> For the complete documentation index, see [llms.txt](https://docs.onto.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.onto.app/basics/assets-management/eip-1559.md).

# EIP-1559

EIP-1559 introduces a new Ethereum transaction fee mechanism. The transaction fee of this new model consists two elements: a base fee which is burned, and a tip which is allocated to miners. The base fee depends on the allocation of scarce block space to users, while the tip depends on other fee market factors.

For users: Base fee is a must and is determined by the usage of scarce block space. Priority fee to be paid to miners is settable. In most cases, the higher the priority fee, the faster the speed of transactions being confirmed on Ethereum blockchain.

When setting the gas fee of an Ethereum transaction, you can tap on "**Custom**" and then tap on the **on-off button** on the right of **EIP-1559** to set "**Gas Limit**", "**Max Priority Fee**" and "**Max Fee**".

Gas Limit is the amount. Max Priority Fee and Max Fee are the prices, of which the unit is GWEI. 1ETH=10^9 GWEI

The product of "Gas Limit" and "Max Priority Fee" is the maximum gas fee of this transaction for miners. The product of "Gas Limit" and "Max Fee" is the maximum total gas fee of this transaction.

{% hint style="info" %}
Reminder: 

If the gas limit is set too low, the transaction might fail.

If the gas price is set too low, it might take a very long time for the transaction to be confirmed. When the transaction is not confirmed yet, you can't create a new transaction sending to a different address. If you don't want to keep waiting, you can create a new transaction sending to the same address to replace the former transaction.
{% endhint %}

![](/files/-MiTzo8Ri0n-D9PoH98A)

{% content-ref url="/pages/-MSg8qHP0EMKhElf4Ok-" %}
[Sending and Receiving Ethereum Assets](/guides/assets/sending-and-receiving-eth-and-erc-20-tokens.md)
{% endcontent-ref %}


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.onto.app/basics/assets-management/eip-1559.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.