Ethereum

MN Coin

Péter Szilágyi, an <a href="https://optimisus.com/news/crypto-news/a-crypto-whale-buys-4677-ethereum-valued-at-around-11-million-as-eth-surpasses-2500/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> developer, recently praised Ethereum Improvement Proposal 1559 (EIP-1559), describing it as "the great equalizer."  
In a post published on January 16, Szilágyi praised the protocol's ability to level the playing field between validators and regular Ethereum network users.  
EIP-1559, implemented to improve Ethereum's gas fee mechanism, introduced the concept of a "base fee" that users could bid for transactions.  
The base fee is then burned off or transferred to an irretrievable wallet. According to Ultrasound Money data, over 3.9 million <a href="https://optimisus.com/news/crypto-news/ethereum-rallies-on-ether-etf-anticipation-amid-bitcoin-etf-expectations/" rel="noopener noreferrer nofollow">ETH</a> have been burned since the introduction of EIP-1559.  
In the last week alone, the Ethereum network automatically removed over 21,100 ETH from circulation, emphasizing the ongoing "burning" of ETH's supply enabled by EIP-1559.  
Szilágyi emphasized the advantages that regular users now have with EIP-1559. Previously, validators (formerly miners in Ethereum's proof-of-work model) could arbitrarily adjust gas limits and transaction fees.  
EIP-1559 corrected this imbalance, requiring everyone to follow protocol-defined rules regardless of their role as a validator, founder, or user.  
EIP-1559's base fee adjustment, implemented at the protocol level, contributes to ETH's gradual deflation. The base fee-burning mechanism reduces Ethereum's inflationary pressure while keeping transaction costs predictable for senders. Senders can "tip" validators to encourage them to prioritize specific transactions.  
Szilágyi's comments reflect a growing consensus within the Ethereum community about the positive impact of EIP-1559.  
Aside from price implications, the proposal improves the user experience by providing predictability in transaction costs, especially during network congestion.  
Although Szilágyi believes EIP-1559 is a "bad idea," it has played an important role in stabilizing the Ethereum network.  
ETH burning, facilitated by EIP-1559, helps to reduce inflation in Ethereum, a network without a capped total supply like Bitcoin.  
While this may have long-term price benefits, current bullish sentiments indicate a limited upside potential, with prices hovering around the psychological round number of $3,000. 
The post <a href="https://optimisus.com/market/ethereum-developer-praises-eip-1559-as-the-great-equalizer/" rel="noopener noreferrer nofollow">Ethereum Developer Praises EIP-1559 as “The Great Equalizer”</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Ethereum Developer Praises EIP-1559 as “The Great Equalizer”

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