EIP1559 Tx Cnt
The sum count of transactions that have natively adopted EIP-1559 features by featuring a Base Fee and Miner Tip.
EIP1559 introduced a host of changes to Ethereum's fee mechanism. While this proposal was implemented as a hard fork, not all wallets have adopted this new transaction type upon activation.
Transactions that are EIP1559-compliant have two portions: a Miner Tip and a Base Fee. Miner Tips represent the portion of the total transaction fees that rewards miners. This serves as an optinal incentive mechanism for miners to prioritize transactions that have opted-in and paid a tip. Base Fees, on the other hand, are mandatory and represent the minimum amount needed to be paid for a transaction to be included in a block. After inclusion, the Base Fee is effectively taken out of circulation, and it is burnt (destroyed).
EIP1559 Tx Cnt
- EIP1559 was a highly anticipated proposal that changes how transaction fees are priced in Ethereum, as well as the dynamics of block sizes.
- The proposal activated on the Ethereum Network in August of 2021 and marks one of the biggest changes in monetary policy in the history of cryptoassets.
- Instead of the legacy gas price, 1559 splits transaction fees into two distinct fields: a Base Fee and an optional Tip (also known as a Priority Fee).
- This metric calculates the total number of native EIP-1559 transactions that have occurred in the network over the measuring period (e.g. 1 day).
- For a thorough review of EIP1559 and the design of its pricing mechanism, please refer to this paper.
Source: CM Network Data Charts
- Not all wallets have implemented EIP-1559 upon activation, so this metric serves as a proxy for the native adoption of this new transaction type.
- While all transactions must abide by EIP-1559 at the blockchain consensus layer (and at the very least carry a Base Fee), not all wallets have natively adopted this transaction fomat.
- This metric serves a proxy to measure the native adoption of EIP1559 by wallets across the network.
- The ratio of TxEIP1559Cnt and Tx Cnt provides a view of the adoption of 1559 natively, relative to all other transactiosn that have taken place in the network.
- Released in the 5.0 release of NDP (August, 2021)