Full post: https://blog.alchemy.com/blog/eip-1559
EIP-1559 is right around the corner (August 4th, 2021)! [EIP-1559](https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1559.md) is a fundamental change to the way that Ethereum gas fees are set and paid.
I highly, highly recommend reading [our full developer press kit](https://blog.alchemy.com/blog/eip-1559), but here’s a quick summary to make sure you’re prepared:
* Why should you care? EIP-1559 will introduce a more efficient system around Ethereum gas prices, which will introduce much more predictable gas prices and mining times
* EIP-1559 introduces a new fixed “base fee” and “inclusion fee” to replace the current blind auction system for determining gas price
* EIP-1559 will go live with Ethereum’s London hardfork at block 12,965,000 – expected on August 4th
* The upgrade will be fully backwards compatible, so legacy transactions will continue to work without issue (but won’t take advantage of the benefits EIP-1559 introduces)
* The “gasPrice” parameter currently set for transactions will be replaced by two new values (note: both come with reasonable defaults!):
* maxFeePerGas: a cap on base_fee + priority_fee, in other words the total amount you’re willing to pay per gas
* maxPriorityFeePerGas: a cap on the priority_fee specifically
* eth_gasPrice will behave exactly as it does now, to maintain backwards compatibility
* eth_maxPriorityFeePerGas is a new endpoint added to get the estimated priority fee required for the next block
* The base fee for the next block will be accessible as a new base_fee parameter on the latest mined block
* EIP-1559 is not intended to lower overall gas fees – if that’s what you’re looking for, check out Alchemy’s recently released support for the most popular layer 2 networks: [Arbitrum](https://www.alchemy.com/layer2/arbitrum/?r=affiliate:reddit), [Optimism](https://www.alchemy.com/layer2/optimism/?r=affiliate:reddit), and [Polygon](https://www.alchemy.com/layer2/polygon/?r=affiliate:reddit) [(with more to come!)](https://roadmap.alchemy.com/b/feature-requests/)
* Most importantly, [reach out to us](https://discord.gg/6Q7YuTSFzs) if you have any questions or issues getting prepared, and we’re more than happy to help!
-your friendly neighborhood developer