The EIP-1559 proposal, which entails burning a portion of transaction fees, will be part of the London hard fork, scheduled for July. This decision was taken following a conference of core developers, despite miners’ objections.
EIP-1559 has been accepted into the London hard fork for Ethereum which is tentatively scheduled for deployment in July of 2021.
— Anthony Sassano | sassal.eth 🏴 (@sassal0x) March 5, 2021
According to the published hard fork specifications, the upgrade includes five other proposals.
First presented by Vitalik Buterin in 2018 EIP-1559 proposes more “fair” fees paid to miners for including a transaction in a block. A portion of them will be burned algorithmically depending on network load.
The proposal has gained broad support from developers and users in light of record-high fees.
Mining pools split between those willing to back EIP-1559 and those actively opposing it. The latter group includes Ethermine and SparkPool pools, which together with a number of other participants account for 60% of the network’s hash rate.
In February, Ethereum miners’ income from validating transactions rose by 122.1% from January. The share of fees earned accounted for 52.9% of total revenue, which reached a record $1.36 billion.
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