Ethereum: The EIP- 1559 Narrative

EIP 1559 has been activated on 5th of August, 2021. The proposal was first brought up by Vitalik Buterin in 2018 to replace the old price-auction model, which suffers from a lot of pitfalls. It doesn’t aim to reduce gas fees but rather places caps to mitigate fee spikes. The new transaction pricing mechanism will include a fixed-per-block base fee and “tips'' to incentivize miners. Users' fee estimation will be very straightforward and will not be based on other people’s behaviors since base fee changes are algorithmically set.