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The most awaited event in the crypto World is here - Ethereum’s EIP-1559 upgrade!!
The upcoming crypto event been most talked about now is the EIP-1559 upgrade in the Ethereum Network that would take place very soon with the London Hardfork going to take place on block 12,965,000 on August 5. The narrative now is that EIP-1559 would make Ethereum a deflationary asset, giving everyone a bullish feeling about ETH.
Let’s understand what impact the EIP-1559 will have on the Ethereum Network here.
EIP-1159, is a Ethereum Improvement Proposal, which will have a base fee set for the transactions to be included in the Block. This base fee will depend on the network congestion, varying corresponding to Ethereum network’s congestion.
We tend to pay higher fees than required to avoid the risk of our Ethereum transactions failing to get processed. On the other hand, we have had some of our Ethereum transactions fail due to not paying enough fees, or have experienced long wait times for our Ethereum transactions to go through.
Now, there is going to be clarity on the base fee users need to pay to have their transaction get processed, which reduces risks of failed transactions due to not paying enough fees.
The Ethereum Network can take in more transactions in the Block too as the Block size increases to double during peak congestion times which is definitely a positive improvement, slightly enhancing the capacity and speed of the Ethereum Network.
The upgrade will reduce manipulation of Ethereum gas fee prices by miners as well. Ethereum miners manipulate Ethereum gas prices by front loading order of transactions and initiating bidding wars, which has been leading to exponential increase in Ethereum’s gas fee prices in the past.