8 month 5 Japan , At block height #12965000（ Beijing time. 8 month 5 Japan 20:33）, The high-profile Ethereum London upgrade has been completed . London upgrade involves many proposals , One of the most interesting is EIP-1559. The proposal introduces a destruction mechanism , Make the cost on the chain more reasonable , At the same time, it also alleviates the inflation of Ethereum to a certain extent .
By 8 month 6 Japan 20:33, There has been a 4696ETH Be destroyed , The destruction speed is about 3.26ETH/ minute . At the current speed , It is expected that there will be 170 ten thousand ETH Be destroyed , The value is about 47 Billion dollars .
Here 24 In the hours , The Chinese community pays active attention to , Send out a lot of thoughtful discussions , Babbitt sorted out part of it , For reader's reference .
Think about a ： The combustion mechanism causes etheric deflation ？
Early last night 2 spot ,@ God fish er Sent out a picture of Ethereum burning . Picture shows , Destroyed several blocks in a row ETH Quantity in 3 More than . Due to the current excavation of each block ETH Quantity in 2-3 about , The additional quantity is less than the destroyed quantity , It means , During this time , The etheric fang “ exactly ” Deflation has been achieved .
introduce EIP1559 after , The cost of user interaction on the chain has two parts , Part is the basic fee （ It needs to be destroyed ）, The other part is the tip to the miners （ Not destroyed ）. The basic fee is dynamically adjusted according to the network , Generally, there is no need for users to adjust . The user adjusts the tip paid to the miner . When the network becomes more and more active , The higher the base fee paid by users , The more destroyed , Cause it to look like... For a while “ Deflation ” Of . But in the long run , If Ethereum does not change to POS Mechanism , Compared with the current annual additional 400-600 ten thousand ETH, I'm afraid the current amount of destruction is not enough to make ETH Deflation .
@DeFi He Taiji V Express , The combustion mechanism does not immediately deflate the ether , You need to wait until Ethereum is fully upgraded to POS after , The annual circulation rate will drop to 0.4%. therefore ,EIP1559（ Combustion mechanism ）+POS（ As low as 0.4% The inflation rate of ）+ Exponentially increasing demand on the chain = Deflationary ether .
@ Winter Soldier _DeerHODL Express , Bitcoin's current annual inflation rate is about 1.75%, Ethereum is 3.60%.EIP-1559 After activation , Calculated at the current combustion rate ,ETH The real inflation rate can probably be reduced to 2.55%. In other words, London's upgrade makes ETH The rate of inflation has decreased 30% about , It's equivalent to a small cut in half .
Next year, ETH Of PoS If the transformation plan can be completed on schedule , in consideration of ETH2.0 The theoretical inflation rate is about 0.4%, Superposition EIP-1559 Combustion effect of ,ETH Inflation will fall further , Turn to annual deflation -0.7% about , Become a real deflationary asset .
Think about the second ： Will Ethereum miners' income decrease ？
@DeFi123 This morning 9 It is calculated according to the spark mine pool at the time of , In implementation 1559 After upgrading , Comparison between today's mining revenue and yesterday's non upgraded mining revenue , After upgrading , The actual income of miners （ RMB ） Probably less 2% about , The impact of the upgrade on miners , It's not too big at present .
@37 Dukanon's data is ,EIP1559 After that, the earnings of Ethereum miners will fall 30-40%.
Think of three ：ETH The market value will exceed BTC Do you ？
according to coingecko data , The current market value of bitcoin 7600 Billion dollars , Market value of Ethereum 3200 Billion dollars , The former is the latter 2 times . From the comparison of their historical market value , The market value of bitcoin has always been higher than that of Ethereum . It used to be like this , Will this be the case in the future ？
@ Jiang Zhuoer _ The sentiment blogger's view is ,ETH In this bull market will exceed BTC. His logic is ：
EIP-1559& Large block expansion （ The number of transactions increased ） Resulting deflation , bring ETH More than BTC The last piece of the puzzle ,ETH No longer just unlimited fuel , But the gold of deflation ,ETH Since then, it has become a stored value asset + Deflationary assets + Interest bearing assets + Four in one super asset of means of production .
Jiang zhuo'er also said , Many bithians and the eternal bull market are well aware of this , But emotionally unacceptable , They can't make up their mind , Move your ass completely .
One of the representatives of the bithian Church @ Maya cndx For Jiang Zhuo Er “ETH Will eventually surpass BTC” Your argument is greatly refuted , The main logic is as follows ：
1. Deflation is just a publicity stunt , Currently, each block of Ethereum generates new coins 2ETH, And only 0.733446464958872557ETH. The amount of additional issuance exceeds the amount of destruction .2. For interest bearing assets , adopt DeFi Each currency can bear interest . Bitcoin's annualized yield is not inferior to how many coins .3. As Gas production , It is not exclusive . Many public chains can have their own Gas Currency ten thousand chains , It's already the future trend . No intelligent public chain is irreplaceable , Only highly decentralized and highly consensus bitcoin is irreplaceable .
Maya also said ,ETH Is the biggest “ cheat ” Your precious bitcoin project . There are already a lot of beliefs “ Fanzhong ” Can't stand the temptation , Some or even most of them . Blowing the ether can be the first , In fact, they may be very flustered , Seemingly firm and optimistic , It's estimated that I'm planning to wait for leeks to go in and quickly exchange for bitcoin . Be able to BTC People who have full cognitive and emotional ability to hoard , Just worthy of holding bitcoin and insisting on hoarding it to its future .
@ The main position of the north latitude is basically bitcoin , Only a little ETH As Defi Service Charge . His point is , Ethereum will surpass bitcoin in the future , It is difficult to . Logic is ：
1. Competitors . When a deflationary currency is used as fuel , Many people will choose other public chains .2.POS The disadvantages of ,7 Years ago, the circle was tearing .3. A change in the rules , It is not conducive to creating stable expectations for participants .4）Defi The foam index inside . If there is a long bear market in the future , You can find out .5） Technical debt . Including centralization caused by increasing volume , Include TPS, Including various agreements BUG, Including whether deflationary money can become fuel .6）V God's variables .
Different from Maya's too extreme , The rampant north latitude positively affirmed that the development of Ethereum is of great significance to the coin circle . He said , Any one has eaten Defi Bonus man , In fact, we should not boycott Ethereum too much .
Think about the four ： Burned ETH If you reward Dapp Developers are better ？
About EIP1559 One misconception is that EIP1559 Equivalent to consumption tax , The final cost will be passed on to the final consumer .
front Grouk cofounder &CTO@jolestar He retorted that ,EIP1559 The method of collection is a bit like consumption tax , It is a way to capture the value of platform agreements , But in the consumption tax scenario , Taxes will increase production costs , When the costs of all producers increase , Will force producers to pass on costs through price increases . However, the cost of miners in the blockchain field is only related to the competition between miners , Transaction fees are only related to the competition between users , Miners have no ability to pass on “ cost ”.
If you compare startups , Ethereum now has revenue , It's no longer a pure money burning stage . At the present speed , It is estimated that one-third to one-half of the additional issuance will be burned in a year , Reduced losses , It is expected to achieve breakeven , It can be regarded as exploring a business model of public chain .
Last night, ,ETH It's burnt 3000 Multiple ETH, It looks like a pity .jolestar Put forward an idea ： Burn the burned ETH Reward contract developers who are used , such as Opensea You can harvest in one night 300 Multiple ETH, For the DApp It's also a considerable income ,DApp The built-in transaction fee can be reduced or even cancelled .
If so , In Ethereum Dapp The enthusiasm of developers will be greatly stimulated , We can't even rule out a new round of ecological explosion .
Think of five ： For ordinary users , What's the impact? ？
DeFi100 Express , If Ethereum is not congested in the future , It's naturally good for users , Because it's easy to use . If there is congestion , That's also good —— Because burning destroys the supply . With DeFi and GameFi Innovation , The demand side is growing . As for the price trend ,@BeatleNews The advice is , You can refer to 《 Principles of economics 》 Supply and demand model .
Dong Bing's summary is more refined ： Put on EIP-1599 in the future , If Gas Fei Fei soared , Selling currency deflation , The price of coins has gone up . If Gas Fee reduction , Use as smooth as silk , The price of coins has gone up . Anyway , Users don't lose anything .
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