Try Quests to earn cryptoEIP 1559
EIP 1559 is the most anticipated ETH upgrade which was launch a few hours ago, so what had changed?
Note: EIP1559 upgrade occured around the 20:34 mark.
Some miners strongly opposed EIP1559 due to it reducing their transaction fee earnings. But just by how much? The data below shows the ETH transfer outs from SparkPool and Ethermine, which showed significantly less amount of ETHs transferred out from their addresses. This shows that the miner's worries were not unfounded. SparkPool and Ethermine, which are significantly large pools, were chosen due to them frequently transferring rewards to pooled miners, thus we are able to calculate just how much reduction in fees had occured.
Based on observations, the minimum number of transactions went down, although not significantly, perhaps signifying less pending transactions?
Another change was adjustable max gas fees. This change can be seen in the graph below, where the Max increased to almost double the amount of pre-update in a few cases.
So what happened to the gas price? This update is highly anticipated to drop the gas price to reasonable fees. Is it doing that? Based on the number of transactions below, we can see that the number of transactions remain almost the same pre and post update. However, the gas price hiked almost 2x - 3x, not exactly what everyone is expecting.
So what can we say about the upgrade?
- Gas price increased instead of decreasing when number of transactions remain about the same.
- Miners are getting a lot less ETHs from mining.
- Min transactions decreased somewhat.
- Max Gas Limits are adjusting as expecting.
With all that said, the upgrade is currently too young to decide whether if it's good or bad.
Since the upgrade, the min gas used by transaction had been adjusted to 21k, as shown in the graph below. Each transaction after EIP1559 requires a base fee, this is shown in the Minimum Total Fee graph, where the minimum is not 0 anymore.