Trezor Adds EIP-1559 Support to its Model T Wallet, $1 Billion Worth of ETH Burned
Hardware crypto wallet Trezor has finally announced the support for EIP-1559 but only in its Model T’s firmware. This Ethereum upgrade is not yet supported on Model One, but the team is working on porting Model T firmware to Model One to unify its stack.
On August 5th, the Ethereum network had the London upgrade, which also implemented EIP-1559 which burns a portion of the fees paid to the miners. Since this proposal’s implementation on the second largest network, base fees are burned while a small tip is added that is paid to the miners.
So far, this burn mechanism has resulted in burning more than 311,000 ETH worth more than $1 billion.
NFT marketplace OpenSea is responsible for the majority of these burns at just over 43,800, followed by more than 26k ETH by Uniswap V2 plus V3, and Ether transfers at 26k ETH, according to Dune Analytics.
Popular Ethereum wallet MetaMask has already provided support to the new transaction fees mechanism, which provides a way for users to avoid overpaying under normal conditions.
Now, developers can use Trezor Model T wallets to secure EIP-1559 compatible wallet interfaces thanks to Trezor Connect and Model T firmware support, it noted.
At the same announcement, the wallet provider said a new version of Trezor Suite (21.9.2) and updated firmware for the Trezor Model T (2.4.2) and Trezor Model One (1.10.3) hardware wallets are now also available that are essential only if a user stores Stellar (XLM) crypto asset in the wallet.
Also, a new native arm64 has been built, which is optimized for Apple’s Silicon chip architecture, M1 processor.
Furthermore, the company announced offline onboarding, which means that a new Trezor device can be set up without the host machine being actively connected to the internet, improving one’s privacy and security.