Even with second-tier solutions like Arbitrum, and a brief downturn in the blockchain gaming industry, Ethereum’s fees remain high after the EIP-1559 Update. Ethereum burns US$1 Billion.
A week after EIP-1559 implementation, along with London Hardfork, ETH burning skyrocketed with the launch of several non-fungible tokens. Ethereum blocks issuing turned negative, days after the London hard fork.
The price of ETH grows more than 5% in the last 24 hours. The weekly advance exceeds 23%. Ethereum surpasses the US$3000 barrier and is yet to reach the all-time high of more than US$4,000 achieved in May.
The three events for ethereum blockchain are the key points to raise the ETH price to the new ATH. Rollups, EIP-1559, and the “big” Merge are three crucial points to improving the blockchain.
EIP-1559 update, changes the way commissions are paid in Ethereum. There is disagreement on whether this proposal will achieve its mission of reducing network fees however it is already on the Ethereum testnet.
The Ethereum EIP-1559, whose main objective is to reduce commissions on the network, had a vulnerability that would allow a malicious actor to congest the blockchain and thus make it difficult or impossible to use it. The vulnerability was already fixed.