On the evening of August 5, with a block height of 12,965,000, the Ethereum network, one of the world's largest public chains, completed the hard fork upgrade codenamed "London". This upgrade involves five proposals: EIP-1559, EIP-3198, EIP-3529, EIP-3541 and EIP-3554. Among them, EIP-1559, which involves Ethereum transaction gas fees, has attracted the most attention.

Ethereum Improvement Proposal 1559 (EIP-1559) will directly affect the way the network handles transaction fees. The Ethereum community has had a huge controversy around the EIP-1559 proposal. Since the EIP1559 proposal directly involves the transfer fee of Ethereum, it touches the direct interests of miners and users in the Ethereum network, and the two sides have a huge disagreement.

After the upgrade is completed, each transaction will consume a basic fee, thereby reducing the circulation supply of the asset, and giving users the option to pay miners tips to help incentivize faster confirmations commensurate with network needs. The market expects that the cryptocurrency Ethereum will enter a "deflationary" phase.

In the morning of August 6, cryptocurrencies rose slightly. Bitcoin once again exceeded the $40,000 mark, a 24-hour increase of 2.68%, and Ethereum broke $2,800, a 24-hour increase of 3.66%.

After the London upgrade is completed, the Ethereum main network is still backward compatible with the old transaction format. The Gas price in the old transaction format will automatically be converted to the "basic fee + tip" format. The remaining gas price will be used as the basic fee after paying the basic fee. Tips are paid to miners, whether or not so many tips are required, so the fees paid by the old model may be higher.

Surprisingly, however, nansen data shows that the average proportion of transactions using the EIP1559 miner fee model in the current Ethereum network transactions does not exceed 5%, which indicates that most of the current user transactions have not yet adopted the EIP1559 miner fee model.

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