Ethereum

drop an EIP below and I will try to create an ELI5 summary for it 👇

lore @optimism | ex: @coinbase | views are my own | what if it all worked out? 

Live life Love life✨ /bigenergy Moderator

i missed this reply, my bad
so basically a fee that adjusts based on network congestion but you can see them upfront and a tip to prioritize your transcations which is fully optional and how’d you explain the burning of the fees (I assume excess fees are burned to reduce supply)

It’s basically like when you’re trying to order an Uber at 2am after some drinks at a nightclub during peak hours, and the app keeps giving you crazy delivery fees

But with eip-1559, they set a standard delivery fee that’s more predictable, and if you’re super hungry and want it faster, you can toss in an extra tip (eg Uber Priority… 

So it generally  keeps things more stable and less frustrating because you know what you’re gonna pay upfront, but you still have the option to speed things up if you really need to get home faster.