- If EIP-1559 is achieved before this proposal, AND IF the fee-burning is of a non-trivial amount that will reduce inflation to below 0.5ETH, then there will be no urgent need to activate this EIP.
We do not think this is likely to occur in the short or medium term. 1559 will not be activated on the next hard fork, so it is as least 6-12 months away. Then after it is activated, 1559 requires end user wallets to update their fee handling. Then, after both of those things, the fee burning needs to be large enough to reduce the inflation to a sufficient amount.
We do not believe any of these things are likely to occur in the short or medium term, and therefore we would move forward with this EIP to reduce inflation and to reduce over-paying for security.
- If EIP-1559 is achieved after this proposal, nothing would change from a technical perspective, there would simply be less deflation of the money supply by 1.5ETH per block on average. We prefer this to scenario #1 (which we feel is unlikely to occur any time soon), but would happily accept both.