EIP-1559 (base fee + tip)

URI: https://gptkb.org/entity/EIP-1559_(base_fee_+_tip)

GPTKB entity

Predicate	Object
gptkbp:instanceOf	Ethereum protocol upgrade
gptkbp:activatedBy	2021-08-05
gptkbp:affects	Ethereum transaction fee structure
gptkbp:baseFee	protocol-determined minimum fee per gas
gptkbp:baseFeeAdjusts	dynamically per block
gptkbp:baseFeeBurned	true
gptkbp:category	gptkb:cryptocurrency cryptocurrency fee mechanism
gptkbp:documentation	https://eips.ethereum.org/EIPS/eip-1559
gptkbp:effect	ETH supply reduction via burning
gptkbp:feature	base fee mechanism tip mechanism
https://www.w3.org/2000/01/rdf-schema#label	EIP-1559 (base fee + tip)
gptkbp:introducedIn	gptkb:Ethereum_London_Hard_Fork
gptkbp:network	gptkb:Ethereum_testnets gptkb:Ethereum_mainnet
gptkbp:partOf	gptkb:Ethereum_Improvement_Proposal_1559
gptkbp:proposedBy	gptkb:Abdelhamid_Bakhta gptkb:Eric_Conner gptkb:Ian_Norden gptkb:Matthew_Slipper gptkb:Rick_Dudley gptkb:Vitalik_Buterin
gptkbp:purpose	burn a portion of transaction fees make transaction fees more predictable improve transaction fee market
gptkbp:replacedBy	legacy gas auction model
gptkbp:tip	optional fee paid to miners
gptkbp:tipReceivedBy	block producer
gptkbp:bfsParent	gptkb:Ethereum_mainnet
gptkbp:bfsLayer	5