Will ETH EIP-1559 Go Smoothly?

It is worrying that EIP-1559 might cause some contention with Ethereum miners. After all, they are making a killing on transaction fees. EIP-1559 proposes to deeply cut into those profits. If miners wanted to keep ETH as it is, could they?

Obviously, not running EIP-1559 would result in an Ethereum fork. Miners might be tempted to hold back on implementing the update. However, as users will be able to save on transaction fees, they would prefer the EIP-1559 version. Thus, there would be fewer users on the non EIP-1559 network. Without users, there is no high demand. Without high demand, there are no high fees. They will have shot themselves in the foot.

Thus, by holding out on upgrading, Ethereum miners would have a temporary victory. In the end, they would have to come around to where all the traffic is. There would still be profits in mining rewards and tips from users. There is no telling how aggressive the ETH burning would be compared to new block generation. In that regard, ETH miners still stand to gain as they would have new ETH while burning everybody else's.

But, one thing I have learned in crypto is that there is no telling how the market will react. If it's not a smooth transition, the price may dump. If it is a smooth transition with few miners protesting, then we can expect ETH to boom as network traffic increases thanks to the lower fees.

I know that I have some ETH transactions that are on hold because of the high gas fees. The amounts of the transactions are smaller than the gas fees. I'm sure there are many people who have business on hold for the same reason. If the base fee is low enough, I'd gladly throw in a tip.

As exciting as ETH 2.0 promises to be, EIP-1559 will be a major evolution for the average user and orphaned projects that are priced out by high gas fees.

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