Ethereum core developer Tim Beiko announced on April 23 that the highly anticipated London hard-fork and the included EIP1559 will likely go live by July 14. The EIP1559 upgrade will burn ETH tokens, relative to the fees generated on the network and will likely cause the ETH token to become deflationary i.e reduce supply by burning tokens.
The London hard-fork contains the token burning EIP1559, EIP3198 BASE FEE initiator, EIP3238 to delay Ice Age push-back, and another EIP for gas fee refunds, which wasn’t specified yet. Ethereum has been generating the highest amount of fees for any crypto protocol. These fees will burn/reduce the number of ETHs in circulation. Later, Ethereum 2.0 will follow and bring massive improvements.
The graph shows the number of fees generated on the network and the amount of tokens EIP1559 would burn after its introduction. Relative to current fees, EIP1559 will burn around 6000-6500 ETH/day. This is likely to immensely boost ET...
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