The highly anticipated Ether (ETH) burning EIP1559 upgrade containing London hard-fork is ready to go live on the Ethereum mainnet in a couple of hours, you can check the countdown here. It’s the biggest upgrade planned for the base layer before the Merge – the shift from Proof of Work (POW) to Proof of Stake (POS) and the arrival of Ethereum 2.0. The upgrade brings user interface, security improvements and imparts long term deflationary characteristics to the ETH token. So, where can you watch the ETH burn?
London hard-fork as it is called will deploy the EIP1559 in a couple of hours at exact Ethereum block height 12,965,000 – which is likely to occur around Aug 05 2021 16:17:01 GMT+0400 (Gulf Standard Time). Even though the EIP1559 is more than just base fees paid by network users getting burned at every block, it’s inarguably the part which appeals most to the crypto-community and that’s exactly what EIP1559 has been notoriously famous for. Here are a couple of sites, which will display the fees paid, the ETH amount burned and other data related to the London upgrade.
A minimalist website featuring a simple interface developed by the highly talented David Mihal, who also developed the famous Crypto Fees tracking Ethereum fees, Money Movers tracking the value settled by the network.
Watch The Burn
Watch The Burn website allows users to better visualize Ethereum supply reduction via base fee burning. It displays the fees paid and ETH burned by observing the last seven blocks (currently only for testnets). A toggle on the upper right corner of the screen allows users to switch between testnets and mainnet, meaning the same website will check Ethereum supply reduction, once EIP1559 goes live on mainnet.
Ultrasound.Money offers mostly the same features as the earlier mentioned website with one notable exception – it allows users to play with different parameters and estimate the supply reduction on the Ethereum blockchain in the long term. It also has a unique community interface, which tracks the Twitter members carrying the ultrasound bat signal for the occasion in their username!
The Ethereum Improvement Proposal (EIP1559) will improve the security model, create better fees, burn ETH supply and improve the UX. It replaces the first-price auction model with a more deterministic base fee model, in which the base fee would be burned.
The miners would therefore only profit from the “tip” on the network participant to get their transactions mined faster. EIP1559 also improves the Ethereum long-term security of minimum viable issuance. This happens by not paying miners and later validators any more than is absolutely necessary.
It also allows ETH to become deflationary by causing Ethereum supply reduction proportional to usage and therefore result in rising in its price, by limiting circulating supply. This makes attacks more expensive and the chain more secure, once Ethereum completely switches to Proof of Stake (POS). It also synergistically assists Ethereum Layer 2 solutions, disincentivizes chain spamming further, and breaks economic abstraction.