Eip 1559 protocol
Overview
EIP-1559 is an Ethereum improvement proposal that shipped in the London hard fork (August 5, 2021), restructuring the transaction fee mechanism. It introduced a base fee that is burned and an optional priority tip paid to the block proposer (miners pre-Merge, validators after The Merge). The base fee adjusts algorithmically based on network congestion.
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Frequently asked questions
What is EIP-1559?
EIP-1559 is an Ethereum improvement proposal implemented in the London hard fork that restructured the transaction fee mechanism.
How does the base fee in EIP-1559 work?
The base fee is burned and adjusts algorithmically based on network congestion.
What is the role of the priority tip in EIP-1559?
The priority tip is an optional fee paid to miners.