Ethereum London Upgrade Metrics You Need to Have
The Ethereum community just upgraded the network, including a huge protocol change proposed in EIP1559. This is the first change in a while (previous forks) that will directly impact the economics of rewards & fees.
Why EIP1559? In short: UX — Let’s get into it
There’s been quite a flurry of excitement preparing for this fork:
What data is changed?
- Transactions now have a “base fee” that gets burned rather than going to miner reward.
- Newly added “tip” is an extra amount of Ether a user can attach to incentivize the miner to include the transaction, similar to previous gas auction.
This change brings a lot of benefits to users, aiming to improve UX by less volatile gas prices. It also encourages miners to keep blocks full, since the base fee gets adjusted per-block to allow block capacity to accommodate chain usage.
Here is a quick overview of what the historical view looked like:
How will this affect the economics? Fees? Usage? Gas Tokens?!
First off — economics are now completely different than yesterday. The circulating supply now has a catalyst for “burning” supply, which makes Ether supply have a deflationary attribute. The economic model is not completely deflationary yet, which will happen once the Proof of Stake vision ships.
Miner rewards are now only made up of the base block reward (2 Ether) and any tips added to included transactions.
Gas tokens will become a thing of the past? Previous gas price auction created a secondary market for gas, which was a huge selling point for DEX/DEX aggregators. With the gas price shift, gas tokens now create far less opportunity for savings. We are already seeing announcements like this to change how gas tokens work.
What will happen long term?
It’s anyone’s guess on what network dynamics the EIP1559 change will affect the most. Previous concern was that the miners would fork, change or launch a secondary chain. The base fee is designed to adjust to usage, will a sustained higher base fee price out a class of users? Will wallets recommend waiting to execute transactions like we’ve seen with Argent?
We’ve got the metrics & data you need, starting with the best first:
New Metrics, Including Historical
- Blocks:
— baseFeePerGasAverage
— burntFeesAverage
— burntFeesTotal - Transactions:
— maxFeePerGasAverage
— maxPriorityFeePerGasAverage
— maxPriorityFeePerGasTotal
— savingsAverage
— savingsTotal
Updated Blockchain Data Endpoints
- Address Transactions
- Address Pending Transactions
- All Blocks
- Single Block
- Block Transactions
- All Transactions
- Single Transaction
- All Uncles
- Single Uncle
New RPC Endpoint
New Data Fields Available
- baseFeePerGas — The minimum gasUsed multiplier required for a transaction to be included in a block.
- burntFees — The part of the transaction fee that is burnt: baseFeePerGas * gasUsed
- maxFeePerGas — The maximum amount that a user is willing to pay for their transaction (inclusive of baseFeePerGas and maxPriorityFeePerGas).
- maxPriorityFeePerGas — A user-set value that represents the part of the transaction fee that goes to the miner.
- type — Introduced in EIP2718, this defines a transaction type that is an envelope for current and future transaction types.
How do I start using it today?
Quick and easy sign up process, follow these steps:
- Sign up on amberdata.io
- Create a Free API Key
- Start using the APIs, with comprehensive documentation
- Send us feedback, we’d love to help you be successful!
