Ethereum’s next significant hard fork, the EIP-1559, has now finally been given a release window. The upgrade, which is explicitly advertised as something that could reduce transaction fees volatility, is announced to go live this coming July.
As per the All Core Developers, the Ethereum upgrade is set to be bundled with the London hard fork despite the many negative comments towards the particular proposal. Apart from the London hard fork, the EIP-1559 will also reportedly come with at least five other Ethereum Improvement Proposals.
The EIP-1558 upgrade aims to revamp the Ethereum transaction fees process that has been the dread of its very own users for quite some time now. The upcoming Ethereum upgrade is set to replace the current supply and demand auction-style process with a uniform rate across the whole network. Basically, this would mean that the fee would now decrease as the market goes quiet and would increase once again once it goes busy.
Perhaps the most critical change the EIP-1559 would bring is that the transaction fees will now be set by the network and promptly be altered by burning ETH. This means that the miners no longer have a say on the current rates; it all now depends on the network. While it may flip the feathers of some miners, Ethereum developers and users agree that a drastic change, such as this, is needed for the network’s betterment.