What is EIP? EIP stands for Ethereum Improvement Proposal - a formal suggestion to change or upgrade the Ethereum network. Anyone in the community can submit an EIP to propose new features, protocol changes, or improvements. EIPs can range from small tweaks to major upgrades that might require a hard fork. In practice, most EIPs come from researchers, core developers, and long‑time Ethereum contributors, since they require deep technical knowledge. EIP Statuses: When an Ethereum Improvement Proposal moves toward implementation, it can get one of four statuses: • PFI - Proposed for Inclusion. The EIP is proposed for inclusion in the next update, but there are no commitments yet. • CFI - Considered for Inclusion. The EIP is still under review or testing. It’s on the radar, but not guaranteed for the next upgrade. • SFI - Selected for Inclusion. The EIP has been fully approved for the next hard fork. • DFI - Declined for Inclusion. The EIP has been reviewed but will not move forward for the upcoming upgrade. Many people confuse EIP with ERC. While an EIP suggests changes to the Ethereum network itself, an ERC (Ethereum Request for Comments) defines standards for tokens or smart contracts, like ERC‑20 or ERC‑721 (NFTs). EIPs are a key part of Ethereum’s decentralized governance, they’re how the network evolves over time. That’s an EIP. Simple.