A quick guide to the technology: EIP-1559 fee mechanism
· The base fee is burned and does not go to the block validator; only the priority fee goes to the validator who includes the transaction.
· Before EIP-1559, Ethereum used a first-price auction: users set their own Gas prices, and the entire bid went to the miner.
Under EIP-1559, the base fee paid for every Ethereum transaction is $ETH , and it is burned.
#ETH
· The base fee is burned and does not go to the block validator; only the priority fee goes to the validator who includes the transaction.
· Before EIP-1559, Ethereum used a first-price auction: users set their own Gas prices, and the entire bid went to the miner.
Under EIP-1559, the base fee paid for every Ethereum transaction is $ETH , and it is burned.
#ETH