Canadian entrepreneur, investor, and actuality tv character, Kevin O’Leary — also called “Mr. Great” — seems to now be singing Ethereum’s praises as a deflationary asset.
Clearly studying from a script, O’Leary took to Cameo — an internet site that enables customers to buy customized video messages from celebrities — to espouse the advantages of Ethereum’s August 5 London upgrades. Most notably, the upgrades noticed EIP-1559’s extremely awaited burn mechanism introduced into Ethereum’s fee market.
— Taras.eth | Taras Bobrovytsky (@TarasBob) August 9, 2021
“It launched a vital change to the financial coverage of Ethereum,” mentioned O’Leary. “At the moment the charges that customers pay to ship transactions go to the miner, however after this enchancment, the charges will likely be burned.”
“Once you mix this with EIP-3675, which switches the community to Proof-of-Stake, […] Ethereum will turn out to be deflationary,” he concluded, including:
“If Bitcoin is sound cash due to the $21 million provide ceiling [Ethereum] is ultrasound cash as a result of there isn’t any provide ground.”
On the time of writing, it has been 5 days since Ethereum’s extremely anticipated 1559 enchancment proposal went live.
In accordance with Ultrasound.cash, an internet site monitoring the speed at which Ether is being burned via transaction charges, estimating that roughly 20,500 Ether (roughly $63.75 million) have been burned thus far.
Whereas a agency date for Ethereum’s forthcoming chain merge — which is able to full the community’s transition to Proof-of-Stake consensus — is but to be introduced, consultants are predicting the merge will happen in early 2022.
Final month, the chain merge was formalized as an Ethereum Improvement Proposal for the primary time. Now dubbed EIP-3765, the improve was formalized via the creation of a pull request on GitHub.