Ethereum Improvement Proposal (EIP) 1559 has been the most talked-about upgrade for the network since ETH 2.0 was launched on Dec. 1, 2020. The EIP tackles the debilitating problem of high transaction fees which have strained the network in recent months.
The surge in prices and a booming DeFi sector have put a huge demand on Ethereum. As a consequence, gas fees have skyrocketed to record levels. According to BitInfoCharts, the average transaction fee is currently $17. This cost has peaked at $25 a number of times this month, however.
