Empirical Analysis of EIP-1559: Transaction Fees, Waiting Time, and Consensus Security. (arXiv:2201.05574v1 [econ.GN])

Transaction fee mechanism (TFM) is an essential component of a blockchain
protocol. However, a systematic evaluation of the real-world impact of TFMs is
still absent. Using rich data from the Ethereum blockchain, mempool, and
exchanges, we study the effect of EIP-1559, one of the first deployed TFMs that
depart from the traditional first-price auction paradigm. We conduct a rigorous
and comprehensive empirical study to examine its causal effect on blockchain
transaction fee dynamics, transaction waiting time and security. Our results …

analysis security