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The Tokenomics of EIP 1559 As the crypto community

gears up to disrupt traditional finance, many experiments are being done to find feasible models. Ethereum, in particular, has been one of the most active chains both fundamentally and in terms of adoption. The latest upgrade, ‘London hard fork’, sparked a lot of excitement on the news that Ether will become a deflationary asset based on the EIP 1559 proposal. This long-awaited EIP introduced two significant changes to the Ethereum blockchain. First, EIP 1559 incorporates a base fee on Ethereum based transactions, allowing users to predict their costs for specific operations. Additionally, users can opt to pay a ‘tip’ over the base fee for their transactions to be given priority.

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