It is looking like the merge will likely not happen until 2022Q2. EIP-1559 has reduced the overall inflation rate by about 50% (though this may decrease if the NFT mania subsides). There is a mandatory hard fork in December, due to the coming ice age. Hash rate has remained high without any appreciable drop-off in hash rate and the chain remains secure despite the EIP-1559 upgrade burning the base fee (likely due to Eth price increase and the lack of more profitable mining options for miners).
A reduction in Ethereum inflation rate is an option at the next hard fork. The current emission rate is 2 ETH/block. The goal should be to reduce inflation (essentially the security budget) to the minimum required to keep the blockchain secure. No point in overpaying the security budget in the form of a higher than required inflation rate to secure the chain. Thoughts?
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