Ethereum’s EIP-1559 Proposal On Gas Fees To Be Implemented In July

Ethereum’s EIP-1559 proposal that aims to solve the gas fees challenges will likely be implemented in July before the London Fork event so let’s read more in our latest Ethereum news.

Ethereum’s EIP-1559 proposal will be included in the codebase in July this year and this all became clear during the All Core Developers call today. The improvement proposal is aimed at improving the user experience for Ethereum as well as solving the issues of high transaction fees. Typically a user would have to send the gas fee to a miner for a transaction to be included in the block and what this proposal aims for is to send that gas fee to the network itself. Named “basefee” which is sort of a burn and there’s an optional tip that is paid to the miners, will be set to improve the user interface.

The proposal was originally submitted by Eric Conner and the summary provides an overall outlook of the goals that this proposal tries to achieve. The transaction pricing mechanism that includes fixed per block network fee which is burned and expands/contracts block sizes to deal with transient congestion at the Core Developers Call, it was decided that it will be included in the London hard fork in July.

Despite the potential improvements on the network that will come with the EIP-1559, some of the biggest ETH mining pools displayed more division on where they stand. F2Pool which is the third biggest mining pool that has over 10% hash rate share, noted that it supports the initiative and claims it will have a good impact. The publication said that the general community along with the developers is siding with the evolving blockcahin to include EIP-1559 and it is important to side with the core contributors and the users.

F2Pool’s statement argued that the potential EIP-1559 implementation is factored in the price of the asset which is more than 100% from the start of the year. on the other hand, the biggest mining pool with more than 25% share of the hashrate, Sparkpool didn’t feel the same way about the integration and asserted that the mining pool goes as far as to oppose the proposal.