Canadian entrepreneur, investor and reality television personality Kevin O'Leary — besides known equally "Mr. Wonderful" — appears to at present exist singing Ether'southward (ETH) praises as a deflationary asset.

Clearly reading from a script, O'Leary took to Cameo, a website that allows users to purchase personalized video messages from celebrities, to espouse the benefits of Ethereum'south London upgrades. Nigh notably, the upgrades saw Ethereum Improvement Proposal (EIP) 1559's highly awaited burn machinery introduced into Ethereum'south fee market.

"It introduced a very important modify to the budgetary policy of Ethereum," said O'Leary. "Currently, the fees that users pay to send transactions go to the miner, merely after this improvement, the fees volition exist burned."

"When you combine this with EIP-3675, which switches the network to proof-of-stake, [...] Ethereum will become deflationary," he concluded, adding:

"If Bitcoin is sound money because of the $21-million supply ceiling, [Ethereum] is ultrasound money because in that location is no supply flooring."

At the time of writing, it has been five days since Ethereum's highly predictable EIP-1559 improvement proposal went live.

According to Ultrasound.money, a website tracking the rate at which Ether is being burned through transaction fees, it is estimated that roughly 20,500 Ether (roughly $63.75 million) has been burned so far.

Related: Ethereum could pave way for $100,000 Bitcoin, Bloomberg analyst asserts

While a business firm date for Ethereum'due south forthcoming chain merge, which will complete the network's transition to a proof-of-stake consensus, is yet to be announced, experts are predicting the merge will occur in early on 2022.

Last calendar month, the chain merge was formalized as an Ethereum Improvement Proposal for the offset time. Now dubbed EIP-3765, the upgrade was formalized through the creation of a pull request on GitHub.