What are the expected changes in the Ethereum network after the EIP-1559 update takes effect on this date?

3 answers

• Ramisa Ibnat MorshedDec 12, 2020 · 5 years ago
  After the EIP-1559 update is activated, Ethereum's transaction fee structure will undergo a significant transformation. The update aims to introduce a base fee that will be burned, reducing the overall supply of Ethereum and potentially increasing its value. Additionally, this update will implement a new fee mechanism that adjusts the base fee based on network demand, ensuring a more predictable and stable fee structure. This change is expected to improve user experience by reducing transaction congestion and making fees more transparent. Overall, the EIP-1559 update is anticipated to enhance Ethereum's scalability and sustainability.
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• Saleh HermannOct 31, 2023 · 2 years ago
  Once the EIP-1559 update goes live, Ethereum's fee structure will be revolutionized. The introduction of a base fee that gets burned will have a deflationary effect on Ethereum's supply, potentially driving up its price. Moreover, the update will implement a fee adjustment mechanism that dynamically adapts the base fee according to network demand. This change aims to create a more user-friendly fee structure, reducing congestion and providing greater transparency. The EIP-1559 update is expected to bolster Ethereum's long-term viability and scalability.
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• bxm0718Apr 22, 2021 · 4 years ago
  With the implementation of the EIP-1559 update, Ethereum's fee model will undergo a significant transformation. The introduction of a base fee that is burned will reduce the total supply of Ethereum, potentially leading to increased scarcity and value. Additionally, the update will introduce a fee adjustment mechanism that aims to maintain a consistent block size and reduce transaction congestion. This change is expected to enhance user experience by providing more predictable and transparent fees. Overall, the EIP-1559 update is anticipated to improve Ethereum's efficiency and sustainability.
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