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EIP-1559

EIP-1559 is the name of an important Ethereum upgrade to make the fees in the Ethereum network (gas) more transparent.

What is EIP-1559 (London Upgrade)

EIP-1559 is the name of an important component of the “London” upgrade in the Ethereum Mainnet and with regard to the ETH asset Ether. This update is an intermediate step in the transition from the proof-of-work mechanism to proof-of-stake. These projects are phased and each phase covers a different set of topics. EIP-1559 is about improving the fee structure in the Ethereum network. The aim is to make gas prices (prices for transactions in the ETH network) measurable. EIP-1559 will effectively introduce a base fee for all transactions sent by users.

As an improvement proposal for the system, EIP-1559 has long been a hotly debated topic.

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