wiki VS ethereum-burn-stats

Ethereum Wiki - The Ethereum Wiki.

One of the earliest FAQs about proof of stake vitalik made in 2016 even talked about burning fees:

Ethereum website doesn't offer services like thia, by the way the correct Ethereum site is www.ethereum.org, not www.ethereum.com.

How is the gas-price calculated? It’s calculated in gwei, which you probably heard of. 1 gwei = 0.000000001 ETH. Every transaction to make on the ETH network cost a fixed amount of gwei + a variable amount of gwei. A bunch of transactions are packed into a block. These blocks have a size, depending on the amount of transactions that are packed into it. If the network activity goes up, so does the blocksize and so does the base fee and variable fees. This would mean: the more popular the Ethereum network becomes and people use it, the higher the blocks are to compute the transactions, the higher the base fees and variable fees become. The fees are calculated as a % of the value of Ethereum. So there is always a direct correlation between the gas fees and the price of Ethereum. On top, the fees are an essential part of keeping the network secure. You can also leave a tip, so a miner has an incentive to make your transaction happen before others, but I will leave that out of this story for now too. I will leave the update of the Ethereum network out of it too, but if you want to read more, there is a lot to read on www.ethereum.org. This is, for all you visual people, what a block looks like:

[Ethereum ](www.ethereum.org)

Check out this post by V. Buterin https://github.com/ethereum/wiki/wiki/Problems/89fd07ffff8b042134e4ca67a0ce143d574016bd he goes into details about real world problems that could be solved with blockchain.

{ "name": "Basic Web3 User", "version": 1, "description": "Onboarding new developers into the Web3 space", "website": "https://www.ethereum.org/", "twitter": "fjun99", "tasks": [{ "name": "Have a wallet address", "description": "You need a wallet address to enter Web3 universe.", "points": 100, "verifier": "active-address" }, { "name": "ENS: Ethereum Name Service", "description": "Register your ENS name at https://ens.domains/ with a reverse lookup.", "points": 100, "verifier": "ens-reverse-lookup" }] }

I really like the look and colors of www.ethereum.org. Especially the guy screwdriving the shit out of that machine.

and many more

EIP-1559 was a surprise to me in a good way. We had spent so much time imagining what it would look like, probably expecting it to be a bit rough around the edges at first. The adoption numbers at the beginning were not high (still lots of type 0/1 transactions) but the basefee was working like a charm. Props to watchtheburn.com and perema's fee feed, which I used to track the early deployment!

Transaction fees are burned, but the transactions fees are so low that the burnt amount is unnoticeable. Burns are in the tens of millions of dollars while issuance is 100x greater in the billions of dollars. Compare this to Ethereum's burn, which currently reduces issuance by nearly 60%.

Ethereum PoS is one of the ONLY networks that's expected to be deflationary due to its extremely-high fees. Ethereum PoW's amount of inflation is now offset 35% in Jun 2022 by the amount burned per transaction from EIP-1559. After the merge, the issuance is expected to drop 80%, making Ethereum PoS the first popular blockchain that will have supply deflation and become a positive-sum investment.

Much love and respect to the individuals/teams that coded and hosted watchtheburn.com 🔥 for the last year. They kept the site up a few days longer than they initially planned for, but have now officially shut down.

WatchTheBurn shows a total of 3,099,476 ETH since eip1559

https://watchtheburn.com/ is closing down?

look at the tips column of this website https://watchtheburn.com/ to see what miners are earning now.