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September 06, 2021

Ethereum Upgrade (EIP-1559)

"EIP-1559, also known as the London Fork, was released 8/5/21 to make Ethereum transactions more efficient. The upgrade changed the incentive structure for miners, and put simply, improved the user experience when it came to paying gas fees. The upgrade has made gas fees more predictable and transparent for user transactions. Furthermore, the upgrade added deflationary pressure on ETH supply by burning a portion of gas fees. As of 8/30/21, 142,800 ETH have been burned representing $459mm in value and reducing the net issuance rate to 4.1%. EIP-1559 does not make ETH deflationary, but a step towards curbing monetary supply until ETH 2.0 launches - long-run we expect these changes to create an upward price pressure on ETH as supply decreases with increased network utilization.

What has been burning the most gas over the past month?

OpenSea (NFT) and UniSwap (DEX)"

-Harsharn Singh, Investment Associate @ Ember Fund

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