Ethereum developers are persistent in implementing a proposal that most of the miners are against. The developers agreed that EIP 1559 will be activated in July.
The Ethereum Development Proposal (EIP) 1559 was agreed to go live with the London hard fork in July at the meeting among Ethereum developers today. The proposal aims to make Ethereum transactions more efficient. Thus, it is aimed to greatly reduce transaction costs and improve the overall user experience of Ethereum. The update to be brought will allow for transactions with fewer fees on Ethereum while at the same time reducing the supply of ETH.
When the EIP development is complete, it may not directly affect prices. Still, after the decrease in transaction fees and the proof-of-stake system’s introduction, ETH issuance will decrease further over time. It is stated that this development will also be of great benefit to layer 2 providers in scaling.
As it is known, transaction fees have increased dramatically in the Ethereum network recently. Trading on Ethereum has become costly, which has led some users and developers to turn to alternative chains.
While Ethereum developers are determined to implement this update and set July for it, most Ethereum miners do not support the update. Mining pools, which make up more than 60 percent of the processing power in the Ethereum network, are against the change brought now, as it will hurt the revenues from transaction fees.
