Let us investigate the data to determine the impact of EIP 1559.
Before we get started, let's go over the key tables in Dune Analytics where the necessary information is loaded.
First Price Auction Data
EIP 1559 Data
How soon users adopted to using new fee model?
Though EIP-1559 promised to improve users' experience, are the users quick enough to leverage the benefit?
We can answer this question by identifying month wise transaction volume by fee type.
SELECT DATE_TRUNC('month',block_time) AS month, -- For every month, Compute Number of eip 1559 transactions / Total transactions COUNT(*) FILTER ( WHERE `type` = 'DynamicFee') / COUNT(*) AS eip1559_tx, COUNT(*) FILTER ( WHERE `type` = 'Legacy' ) / COUNT(*) AS legacy_tx, COUNT(*) FILTER ( WHERE `type` NOT IN ('DynamicFee', 'Legacy') ) / COUNT(*) AS other_tx FROM ethereum.transactions WHERE block_number >= 12965000 --London upgrade block number GROUP BY month
👨🏽💻 Fork the above query and give it a try.
It is quite surprising to see that ~18% of transactions (as of Sep'22) still use the first price auction (legacy model) and end up paying more gas fees.
What could the reasons be?
- Some users may not have updated their wallets.
- Perhaps there are automated scripts that have not been updated.
- Exchanges (who are also miners) may not adopt fee standards in order to continue extracting fees.