{"id":570013,"date":"2024-01-17T21:00:45","date_gmt":"2024-01-17T21:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=570013"},"modified":"2024-01-17T17:33:41","modified_gmt":"2024-01-17T17:33:41","slug":"developer-hails-eth-burning-will-ethereum-break-3000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/developer-hails-eth-burning-will-ethereum-break-3000\/","title":{"rendered":"Developer Hails ETH Burning, Will Ethereum Break $3,000?"},"content":{"rendered":"

P\u00e9ter Szil\u00e1gyi, an Ethereum (ETH) developer, has lauded EIP-1559 and its ETH burning mechanism as “the great equalizer.” Taking to X on January 16, Szil\u00e1gyi\u00a0<\/span>admired<\/span><\/a> EIP-1559’s ability to “level the playing field between validators and regular users.”<\/span><\/p>\n

Developer: EIP-1559 Is A “Great Equalizer”<\/span><\/h2>\n

Since the implementation of EIP-1559, Ethereum adjusted how users bid gas fees, introducing the “base fee,” which was burned or sent to an irretrievable wallet. So far, data from Ultrasound Money\u00a0<\/span>shows<\/span><\/a> that over 3.9 million ETH have been destroyed. <\/span><\/p>\n

In the last week alone, the Ethereum network automatically sent more than 21,100 ETH out of circulation, “burning” ETH’s supply.\u00a0<\/span><\/p>\n

\"ETH
ETH burning | Source: Ultrasound Money<\/figcaption><\/figure>\n

Specifically, Szil\u00e1gyi mentioned the advantage regular users have with EIP-1559. Through this implementation, validators (previously miners before Ethereum shifted to a proof-of-stake blockchain) no longer have the privilege of arbitrarily adjusting gas limits and transaction fees.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days<\/a><\/div>\n

Earlier, that leeway created what the developer described as an “imbalance,” which made it tough for “regular users to compete.” However, following this implementation, everyone must adhere regardless of status as a validator, founder, or user.\u00a0<\/span><\/p>\n

With EIP-1559, the “base fee” adjustment is set at the protocol level. It is this base fee that the network burns, gradually making ETH deflationary, reading from the number of coins taken out of circulation since EIP-1559<\/a> went live in early August 2021. Even so, a sender can “tip” the validator, incentivizing them to prioritize validating a transaction.<\/span><\/p>\n

Stability And Predictability Achieved, Ethereum Upsides Capped At $3,000<\/span><\/h2>\n

Szil\u00e1gyi’s comments reflect a growing consensus among Ethereum supporters regarding the positive impact of EIP-1559. Though a big percentage of EIP-1559 is fixated on the price impact of the proposal, there is more that it achieves.\u00a0<\/span><\/p>\n

Related Reading: SUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network<\/a><\/div>\n

Most importantly, from a user experience perspective, it is now easier for senders to predict how much they will pay for a transaction. This is crucial, especially when the network is congested. <\/span>Additionally, though the Ethereum gas fee remains relatively high, EIP-1559, though considered a “bad idea” by Szil\u00e1gyi, has stabilized the network.\u00a0<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

ETH burning is attributed to reducing inflation in Ethereum, a network whose total supply is not capped like Bitcoin. Over the long term, prices might benefit from this proposal. However, prices are bullish in the short to medium term. Still, upsides are limited to around the $3,000 psychological round number.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

P\u00e9ter Szil\u00e1gyi, an Ethereum (ETH) developer, has lauded EIP-1559 and its ETH burning mechanism as “the great equalizer.” Taking to X on January 16, Szil\u00e1gyi\u00a0admired EIP-1559’s ability to “level the playing field between validators and regular users.” Developer: EIP-1559 Is A “Great Equalizer” Since the implementation of EIP-1559, Ethereum adjusted how users bid gas fees, introducing the “base fee,” which was burned or sent to an irretrievable wallet. So far, data from Ultrasound Money\u00a0shows that over 3.9 million ETH have been destroyed. In the last week alone, the Ethereum network automatically sent more than 21,100 ETH out of circulation, “burning” ETH’s supply.\u00a0 Specifically, Szil\u00e1gyi mentioned the advantage regular users have with EIP-1559. Through this implementation, validators (previously miners before Ethereum shifted to a proof-of-stake blockchain) no longer have the privilege of arbitrarily adjusting gas limits and transaction fees.\u00a0 Related Reading: Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days Earlier, that leeway created what the developer described as an “imbalance,” which made it tough for “regular users to compete.” However, following this implementation, everyone must adhere regardless of status as a validator, founder, or user.\u00a0 With EIP-1559, the “base fee” adjustment is set at the protocol level. It is this base fee that the network burns, gradually making ETH deflationary, reading from the number of coins taken out of circulation since EIP-1559 went live in early August 2021. Even so, a sender can “tip” the validator, incentivizing them to prioritize validating a transaction. Stability And Predictability Achieved, Ethereum Upsides Capped At $3,000 Szil\u00e1gyi’s comments reflect a growing consensus among Ethereum supporters regarding the positive impact of EIP-1559. Though a big percentage of EIP-1559 is fixated on the price impact of the proposal, there is more that it achieves.\u00a0 Related Reading: SUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network Most importantly, from a user experience perspective, it is now easier for senders to predict how much they will pay for a transaction. This is crucial, especially when the network is congested. Additionally, though the Ethereum gas fee remains relatively high, EIP-1559, though considered a “bad idea” by Szil\u00e1gyi, has stabilized the network.\u00a0 ETH burning is attributed to reducing inflation in Ethereum, a network whose total supply is not capped like Bitcoin. Over the long term, prices might benefit from this proposal. However, prices are bullish in the short to medium term. Still, upsides are limited to around the $3,000 psychological round number. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":555446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[83969,8323,88049,1946,88536,6931,78803],"class_list":["post-570013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eip-1559","tag-eth","tag-eth-burning","tag-ethereum","tag-ethereum-gas","tag-ethereum-price","tag-ethusdt"],"acf":[],"yoast_head":"\nDeveloper Hails ETH Burning, Will Ethereum Break $3,000?<\/title>\n<meta name=\"description\" content=\"P\u00e9ter Szil\u00e1gyi, an Ethereum (ETH) developer, has lauded EIP-1559 and its ETH burning mechanism as "the great equalizer"\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Developer Hails ETH Burning, Will Ethereum Break $3,000?","url":"http:\/\/wncen.com\/news\/ethereum\/developer-hails-eth-burning-will-ethereum-break-3000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/developer-hails-eth-burning-will-ethereum-break-3000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?fit=1254%2C837"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eip-1559","eth","eth burning","ethereum","ethereum gas","ethereum price","ethusdt"],"dateCreated":"2024-01-17T21:00:45Z","datePublished":"2024-01-17T21:00:45Z","dateModified":"2024-01-17T21:00:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Developer Hails ETH Burning, Will Ethereum Break $3,000?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/developer-hails-eth-burning-will-ethereum-break-3000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/developer-hails-eth-burning-will-ethereum-break-3000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-947893644.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-947893644.jpg?fit=1254%2C837\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eip-1559\",\"eth\",\"eth burning\",\"ethereum\",\"ethereum gas\",\"ethereum price\",\"ethusdt\"],\"dateCreated\":\"2024-01-17T21:00:45Z\",\"datePublished\":\"2024-01-17T21:00:45Z\",\"dateModified\":\"2024-01-17T21:00:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?fit=1254%2C837","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570013"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=570013"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555446"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}