Almost 1M Ether would have been burnt in past year if fee proposal approved By Cointelegraph

Almost 1M Ether would have been burnt in past year


Almost 1M Ether would have been burnt in past year if fee proposal approved

The controversial Improvement Proposal (EIP) 1559 would have burnt 970,000 Ether (ETH) — with a total value of $360 million — in the last year, if it had been implemented. EIP-1559 seeks to reduce transaction fees by introducing flat fees alongside a burn mechanism,

The findings, based on Dune Analytics data and published by the Head of DTC Capital Spencer Noon, have raised questions among some in the wider Ethereum community as to why the proposal has not been implemented already. Twitter user ‘Laur Science’ suggested it should be implemented in the next hard fork, adding:

Cumulative ETH burnt with EIP-1559. Source: Dune Analytics

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