Nick.eth estimation whether EIP-1559 helped reducing the overpayments

"Has 1559 reduced over-spending on gas fees? I used BigQuery to try and find out. First, we need to define overspend; my working definition is the difference between the gas price the user paid and the lowest nonzero gas price in that block (or 1 GWEI, whichever is higher).

Multiply that by the gas used and sum it per day and you have the total overpayment to miners. Express it as a ratio of total gas and you have a factor - so 2.0 would imply people are paying twice as much as required to get their transactions included.

So, has EIP-1559 helped reduce the overspend factor? You be the judge. See if you can pick where on the chart it was introduced.

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overpayment ratio

find it particularly interesting to note that it dropped sharply when the fork happened even though most transactions were still legacy transactions - probably because the base fee provides a good price oracle even if you're sending a legacy TX! "

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src: twitter

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Update:

" Here it is taking the ratio of gas price to 5th percentile gas price in that block, and with a logarithmic scale. Much less pronounced, but still showing most days since 1559 with less overspend than most days before. "

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https://preview.redd.it/c806blnqcmk71.png?1431&format=png&auto=webp&s=6097dcda0d29a2bf4489cc3c109942a965ff3993