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24 October 2020

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

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


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

The controversial Ethereum 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.

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.

The current proposal, first suggested way back in 2018 by Vitalik Buterin, would drastically change how transaction fees are calculated.

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cointelegraph.com
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