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EIP-1559 is a proposal to make Ethereum transactions more efficient by setting a base fee and a tip to more evenly incentivize miners in both low and high periods of network congestion. In the proposal, a base fee is the algorithmically determined price you pay for a transaction on Ethereum. Tips are defined as optional fees that you may include to speed up transactions. EIP-1559 could greatly reduce transaction costs and improve Ethereum’s overall user experience.
In this upgrade, the base fee will be burned which in theory will make ETH have deflationary tokenomics. This should greatly increase the price of ETH, as the number of circulating ETH should remain more constant overtime. The upgrade is expected to be launched in July 2021.
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