What is EIP-1559?

EIP-1599 is an Ethereum Improvement Proposal (EIP) designed to make network transactions more efficient by using a hybrid system of base fees and tips. In the proposal, a base fee is defined as an algorithmically determined price that all Ethereum users would pay to complete transactions. Tips are defined as optional fees that users could include to speed up their transactions. EIP-1559 was implemented in August 2021 and is designed to reduce transaction costs and improve the overall Ethereum user experience (UX).