The Ethereum community is currently celebrating a milestone achievement after the network burnt its millionth coin since it began the EIP-1559’s fee-burning mechanism. However, the network currently still produces more coins than it burns.
Back in August, the Ethereum network implemented EIP-1559 and has since burnt $4.2 billion worth of coins. Before implementing this mechanism, Ethereum’s fee structure favored miners, allowing them to pull in heavy transaction fees when the network experienced heavy activity. Now, fees are burned instead of earned by miners.
Earlier this month, Ethereum hit a new record high of around $4,800. Along with Bitcoin, the two largest cryptocurrencies by market cap achieved interesting increases, which also pumped the general crypto market cap. However, ETH eventually fell and is currently trading at $4,242 according to CoinMarketCap data.
Regardless of the price plunge, the general Ethereum outlook is still considerably bullish. According to Citadel billionaire Chief Executive Officer Kenneth Griffin, Ethereum will push Bitcoin out of its position as the world’s leading cryptocurrency. Griffin said that the forthcoming generation of cryptocurrencies favors Ethereum more than it does Bitcoin, adding that the Ethereum network comes with interesting advantages for the sector. Examples include cheaper transaction costs and higher speeds.
Although Ethereum may not be extremely faster than Bitcoin, future upgrades, especially as expected with Ethereum 2.0, could widen the gap between both networks.
Image Credits: Pixabay
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