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Ethereum Improvement Proposal 1559 (EIP-1559) is a protocol update designed to regulate transaction fees on the Ethereum (ETH ($3,307.54)) 
$3,306 network. Implemented in August 2021, this change aims to simplify the estimation of gas fees paid by users when sending transactions. Additionally, it reduces excessive fluctuations in fees based on network congestion. A notable feature is the burning of a certain amount of ETH with each transaction. This article examines the technical details of EIP-1559 and its impacts on the Ethereum ecosystem.
EIP-1559 and the Gas Fee Dilemma in Ethereum
Before EIP-1559, gas fees on the Ethereum network were determined by an auction system. Users would bid higher fees for faster transaction confirmations, which led to sharp fee increases during network congestion. For instance, during a popular NFT ($0.00) launch, gas fees could exceed 500 Gwei.
Users struggled to predict the correct fees, sometimes overpaying unnecessarily. The auction model reduced network eff…
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