Crypto trivia 📚 EIP-1559 fee mechanism
The base fee is burned in its entirety and does not go to the block-producing validator; only the priority fee goes to the validator who includes the transaction.
Before EIP-1559, Ethereum used a first-price auction: users each bid a Gas price, and all bids went to miners.
Not understanding this back then cost me enough money to eat several hot pot meals.
Under EIP-1559, the base fee paid for each Ethereum transaction is set at $ETH , and is burned.
#ETH
The base fee is burned in its entirety and does not go to the block-producing validator; only the priority fee goes to the validator who includes the transaction.
Before EIP-1559, Ethereum used a first-price auction: users each bid a Gas price, and all bids went to miners.
Not understanding this back then cost me enough money to eat several hot pot meals.
Under EIP-1559, the base fee paid for each Ethereum transaction is set at $ETH , and is burned.
#ETH