The world’s largest smart contract platform Ethereum supply reduction and fees interface improvements focused EIP1559 was deployed on Ropsten testnet on June 24 and now you can watch the fee burn in real time. A newly created website displays the amount of ETH burned on the Ropsten testnet. Ethereum mainnet deployment of EIP1559 is scheduled for mid July and this is likely an accurate representation of what to expect.
Watch The Burn website allows users to visualize Ethereum supply reduction via base fee burning on Ropsten testnet. It displays the total ETH burned, since the EIP1559 went live on Ropsten testnet. Further, it displays the fees paid and ETH burned by observing the last seven blocks. A toggle on the upper right corner of the screen allows users to switch between testnets and mainnet, meaning the same website can be used to check Ethereum supply reduction, once EIP1559 goes live on mainnet too.
The Ethereum Improvement Proposal or EIP1559, introduced by Ethereum co-founder Vitalik Buterin in 2018 will improve security model, make fees more predictable, burn ETH supply and simply improve the user experience on the network. It replaces the first-price auction model with a more deterministic base fee model, in which base fee would be burned.
The miners would therefore only profit from the “tip” included by network participants to get their transactions mined faster. EIP1559 also improves the Ethereum long term security of minimum viable issuance by not paying miners and later validators any more than is absolutely necessary.
It also allows ETH to become deflationary by causing Ethereum supply reduction proportional to usage and therefore result in rise in it’s price, by limiting circulating supply. This makes attacks more expensive and the chain more secure, once Ethereum completely switches to Proof of Stake (POS). It also synergistically assists Ethereum Layer 2 solutions, disincentivizes chain spamming further and breaks economic abstraction.
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