Update EIP-7716: fix typos

Merged by EIP-Bot.

EIPS/eip-7716.md

@@ -13,7 +13,7 @@ created: 2024-05-25
 
 ## Abstract
 
-The decentralization of the validator set is one of the most important properties of Ethereum for credible neutrality and censorship resistance. By adjusting penalties to foster decentralization, diversification and fault-tolerance, this EIP proposes to adjust penalties in a way that more diversified entities get lower penalties while entities with high correlations in their setup face more servere ones.
+The decentralization of the validator set is one of the most important properties of Ethereum for credible neutrality and censorship resistance. By adjusting penalties to foster decentralization, diversification and fault-tolerance, this EIP proposes to adjust penalties in a way that more diversified entities get lower penalties while entities with high correlations in their setup face more severe ones.
 
 
 ## Motivation
@@ -61,7 +61,7 @@ The `PENALTY_ADJUSTMENT_FACTOR` regulates how fast `net_excess_penalties` catche
 In other words, the `PENALTY_ADJUSTMENT_FACTOR` determines the frequency that the penalty_factor is not one.
 
 A high `PENALTY_ADJUSTMENT_FACTOR` causes the `net_excess_penalties` to adjust slower.
-A low `PENALTY_ADJUSTMENT_FACTOR` causes the `net_excess_penalties` to react more sensitive to changes in participation.
+A low `PENALTY_ADJUSTMENT_FACTOR` causes the `net_excess_penalties` to react more sensitively to changes in participation.
 
 
 ### `MAX_PENALTY_FACTOR`