For those who missed the news about Ethereum
The Ethereum EIP 1559 update has been approved as part of the upcoming London hard fork in July. The proposal, co-sponsored by Ethereum co-founder Vitalik Buterin, will shift Ethereum's fee structure away from the trading system that previously allowed miners to prioritize the highest rates.
The new fee structure will dynamically and programmatically adjust fees so that users only pay the lowest rate per block.
In addition, fees for the underlying network will now be “burned” on every transaction, which could lead to a deflationary economy of the #ETH token. Moving in the right direction in light of the network's record-breaking commissions of recent times. Usability enhancements increase the viability of the blockchain framework. Burning a part of transaction fees in the long term will lead to an increase in the price of the asset, only miners remain dissatisfied, losing part of their income when the upcoming update is introduced.
And, of course, this is a green light for the development of DeFi projects.
