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The famous EIP-1559, one of the most anticipated updates for the cryptocurrency industry in 2021, is finally set to roll out on August 4. This update should change the fee structure of each transaction, making those fees less volatile while reducing the amount of ETH in circulation. EIP 1559 is part of the London Hard Fork, proposed on block 12965000. Its activation on the mainnet is expected to take place between 1 p.m. (GMT) and 5pm ( GMT) The update is also known as the "ETH token burning mechanism"