London update burned Ethereum by $1.6 million
Due to the long preparation of the London update, which includes several successful proposals for improving the ETH network, and the EIP-1559 included in it, it has been officially launched and activated.
Today, at block No. 12,965,000, this update occurred, which triggered various changes that are aimed at improving the health of the ETH blockchain network.
EIP-1559 is a mechanism for burning the commission in the network. That is, in each transaction process, the percentage of the fee paid is permanently burned – removed from this ETH proposal.
According to new data on the network, after applying updates, the protocol went down 10 hours burned ETH for a total of $1 680,387.
The remaining changes applied contain the basic payment, as well as the ability to set the maximum transfer fee:
EIP-1559 contains a new type of transaction, in which users will be able to set the maximum fee (commission) that they can and are ready to pay, as well as forward to the miner to receive compensation for the difference from the maximum and minimum commission and reward of the miner.
EIP-1559 will also remove a huge portion of remittance fees, which most in the community consider an important indicator for the economy of the ETH blockchain network.
In the short term, the applied update should not make ETH deflationary. Now the reward for miners, according to the idea, should exceed the number of ETH coins.
In the future, everything should change as soon as Ethereum completely switches to PoS technology, and combined updates should have a steady impact on ETH mining and economics. But to achieve this task, one update is not enough, “commented the director of strategic development of CoinShares.
London pushed ETH to $2 831
Today, the ETH price made an excellent horse race from $2 400 to $2 831. The bullish direction goes to $2 900, but a small correction corrected this downward advance.
At the time of the release of the article, ETH is trading at $2 830, and bulls are fighting for a mark reaching $3 000. Many short-term indicators go to the side of the bulls, showing that buyers will prevail.
Also in the cryptocurrency market, mass purchase orders can now be observed, which provides support for price movements above $3 000.
Traders should put top support at $2 900, giving a price boost to take the mark above $3 000.
Day ETH Level:
– Bet on spot: $2 711
– Direction: bullish
– Price indicator: growth
– Support level: $2 800 and $2 400
– Resistance level: $2 800 and $3 000
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