Daily General Discussion - September 16, 2022 : ethfinance
www.reddit.com/r/ethfinance/comments/xfi3f3/comment/ioobf66
What Jamie wrote
Interesting framing on how EIP-1559 turned Ethereum from a currency into a commodity.
EIP-1559 made the Ethereum Virtual Machine (EVM) hungry, in order for the EVM to do its work it needs to be fed. Like a cattle is fed corn (a commodity), a furnace is fed fuel (a commodity), a tree is fed with fertilizer (a commodity) or a mathematician is fed with coffee (a commodity). The EVM is fed with ETH and the ETH used gets consumed/spent/burnt.
I've heard EIP-1559 touted in many ways, mostly that it is deflationary. In the first 24 hours after it launched 4,700 Ether were burned, and according to Etherchain 2,632,172 ETH have been burned thus far, or $3,512,766,660.92 at todays price.
This view though is a different look. The analogy of staking being like farming is even interesting. 🤔
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