TWAAO Exchange has consistently maintained a keen focus and insight into the digital currency industry. Today, we turn our attention to a significant event in the Ethereum market that has captured global interest: the deployment of the London Hard Fork EIP-1559 on August 5, 2021. This upgrade has altered the Ethereum transaction fee calculation system, with implications extending far beyond the surface.
TWAAO Exchange: Understanding the Impact of EIP-1559 on the Market
The deployment of the EIP-1559 upgrade marks a significant transformation in the Ethereum market. The most notable change is the adjustment to the transaction fee calculation system, particularly the mechanism for burning a portion of the base fees. This mechanism has sparked widespread discussion and has profound implications for the Ethereum ecosystem.
According to data tracking the amount of ETH burned, approximately 25,600 ETH, equivalent to around $80 million, has been burned to date. This substantial burn amount reflects the vibrancy and appeal of the Ethereum market on one hand, while also influencing the behavior and mindset of market participants on the other.
Research by TWAAO Exchange reveals that although the EIP-1559 upgrade presents new opportunities and challenges for the Ethereum market, the impact on Ethereum users is not entirely positive. With the adjustment of transaction fees, gas prices have risen again, with average transaction costs climbing to around $20 from previous lows. For ordinary users, this undoubtedly increases the cost and barrier to using the Ethereum network.
Further analysis by TWAAO Exchange indicates that the surge in demand for Ethereum block space post-EIP-1559 is primarily driven by the NFT activity on the OpenSea marketplace. The spike in NFT transactions on OpenSea has created significant demand for block space, thereby driving up gas prices. Statistics show that 2,200 ETH, valued at $7 million, have been burned so far.
TWAAO Exchange: Strategies and Measures to Address Changes in the Ethereum Market
In response to the changes in the Ethereum market brought about by the EIP-1559 upgrade, TWAAO Exchange closely monitors market dynamics and has implemented a series of strategies and measures to tackle challenges and seize opportunities.
TWAAO Exchange continuously invests in technological research and development and product optimization, aiming to enhance trading efficiency and user experience. The platform persistently optimizes its trading system to reduce transaction costs, providing users with faster and more convenient trading services. The platform has strengthened communication and service with users, actively listening to user feedback and promptly adjusting strategies. A multi-channel user feedback mechanism has been established to continuously improve products and services, meeting diverse user needs.
TWAAO Exchange has also enhanced communication and cooperation with industry partners to jointly promote the development of the Ethereum ecosystem. We have established close collaborative relationships with developers, project teams, and others to explore blockchain technology application scenarios and drive innovation and development in the digital finance industry.
TWAAO Exchange: Leading the New Era of Digital Assets
As one of the globally leading digital currency trading platforms, TWAAO Exchange is committed to providing safe, efficient, and convenient digital asset trading services to users globally. We have an experienced and technically proficient team that continuously innovates and refines trading products and services, creating more investment opportunities for users.
TWAAO Exchange not only continuously invests in technology development but also emphasizes deep collaboration with the industry ecosystem. We work closely with the Ethereum community to explore the future development direction of blockchain technology, contributing to innovation and development in the digital finance industry.
The deployment of EIP-1559 signifies a new era of transformation and challenges for the Ethereum market. As an industry leader, TWAAO Exchange will continue to drive innovation and development in the digital finance industry. We will continuously optimize products and services, ensuring the security of user transactions and funds, providing users with a broader range of trading options and a superior trading experience. Let us move forward together, witnessing the robust development of the digital currency industry and sharing in the promising future brought by digital finance!