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IEP-1559 is finalized in the London Upgrade!

One of the most anticipated changes to Ethereum, EIP-1559 is the largest change that will be introduced in London. The EIP will introduce a “base fee” in blocks on the network which will track the gas price that the network will accept from transactions based on demand for blockspace. This means that it will be easier for wallets and users to estimate what the right price for their transaction should be.

Additionally, EIP-1559 adds a new transaction type where users can specify the maximum fee they are willing to pay, along with the maximum they are willing to send to the miner, and get a refund for the difference between that maximum and the base fee and miner tip. Finally, the EIP will also cause part of the transaction fees to be burnt, which is something that a large part of the community see as a critical improvement to the Ethereum network’s economics.

You can read more on the benefits of EIP-1559 here:

[More Info on EIP-1559](https://hackmd.io/@timbeiko/1559-resources)



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8 Comments

  1. We have a deterministic system where users cant even determine the right fees, and to fix it the entire economic model has to be reversed, causing a face off with miners who are deeply unhappy.

    The only thing keeping miners from a full mutiny is the delay of the difficulty bomb in EIP-3554 which basically has a gun to their heads. The only reason EIP-3554 exists is because its the 4th delay to PoS.

    I dont see much to celebrate here, seems like an epic cock-up.

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