The second-largest cryptocurrency in the world, Ethereum, is on fire at the moment. The great expectation from the prince of altcoin for staging a coup and taking power away from Bitcoin was watered down last month. However, it seems that the silver cryptocurrency has finally decided to pick up the slack and show some action.
As the highly anticipated EIP-1559 upgrade is approaching, the positive impacts have already started to show. The crypto data aggregator Finbold claims that in the last 30 days, the numbers of unique and additional active addresses on the blockchain have increased by 5.37 million. At this rate, Ethereum gained an average of 173,235 addresses per day from June 6th to July 6th.
Alex Mashinsky is the CEO of the trading forum Celsius Network. About the increasing interest in Ethereum, he claims that there is a possibility of flippening. Flippening is a hypothetical scenario when the value and price of Ethereum overtake Bitcoin. According to Mashinsky, the two-layer solutions for the network will greatly relieve the present issues.
Just seven days ago, the number of active addresses on Ethereum outshined Bitcoin for the first time. It is a visible sign that Ethereum is moving forward in terms of popularity. The crypto investment management of Goldman Sachs also stated that Ethereum technology could upstage Bitcoin eventually. The news was first published by Business Insider.
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The Pros and Cons of Upcoming EIP-1559 Upgrade on the Network
The EIP-1559 upgrade was originally set out to go live in mid-to-late July. However, it is estimated to launch on 4th August 2021. A recent tweet from Tim Beiko states that the mainnet update will be deployed after the 12,965,000 tokens. Beiko is one of the principal developers on the Ethereum network.
The main objective of the EIP-1559 upgrade is to burn the portion of transaction fees that will transform the blockchain into more economical. After the proposed deflation, when mining increases, it will allow the Proof of Stake to become the dominant consensus option. The Ropsten testnet burned 89,148 tokens, while the Georli testnet burned 79 ETH during testing time.
