In the last few months, Ethereum has dominated the charts as well as the broader market.
Indeed, the introduction of EIP-1559 in the first week of August this year provided much of the market buzz for ETH.
This, combined with the revival of the broader market, has finally prompted the public to look beyond Bitcoin.
While this has been groundbreaking for the network and its players, concerns about sustainability and high gas prices have been highlighted numerous times.
Following these worries, the advent of ETH-killers like Solana and the rapid proliferation of layer-2 scaling solutions have put a wrench in the works.
The unprecedented usage of ETH networks in dApps, NFT surges, and yield farming in the last few months has led network fees to hit 100-200 Gwei numerous times.
Previously, ETH developers stated that EIP-1559 is focused on addressing increased gas fees and making them sustainable.
Notably, the number of ETH burned in the 40 days since EIP-1559 was originally deployed has surpassed 296,000 ETH.
Furthermore, the burn value has surpassed $1 billion, with OpenSea burning the most, more than 40000 ETH.
For the time being, it appears that the second-largest blockchain has two options for the future.
The high gas prices will either continue to drive capital out of Ethereum (to L-2 alternatives such as Solana) or facilitate the transition to a robust and reasonably low-fee network following ETH 2.0.
For the time being, however, with the NFT excitement fading, it appears that dApps may be migrating away from the ETH network. As a result, it appears that the short-term effects of EIP-1559 are questionable.