EIP 1559 is an Ethereum Improvement Proposal (EIP) proposed by Vitalik Buterin in 2018 to reform the Ethereum fee market. The two main features of this proposal are the target block size mechanism and the new fee model.
Polygon (MATIC) has decided to follow other deflationary networks like Ethereum and Binance Smart Chain (BSC). According to an announcement made on December 14, the EIP-1559 upgrade will be implemented in a polygon test network in Mumbai. EIP-1559 (Ethereum Improvement Proposal) is an upgrade that was part of Ethereum’s London Hark-Fork in August. It limits transaction fees…
Ethereum (ETH) continues to be the talking point in the crypto community after the London Hardfork or EIP 1559 upgrade going live on August 5. As a result, the first-ever deflationary block on the Ethereum network happened. The Ethereum network is anticipated to gain steam based on this development. ETH is set to become deflationary, given that its value…