Ethereum community members, except some aggrieved miners, are anticipating the implementation of the Ethereum Improvement Proposal (EIP) 1559, due to the major benefit it’ll bring to the network.
The implementation of EIP-1559 promises a drastic reduction in transaction fees, which is the major challenge ravaging the network of the leading smart contracts platform, Ethereum.
Ethereum (ETH) Records Highest Daily Transaction Fees
Some hours ago, Ryan Berckmans, an Ethereum developer, hinted at the benefit Ethereum holders should have been leveraging if EIP-1559 has been rolled out.
According to Berckmans in a tweet that attracted hundreds of reactions, the Ethereum network recorded its highest ever daily transaction fees of $89 million in ETH yesterday.
The Ethereum developer added that the upcoming EIP-1559 is expected to burn approximately 70% of transactions, which would have burned relatively $62 million in ETH of the exorbitant fees recorded yesterday.
Berckmans’ tweet implies that the much-awaited EIP-1559 scheduled to go live along with London Hard Fork in July is a big deal for the Ethereum ecosystem.
Ryan Berckmans tweeted, “Yesterday, ethereum did $89M in transaction fees, the most ever in one day. That’s an annual run rate of $32.5B in fees. EIP-1559 is estimated to burn ~70% of fees and would have burned $62M in ETH yesterday. EIP-1559 launches in a little over two months.”
Yesterday, ethereum did $89M in transaction fees, the most ever in one day.
That's an annual run rate of $32.5B in fees.
EIP-1559 is estimated to burn ~70% of fees and would have burned $62M in ETH yesterday. EIP-1559 launches in a little over two months.
— Ryan Berckmans (@RyanBerckmans) May 11, 2021
How EIP-1559 Impacts Ethereum Network
In a tweet in late March, Ryan Berckmans, summarized how the implementation of EIP-1559 will transform the Ethereum network for the benefit of its teeming users.
Ryan Berckmans tweeted, “With EIP-1559, each transaction no longer picks a gas price. Instead, each transaction picks two new numbers, the “fee cap” and “tip”. Here’s a concept for how a wallet might auto-calc the fee cap and tip, and then show the user a fee choice of Slow, Average, or Fast, like today.”