On August 5, 2021, Ethereum introduced EIP-1559, an upgrade that changed the way Ethereum manages transaction fees. Rather than simply paying the full transaction fee to the miners, most of it is burned.
There are many reasons for this.
After the merger, the production of ETH will be reduced by at least 90%, and the proportion of ETH destroyed in each block will also increase accordingly.
When the gas cost of Ethereum is greater than or equal to 7gwei, the rate of ETH being destroyed will be greater than the rate of ETH issuance, reducing the total supply of ETH.
At the peak of the bull market, the gas fee price remained at 200gwei or higher for many months. Even in the current bear market, it can be reached.
Off-Chain Vote
Timeline
Aug 22, 2022Proposal created
Aug 22, 2022Proposal vote started
Aug 25, 2022Proposal vote ended
Dec 12, 2024Proposal updated