What is EIP 1559?

First proposed by Vitalik Buterin in 2018, Ethereum Improvement Proposal 1559 (EIP-1559) represented an overhaul of the fee market in Ethereum. The biggest change was the introduction of fee 'burning,' which had the effect of reducing Ethereum's inflation rate. From the perspective of a fee-paying user, EIP-1559 does not have a significant impact. In other words, the cost per transaction for users is basically unchanged. EIP-1559 was included in the 'London' hard fork which was completed on August 5, 2021.

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