Ethernet test network Ropsten successfully upgraded EIP 1559, destroying over 80,000 ETH in 1 day

EIP 1559 has remarkable effect, Ether is going to enter the deflation era?

Ethernet test network Ropsten successfully upgraded EIP 1559, destroying over 80,000 ETH in 1 day

At 10:03 on June 24, Ropsten, an Ether test network, successfully activated the London hard fork upgrade at block height 10499401. The upgrade includes updates such as EIP-1559 that changes the Ether 1.0 Gas fee market and postpones the difficulty bomb to December 1, 2021. One of the most talked about is undoubtedly EIP 1559.

This is the first time we have seen how the EIP 1559 proposal works in practice. After a day of operation, 88,483 ETH (about $170 million) had been destroyed on the Ether test network Ropsten as of 3:30 p.m. Friday, signaling the test network’s successful entry into the deflation era.

Ropsten serves as a test network environment for the main Ethernet network, which attempts to replicate as much of the live environment as possible to see how well various technology upgrades work before launching on the main network, including stress testing in some extreme environments.

Two more Ethernet test networks will perform the London hard fork upgrade in the next two weeks, and if all goes well, the main Ethernet network will officially implement the London upgrade by the end of next month or early August.

By that time, the same thing that is currently happening on the test network should also happen on the main network.

As a result, sites may be updated to connect to the main network, at which point we will all see real actual ETH destroyed at a variable rate, depending on how much the network is used.

This destruction is due to the base fee (base fee) set by the protocol itself to stabilize the network costs. To maintain the incentive, the base fee is then destroyed – effectively destroyed or erased – and these eths “disappear” to an address where no one has a private key, because it is the address of the protocol itself, the collective address of the Ether nodes — rather than being distributed to miners.

As a result, during periods of high congestion, more ETH is consumed in the base fee than is given to miners in the block reward, thus potentially shrinking the total supply of Ether.

This test network upgrade should provide some further insight into how Ether’s new base fee upgrade relates to fee predictability and network capacity.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethernet-test-network-ropsten-successfully-upgraded-eip-1559-destroying-over-80000-eth-in-1-day/
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