After years of hard work, EIP-1559 is officially live.
As of publication nearly 200 ETH has been burned.
Before 1559, the best way to burn Ether was minting most new NFT projects.
Now Ethereum burning has gone from rare to mandatory, and everybody is celebrating.
Not to be outdone, BSV lit their entire chain on fire.
Like all things Ethereum, the mechanics are so technically complex that only the most intense nerds can comprehend and enjoy. Casual observers still have a lot of misconceptions about 1559.
Some thought it would be an instant drop in gas price (gas prices are in fact relatively high right now).
Or that it would cause the price to shoot up (price has been up the past few days, fairly flat today).
The effects are far more nuanced, but a critical bridge in the transition to ETH 2.0. Here are some great explainer threads:
If you don’t have the time to pay attention, don’t worry, you’re all set. Other than node operators, EIP-1559 is backwards compatible, so you don’t have to take any particular action.
If you're feeling lonely because none of your meatspace friends are celebrating this accomplishment, know that you have plenty of good company among a very small number of random internet addicts.
A lot of resources popped up online to help you celebrate. Watch ETH burn at any number of great websites.
For video people, you can also watch a moment history as the ETH community celebrates in realtime:
So just sit back and watch Ethereum burn.
For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice. Author is a $CRV maximalist and owns some ETH.