Ether is one of the world’s two most valuable cryptocurrencies, only behind Bitcoin. Investors can currently clinch a coin for £1,941.22, making ETH the only other token on the crypto market to have cracked the £1,000 mark. Now, developers hope to adapt their platform with an update titled EIP 1559.
What is EIP 1559?
Ethereum investors have long-awaited the blockchain’s incoming update, known as the “London hard fork”.
The upgrade is on course to change some of the fundamental processes behind transactions.
London is due out today and includes the Ethereum Improvement Proposal (EIP) 1559.
READ MORE: How does cryptocurrency work?
Burning also provides an opportunity for Ether to deflate.
As supply narrows through burning transactions, ETH could see a surge in price.
Investors would also hold a deflationary asset when inflation is a significant concern, especially in the US.
But the price surge isn’t guaranteed, as experts state it also depends on factors such as transaction volume, which affects gas fees and, in turn, how much Ether each exchange burns.