Ethereum Developer Hails EIP-1559 as a Game-Changer
Péter Szilágyi, an Ethereum developer, has praised EIP-1559 and its ETH burning mechanism as “the great equalizer.” He highlighted how this update has leveled the playing field between validators and regular users. Since the implementation of EIP-1559, over 3.9 million ETH have been destroyed through the burning process.
Advantage for Regular Users
Szilágyi emphasized the advantage that regular users now have with EIP-1559. Validators no longer have the power to arbitrarily adjust gas limits and transaction fees. This change eliminates the previous imbalance that made it difficult for regular users to compete with validators.
Stability Achieved, Upsides Capped at $3,000
EIP-1559 has brought stability and predictability to Ethereum transactions. Senders can now easily predict their transaction costs, especially during network congestion. While ETH burning reduces inflation in the long term, short to medium-term price upsides are limited to around $3,000.
Hot Take: EIP-1559 Revolutionizes Ethereum’s Transaction System
The implementation of EIP-1559 has revolutionized Ethereum’s transaction system by introducing a fairer and more predictable fee structure. This update has significantly benefited regular users by eliminating the advantage previously held by validators. With over 3.9 million ETH burned so far, Ethereum’s supply is gradually becoming deflationary. While EIP-1559 stabilizes the network and improves user experience, it also sets a cap on short-term price growth, limiting upsides to around $3,000.
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