The 2nd largest cryptocurrency, Etherum, is going under major upgrade today. Etherum upgrade will deal with the way gas fees or you can say transaction fees are estimated says co-author of EIP-1559, Eric Conor.
Etherum which is often referred to as an existential threat to number one, bitcoin, is going under major upgrade. For ether transactions fees were pretty much high. Etherum upgrade will deal with the issue of high gas fees paid by users for ether transactions to the miners. 2nd and most important in today’s Etherum upgrade is that it will burn a specific part of the ether transactions fees. In this way, the circulation of ether will decrease and a price boost can be expected.
What does Etherum upgrade mean for the Crypto world?
The casual user can gain a lot from this upgrade in short term as well as long term. The user will pay according to automated set gas fees adjusted automatically based on the system congestion. The Etherum which powers a lot of DeFi (Decentralised finance) and NFT (Non-Fungible Token) and a lot of other things will gain more in long term according to Conor.The Meltem Demirors think that there will be no short-term effects of these upgrades but will benefit in the long term due to burning of Etherum. She said
Many of these expectations are likely too optimistic in the short term and will become more material in the long term.
The holder of ether can expect a price boost due to the Etherum upgrade. He said it will be addicting to see Etherum burned every block.
Conor said that it will be extremely beneficial for investors especially with the recent talks of inflation in the United States. Let’s see what Etherum upgrades does to price in short term as well as long term.
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