Crypto Chat: What does EIP-1559 mean for Ethereum?

Carrie & Will chat about the Ethereum network and the recent EIP-1559 upgrade.

Will explains EIP (Ethereum Improvement Proposal) – 1559, which took place on the Ethereum network on August 5, 2021 as part of the “London Hard Fork” upgrades.

Currently, users must bid for how much they’re willing to pay in transaction fees to miners, which is oftentimes less transparent and more volatile. EIP-1559 incorporates an automated bidding system with a set fee amount that fluctuates based on how congested the network is.

Additionally, fees paid in Ether are burned, which decreases supply.

*Recorded August 10, 2021

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