EIP-1559
When EIP-1559
- Network: Gnosis
- Date Implemented: November 12, 2021
- Block number:
19,040,000
What is EIP-1559
EIP 1559 introduces a BASEFEE for all blockchain transactions. This is a minimum fee charged for each transaction, and it is adjusted depending on network congestion (gas usage per block). When gas usage is high, the fee increases, and when it is low, the fee decreases.
Once collected, base fees are burned by the protocol rather than paid directly to the miners (or validators in the case of xDai). In addition to the base fee, a PRIORITYFEE can be added to a transaction as a tip to incentivize miners (validators) to include it in a block.
How 1559 impacts the Gnosis
When EIP-1559 is implemented, xDai base fees will be burned within the protocol. This will result in a discrepancy between the xDai balance on the network and the DAI balance from Ethereum locked in the xDai bridge. To fix this imbalance, the corresponding amount of DAI on the mainnet will need to be used as well.
The imbalance has not resulted in large discrepancies, and the DAI balance has not been used as of yet.
Information on the burn is available here: https://dune.com/gnosischain_team/EIP-1559-on-xDai
Block size is also increased to 34M with this upgrade.
For more info about EIP-1559 on Ethereum and how it works, see the list of EIP-1559 resources compiled by Tim Beiko.