EIP-1559

EIP-1559 is a upgrade to the Ethereum network's transaction fee system. It introduces a base fee that adjusts dynamically depending on network demand, aiming to make transaction costs more predictable and prevent fee spikes. This base fee is burned (destroyed), reducing the overall supply of Ether, while users can add a tip to prioritize their transactions. Overall, EIP-1559 improves fee transparency, reduces fee volatility, and introduces a deflationary aspect to Ether, aligning network stability with economic incentives.