are numerous websites where ether fans can watch the burn rate stemming from the latest EIP-1559 ruleset change. At the time of writing, more than $16K or 5.90 ETH is burned by this mechanism every minute. On the low end of the spectrum, the burn rate has been around $8,103 or 2.78 ETH per minute. Ethereum evangelists like this concept because they believe it will essentially make the crypto asset deflationary over time.

Vitalik Buterin spoke about the London upgrade with Bloomberg from Singapore and told the finance reporter Matthew Leising he was “confident” about the future after London. “Now it gets much easier to send a transaction that will get included in the next block and that’s very important to user experience,” Buterin said.

Gas Fees Spiked, Ether Jumps Over 16% This Week

However, on the downside, ETH users did notice that the average ETH transaction fee jumped following the fork. For instance, on August 2, the average fee was around $8.39 per transaction but on Friday following the upgrade, the average ether gas fee is $14.60. Since the London upgrade was activated, Ethereum’s fee burn rate and the rising gas fees have taken over the conversations. A decent number of people are also talking about ETH’s current market rally as well.

Ethereum (ETH) is up over 3% today and 17.55% over the last seven days. Against the leading crypto asset bitcoin (BTC) during the week ETH has rallied 16.50%. Pitted against the U.S. dollar, ethereum has jumped 24% over the last month, and trailing 12-month stats show ETH has captured triple-digit gains (628.27%).

What do you think about the London hard fork, the recent fee spike, and Ethereum’s fee burn rate? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory