EIP-1559 Updates Across the Blocknative Mempool Data Platform
Ethereum's core gas fee marketplace mechanism is set to be upgraded at approximately 5:00am PST on August 5, 2021 – when EIP-1559 goes live as part of the London Hard Fork at block 12,965,000. This will update how Ethereum transaction fees are calculated, moving from a first-price auction to a hybrid system involving base fees and tips.
Given that this change impacts every Web3 builder and trader, we have updated our core Mempool API, Gas Platform, Gas Estimator, and Mempool Explorer to each be EIP-1559-compliant and thereby help you and your users transact with confidence. Read on for full details.
EIP-1559 Updates to Mempool API
- Tip (
typein our Mempool API. Prior to the London Hard Fork, all transactions are
type"0" and use the traditional
gasPrice. But after the London Hard Fork, the new transaction
type"2" will use
maxFeePerGasto specify the transaction fee.
type2 transactions will be supported on Ethereum. Our API will continue to provide
type0 and will provide the new
type2 transactions. For Confirmed and Failed transactions we will also include the
Mempool API Changes
EIP-1559 Updates to Gas Platform
Once EIP-1559 is live on Ethereum Mainnet, the Gas Platform API will automatically add gas prediction fields for the new Type 2 fields to help your transaction successfully be included in the next block(s). The new fields are:
baseFeePerGas: determined by the previous baseFeePerGas and block size
maxPriorityFeePerGas(tip): computed based on Blocknative's estimation model
maxFeePerGas: calculated from an initial heuristic, but will transition to model of block size estimation as we get data
Note that all existing Gas Platform API fields will continue to be supported. Hence, Gas Platform API payloads will expand to look like this:
Every ecosystem participant can go hands-on with Gas Platform and receive API updates once every 5 seconds, while commercial Blocknative customers will receive API updates once every second.
EIP-1559 Updates to Gas Estimator
type2) transactions, you will be able to use Gas Platform estimates to transact at your desired confidence interval. If your wallet does not support the new transaction type, you can turn off the EIP-1559 together to receive legacy gas estimates.
EIP-1559 Updates to Mempool Explorer
Finally, we will be updating the Filter and Select controls available inside Mempool Explorer to add the EIP-1559-specific fields described above. This will enable all Mempool Explorer users to update their existing Subscriptions to be aware of – and responsive to – data fields related to EIP-1559.
Preparing for the London Hard Fork and EIP-1559
The Ethereum Foundation has indicated that gas prices may fluctuate – perhaps substantially – for a short period immediately after EIP-1559 goes live. Our data science team will be monitoring the Ethereum network as it reaches a new equilibrium so that we can refine our gas price models and provide the Web3 ecosystem with the most accurate and actionable gas estimations.
Please stay tuned for updates as we expand and refine our support for EIP-1559 across our portfolio. As always, please join our Discord Community if you have questions, concerns, or recommendations.