What is EIP-1559?
The latest upgrade of the Ethereum Network (aka London Hardfork) has just occurred. Along with other improvements, it includes Ethereum Improvement Proposal (EIP) 1559, which brings significant changes to the method of gas fee (transaction fee) estimation and payment.
Previously, the gas fee amount was a mere speculation. Users had to bid on how much they could afford to pay for a transaction to succeed (be picked by a miner) which, often became completely uneconomical - especially when considering the transaction amount. Eventually, this led to a large inefficiency in the transaction fee market which has been successfully tackled in this latest upgrade.
In the never-ending pursuit of UX improvement, 1inch Network is now one of the first platforms to offer adjustment to these new gas price settings.
IMPORTANT: EIP-1559 gas price settings are enabled by default meaning that all user's transactions will be sent as a 'type 2' transaction according to the new gas commission standard.
There are two regimes of gas price settings - Basic and Advanced.
Basic Gas Price settings makes selection of a gas price super easy.
Here a user will find already familiar High, Medium, Low gas price settings that are calculated based on current gas price from the blockchain * 1.5 as a buffer for any rapid changes. Medium gas price is always set by default as the most secure option for a transaction to pass through.
If you are an advanced user who knows how to optimize gas costs, an exact transaction fee can be specified under the Advanced tab. Within this tab are two fields: "max tip" and "max price" which can be custom filled.
*** FYI: the total fees paid is a combination of the Base fee and the Priority fee. The Base fee is set by the Network and can be seen in the gas price setting as well.
The Priority fee can be customized and set in accordance with your expectation of Network throughput at the time of transaction submission.
To set gas fee for your trade independently, you have to:
choose the max tip you are willing to pay on top of Base fee and type the amount in the "Max tip" field, (the yellow warning below will inform you if your tip is lower than average on the Network);
in the "Max price" field, type the max amount of fee you are comfortable to pay. Please note, that your Max price shouldn't be lower than the Base fee of the Network displayed below, otherwise you will receive the warning message.
Make sure your "Max price" is set higher than the Base fee as the Base fee is defined per each block differently, and a little extra margin will increase the probability of success.
Once these amounts are set, you can then continue with adjustment of all other normal swap settings, and execute the transaction by confirming it in your wallet application.
For those users who are still fond of legacy type of transactions on Ethereum or know that their wallet application doesn't support EIP-1559 anyways, or have other reasons not to use this innovation, it makes sense to disable the feature.
To disable EIP-1555 support, simply:
go to settings;
click on the "Use legacy transaction type" toggle button
This London Hardfork brings Ethereum (and DeFi) one step closer to its next phase of evolution. 1inch Network will continue in stride to provide its users with every new opportunity along the way.
Also, see a comprehensive guide on how to set transaction priority in the 1inch iOS Wallet here.
Questions, comments, concerns? Feel free to reach out to our Live Chat Support. We'd love to connect!