Posts

GAS for ETH going down with EIP-1559

avatar of @bearbear613
25
bearbear613
@bearbear613
·
·
0 views
·
1 min read

https://decrypt.co/60395/upgrade-reduce-supply-ethereum-gets-launch-date-eip-1559

July is now scheduled for Ethereum's upgrade which will lower gas fee's (transaction fee's). Sure the miners are getting all pissy but we feel really bad for them after dumping plenty /sarc

EIPP simply stands for Ethereum Improvement Proposal

"The proposal reduces the volatility of transaction fees by burning the fees, paid in ETH, instead of paying miners. Although miners will lose money, analysts think that the upgrade could pump the price of Ethereum and make it cheaper to use."

This is somewhat like yield control but with a twist:

BASEFEE would rise when the market is busy and fall when it’s quiet. No more auctioning off and now 2/3rd of Ethereum miners are upset. Ethereum 2.0 is coming whether the miners like it or not. This is the largest transition for ETH which moves from proof-of-work to a proof-of-stake one. In essence HODLing Ethereum is much more lucrative instead of just dumping the coin.

It would be crazy to see but perhaps this cycle it could bump ETH to 10K.. I have my doubts I surely do; but you just never know where ETH can go especially if BTC pulls it up along with it.

Posted Using LeoFinance Beta