EIP-1559
The Ethereum upgrade that introduced a dynamic execution base fee and revised transaction fee settings.
In more detail
EIP-1559 changed how Ethereum execution fees are quoted and paid. A transaction can specify a maximum total fee and maximum priority fee, while the protocol sets and burns the base fee. This helps wallets estimate fees, but it doesn't make busy block space cheap or guarantee that every transaction gets included.
How you might use it
A wallet shows “max fee” and “priority fee” instead of asking you to choose a single legacy gas price.
- Written out
- Ethereum Improvement Proposal 1559
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