🔱 London Hard Fork a.k.a EIP 1559 is coming ...

Current Model / Bid Model

Bid Model Drawback

• All Fees go to miner
• No way to guarantee txns go through
• Txn spike on airdrops
• Overpayment (no gas refund)

EIP 1559 - New Fee Structure

A. Base Fee (Burnt)

• Set by ethereum always burned
• Minimum fee for the block
• Varies by network demand

EIP 1559 - New Fee Structure

B. Priority Fee (Tip)

• Set by users and paid to miner
• By default 2 Gwei, may change
• Higher the fee, Faster to process

EIP 1559 - New Fee Structure

C. Max Fee

• Max Fee the user is willing to pay
• No more overbidding, gurantee txns
• Extra fees will be refunded (Max - tip - base)

EIP 1559 - Adapt block size

• Block Size dynamic changes
• Smooth gas price volatility

Benefits

• Users can gurantee txn mined and return overpaid gas
• More sustainable ecosystem, classic BTC problem
• May bring deflationary model to ether and long term benefits

🤟 Want learn More ???

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