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As the base fee adjusts dynamically with transaction activity, this reduces the volatility of Ethereum gas fees, although it does not reduce the price, which is notoriously high during peak congestion on the network. The EIP-1559 upgrade introduces a mechanism that changes the way gas fees are estimated on the Ethereum blockchain. Before the upgrade, users had to participate in an open auction for their transactions to be picked up by a miner. This process is known as a “first-price auction,” and as expected, the highest bidder wins. In Ethereum 2, the network will be upgraded to a proof-of-stake blockchain and introduce a https://erickytfi464.hpage.com/post1.html beacon chain and shard chains.