EIP 1559 Officially Launching on Ethereum in July

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EIP 1559 Officially Launching on Ethereum in July

EIP 1559 has now been officially confirmed for Eth's July London update.

That means more predictable and lower fees for users, and it will introduce a BURNING mechanism that will burn part of the transaction fees on the network in ETH.

That could very well mean ETH could see serious deflationary pressure (comparable to bitcoin's if not moreso) as early as July.

The increasing growth of DEFI, DAPPS, and transactions on the network coupled with the scarcity introduced through burning could make ETH a comparable or better store of value than Bitcoin.

To put it in perspective, if EIP-1559 was live yesterday, it would have burned approximately $26M worth of ETH or roughly 17,000 ETH. Annually that equates to over 6.2 million ETH burned a year at the current rate. That is significantly more than the new ETH being created and would therefore make ETH deflationary

Essentially, this could mean new ETH created could become more valuable than new Bitcoin created.

Stock up while you can.

submitted by /u/etheraider
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