The launch of EIP-1559 on August 5 will also become an important milestone in the development history of Ethereum.
Before EIP-1559 went online, especially before May, the Ethereum community, especially miners, still had some differences on EIP-1559. In the previous article, we also mentioned that some big miners are against it.
Therefore, the community has been worried that after EIP-1559 goes online, whether Ethereum will reappear in the same situation as ETH/ETC, which is divided into two chains.
However, looking at the situation last night, this worry did not happen, and it seemed that the whole community was peaceful. In this regard, some people have suggested that in the current situation, the right to say which chain is authentic is no longer in the hands of the miners, but in the hands of the project running on Ethereum. At present, most project parties, especially DeFi project parties, support EIP-1559.
This is enough to show that the current ecology of Ethereum is strong, and it is difficult for other public chains to match in the short term.
In yesterday's article, I shared a website with you: https://ultrasound.money/. This website is monitoring the various conditions of Ethereum after EIP-1559 in real time, which deserves our regular attention.
Let's focus on the following screenshots:
In the figure above, the area marked "1" shows the total amount of Ethereum burned since it went online in 1559. The area marked "2" shows the amount burned per block in Ethereum's most recent block. The area marked "3" shows the leaderboard of the applications that burn the most ETH.
For the "3" area, I think everyone deserves special attention. Once a new application ranks on this list, it means that this application is very likely to attract the attention of the public. We can go to these applications to see if they are new trends or new opportunity.
Let's look at the following picture again:
In the picture above, the "base fee" is marked with a red box. In yesterday's article, we introduced that the basic fee will be burned. After 1559 goes online, if the value of the base fee is 15 Gwei, it is very likely that the total circulation of Ethereum will no longer increase after the end of January next year, but will stabilize at around 120 million pieces.
In the screenshot above, we can see that after 1559 went online, the average basic fee of Ethereum has reached 20 Gwei, which is already higher than 15 Gwei. likely to become deflationary.
Not only this website is monitoring the burning status of Ethereum in real time, but also many well-known websites are observing these indicators. I believe that many investors are also paying close attention to this information.
I don’t know if it’s because these conditions have attracted everyone’s attention, but before 1559 went online last night, Ethereum began to lead the rise slightly. After the launch of 1559, the increase of Ethereum began to increase. At the time of writing, the price of Ethereum has exceeded $2,800, and the price of Bitcoin has also risen from $38,000 in the previous two days to more than $40,000.
What is even more noteworthy is that the total market value of Bitcoin ($770 billion) is only 2.3 times that of Ethereum ($330 billion), and the gap between the two is further narrowing.
Whether this trend will continue, we will wait and see.
