According to the blockchain data company Dune Analytic, implementation of the EIP-1559 plan would have resulted in approximately 1 million ETH burning.
Had it received approval, the controversial Ethereum Enhancement Plan would have burned 970,000 Ether (translating to over $360 million) in the last year. The goal of the proposal was to lower transaction fees on the
network by implementing the strategy of flat fees alongside a burn mechanism.
Inside the Ethereum culture, this divisive approach has generated disputes and raised questions. Because of delays in implementing the plan, most ETH users have voiced their frustrations.
Interestingly, even before the first block was mined on ETH, the idea of burning charges was a choice. However, the first proposal to propose the introduction of the concept into the network is EIP-1559. The EIP-1559 proposal suggests a single flat base charge for all transactions on the ETH network that must then be burned. The network users will receive the miners’ reward from tips on top of the fee.
The plan has an allowance to adjust the base fee such that about 10 m of gas is retained in block sizes, aimed at implementing a predictable fee structure and increasing protection. As you would imagine, the mining community has shown opposition and reaction to the plan because of the effect on the income they would receive. Over the last few months, ETH miners have been getting satisfactory returns.