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Home Deep Dive

EIP-1559 Fee Markets, Elastic Block Sizes & Deflationary Ether | Deep Dive

by Token Metrics
2022/05/04
in Deep Dive
Reading Time: 8 mins read
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EIP-1559 is an upgrade that happened on August 5, 2021 to change how Ethereum calculates and processes network transactions.
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EIP-1559 Fee Markets, Elastic Block Sizes & Deflationary Ether | Deep Dive Review Date: March 4, 2021 Ethereum improvement proposals (EIP) serve as a governance mechanism in which developers can propose changes to the Ethereum protocol. EIP-1559 is a direct change to Ethereum’s monetary policy and how block sizes can expand and contract based on the demand of the network at any given time. EIP-1559 has the potential to make Ether a deflationary asset by burning a base fee from all transactions that will exceed the amount of annual issuance of Ether by Ethereum 2.0’s proof-of-stake consensus mechanism. There are concerns about whether miners of the network will accept this EIP a

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Tags: Deep Diveeip 1559 base feeeip 1559 etheip-1559 ethereumeip-1559 explainedeip-1559 release dateeip-1559 transactionmetamask feesPremiumwhat is aip 1559 ethereumwhat is eip 1559why are gas fees so high on metamask
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