67% of Ethereum Miners Reject EIP-1559
Expectedly, most Ethereum miners (67 percent) reject proposals under EIP-1559. Forwarded by Eric Conner and published together with Vitalik Buterin, this EIP's content seeks to overhaul the current first-auctioning system of which miners are in control of proceedings. Through this model, the network is technically overpaying for its security, raking Ethereum miners a fortune. Miners have thus far made over $250 million as payment for channeling hash rate, guaranteeing transaction integrity. However, this is at the expense of users currently overpaying to transact on the platform.
The Ethereum network is an evolution, an introduction that extended on what Bitcoin couldn't offer. Like it introduced smart contracting, Vitalik Buterin and the team are now seeking a temporary measure to address the high Gas fees. One of them is through EIP-1559, where miner revenue will drastically drop but for better user experience if adopted. The next upgrade, Berlin, will integrate five EIPs. However, London will introduce EIP-1559—if it garners support from mining pools and will in the medium term see Gas fees falling. In return, ETH/USD prices may inch higher in anticipation of more adoption, especially in the lucrative DeFi sub-sector.
Impact on ETH Prices:
Bearish. EIP-1559 will relieve the base layer and contribute to helping drive down Gas fees. Lower transaction costs will accelerate adoption andpump ETH/USD prices. Amid rising gas prices, some have been keeping off from using the network due to unreasonably high network fees that slash their bottom lines.
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