So what is EIP-1559 a.k.a the fee burn proposal all about? Will it lower Ethereum’s gas fees? And how can it make ETH deflationary? We’ll answer all of these questions in this video.
EIP 1559 describes changes to the Ethereum fee model and it was put forward by Vitalik Buterin in 2019.
The proposal aims to achieve the following goals:
-making transaction fees more predictable
-reducing delays in transaction confirmation
-improving user experience by automating the fee bidding system
-creating a positive feedback loop between network activity and the ETH supply
Now, let’s see what the proposed change is all about.