Vitalik Buterin
@vitalik.eth
I continue to be impressed every week by just how much EIP-1559 has improved ethereum's transaction sending UX.
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Connor McCormick ☀️
@nor
Could someone explain EIP-1559?
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ncitron.eth
@ncitron.eth
blocks full -> gas price up blocks not full -> gas price down under normal conditions an equilibrium price is maintained
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ea
@ea
Paying market rate, if you're willing, is much easier to do without overpaying. Paying market rate gets your transaction included within few blocks (unless there's a sudden flood of transactions)
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Connor McCormick ☀️
@nor
can you say more?
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ea
@ea
Pre 1559 to get transaction included quickly, was safest to specify a fee like 10% or more of current market rate. Whatever you specified you would be charged in full, even if market rate only moved a little. 1559 will only charge you a "priority fee" in addition to market price. You can use 1 or 0.1gwei, or even try 0
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ea
@ea
Also pre 1559, everyone guessing what everyone else thinks is market rate. Last block most paid a fee of 20gwei, so you choose 25gwei to be safe. You pay 25 even if it turns out that 17 was high enough for next block. 1559 market rate is "base fee" in protocol itself, all pay it, it's burnt, and usually moves smoothly.
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