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Issue 26 – Ethereum’s EIP-1559

June 28, 2021

ETH 2.0 was a long time coming. The same goes for EIP-1559, and for a good reason.

There are multiple steps involved to make proposals like EIP-1559 a reality, and none can be rushed.

But what exactly is EIP-1559, and what does it mean for Ethereum?

With ETH on the move today and Ethereum’s EIP-1559 scheduled to launch in July, now is a good time to clarify what it is and how ETH might react.

Let’s get it!

What is EIP-1559?

The acronym EIP stands for “Ethereum Improvement Proposal”. When it comes to Ethereum, all proposals must go through a lengthy vetting process by its core developers.

Part of that process includes evaluation, editing, and testing. The entire inclusion process is no easy or quick task.

EIP-1559 aims to tackle Ethereum’s high gas fees, which have been a big problem in the past.

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Justin Bennett

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About the Author

I'm Justin Bennett, a currency trader turned crypto enthusiast.

My journey started with stocks in 2002. After limited success, I transitioned to currencies in 2007, which later became a full time trading gig.

The journey continued, and in 2020, I committed to learning about cryptocurrencies. It was love at first sight.

Cryptocademy.com is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.

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