The London Fork Has Arrived

What’s the purpose of EIP-1559?

  • Gas prices could be more stable. Before EIP-1559, a user could spend more on gas to have their transaction executed first — because miners, unsurprisingly, tended to process transactions that paid higher fees first.
  • ETH price could potentially rise due to a reduction in the circulating supply. Since EIP-1559 now removes a portion of ETH in the form of a burn with each transaction, the supply of ETH is reduced. If demand remains consistent, or increases due to more consistent gas prices, prices will surely rise. (There are also risks associated with the upgrade, the biggest being the possibility of disgruntled miners quitting or revolting — thus impacting security and transaction times. See the section below for more.)
  • This reduction in supply would make ETH deflationary and cements its evolution into a store of wealth-style investment, but with the addition of smart contracts, make it far superior to Bitcoin.

Does everyone who uses Eth Like the EIP-1559 change?

Brief history of Ethereum

What’s next?

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