Try Quests to earn cryptoThe EIP-1559 Board
This dashboard looks at the recent London Fork on Ethereum and the impact it has had in the few hours its been deployed to the mainnet.
We took a look at the estimated amount of ETH/fees burnt after EIP-1559 and also looked at how the London fork is impacting gas fees on Ethereum. We see that close to 1k ETH has already been burnt since the deployment of the London fork with Uniswap and Opensea leading the burn. Gas fees on Ethereum have been higher since the deployment of the fork and it'll be interesting to see how this plays out long-term.
From the looks of things, the number of transactions didn't really change before and after EIP-1559 but recently the numbers of transactions on Ethereum seem to have gone down quite a bit in the last few blocks (the reason for this is unclear but I am not able to access websites like https://watchtheburn.com/ as well.
Let's also look at the average amount of ETH burnt during each block, this is relevant because it gives us a sense of how much revenue that would otherwise be going to miners is going to be burnt:
It is pretty clear that EIP-1559 has caused the fees to be higher on average with the red region in our graph obviously steadily climbing in fees till reaching an equilibrium (the red region is Ethereum gas fees post EIP-1559). This is not great for UX despite 1559 likely making Ethereum gas fees more predictable. But it does mean that more gas will be burnt making holding ETH better for hodlers.
Let's also take a look at what impact this fee increase had on the amount of transactions on Ethereum :
Let's also check out the impact EIP-1559 has had on fees overall especially for the users of Ethereum:
Predictably Uniswap and Opensea are at the top of this list given the huge amount of usage Uniswap sees normally and also the huge NFT mania helping Opensea gain a lot of traction.
Next, let's look at who the top fee burners are:
The biggest feature of EIP-1559 that people have talked about is the burning of ETH instead of the fees going to miners completely. The miners get a tipping fee and the rest of the ETH is burned. This counteracts the inflation of ETH each year causing EIP-1559 to be good for hodlers of ETH. Let's take a look at the total amount of ETH that has been burned: