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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