Today I update you on a news we have been waiting for months: Ethereum Improvement Proposal (EIP) 1559 will likely be launched on July!
Ethereum Improvement Proposal (EIP) 1559 introduces a mechanism to adjust the current auction process that determines transaction prices. This update will lower fees so that users will pay lower gas fees.
But EIP-1559 is not just about a mechanism to reduce eth gas fees, as it will also introduce an ether burning mechanism that will be able to reduce circulating suppy, making Ethereum more scarce.
Here is the tweet from Ryan Berckmans, Ethereum developer, announcing the news:
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