I am looking for a simple explanation of what burning "fees" means and implies in the context of EIP-1559.
2 Answers
What they mean with burn is sending the ethereum to an address that has no private key or defunct address. As a result, the tokens are lost forever.
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Thank you. But does this explanation also apply to burning ‘transaction fees’. I can see how you can burn ETH, but not how you can burn transaction fees. Commented Aug 16, 2022 at 0:34
In EIP-1559, burning the Base Fee means that the Base Fee is not sent to anyone. The Base Fee vanishes rather than being sent to the miner/validator.
In the specification it looks like:
# miner only receives the priority fee; note that the base fee is not given to anyone (it is burned)
self.account(block.author).balance += gas_used * priority_fee_per_gas
