Transforming Ethereum Fees: Understanding EIP-1559

Taylor Monahan, CEO of MyCrypto, and Tim Beiko, Ethereum Foundation core-dev facilitator, discuss the upcoming upgrade to the Ethereum network, EIP 1559. Show highlights:

• why Tim believes EIP 1559 is necessary
• what narrative is driving EIP 1559
• what problems the network upgrade will solve
• how Ethereum transactions/fees work
• whether gas prices are correlated with ETH/USD
• the 3 main protocol changes that EIP 1559 proposes
• why Taylor, as the CEO of a wallet provider, is wary of EIP 1559
• how EIP 1559 will affect Ethereum’s block size
• what changes wallet providers are considering due to EIP 1559
• whether ‘Black Swan’ events will be more or less likely after the network upgrade
• how EIP 1559 will affect miners
• whether Tim or Taylor believes that miners could fork Ethereum to stop EIP 1559
• how EIP 1559 will change the state of miner extractable value (MEV)
• how Taylor and Tim feel about the Ethereum as sound money narrative in light of EIP 1559
• when EIP 1559 will go live

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Episode Links

Taylor Monahan

• Twitter: https://twitter.com/tayvano_
• MyCrypto: https://mycrypto.com/ 

Tim Beiko

• Twitter: https://twitter.com/TimBeiko
• Ethereum Foundation: https://ethereum.org/en/foundation/ 

EIP 1559

• Resources: https://hackmd.io/@timbeiko/1559-resources
• Taylor Monahan tweets
• • https://twitter.com/tayvano_/status/1397725861575421953
  • https://twitter.com/tayvano_/status/1408000351916093441
  • https://twitter.com/tayvano_/status/1407853518493413379
• Actual proposal: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1559.md 
• Research: http://timroughgarden.org/papers/eip1559.pdf 

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