Hey DEFI TIMES community,
EIP-1559 launched yesterday! After years of research and hard work, we made it! It’s finally here!
EIP-1559 essentially does two things:
It improves Ethereum’s UX by implementing a universal gas fee (BASEFEE)
It makes ETH deflationary while also keeping the network secure
The first BASEFEEs are being burned right now, which creates constant deflationary pressure.
By paying the BASEFEE and a certain tip, your transaction is guaranteed to be included in the next block.
Bye-bye stuck transactions!
This is music in your ears - at least for every ETH veteran out there!
Remember the times when you made a Uniswap transaction and it got lost in the memepool? Then you had to speed it up using Metamask or create a custom nonce with another transaction?
These times are gone!
First Impressions After the Launch
The launch went smoothly and without any complications. This is a historic day for the whole crypto and Ethereum community.
It took two years from proposal to implementation, and now… it’s live! - Just think about that for a second!
And EIP-1559 is working perfectly fine:
In fact, over 4,000 ETH have already been burned!
The next major Ethereum upgrade will be the merge, which is expected to launch in Q1 2022.
From that point, Ethereum will truly become deflationary!
Fingers crossed!
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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.
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