EIP-1559 cannot solve Ethereum High Gas Fee.

EIP-1559 cannot solve Ethereum High Gas Fee.

It has been reported that the reason gas prices has reached all-time highs is premised in consistent full blocks.

Analyst has posited that the transaction fee of Ethereum is still at all-time high and the much touted prospective network upgrade is not likely to ameliorate the problem.

The Ethereum median fees has been the same over $10 for most of 2021, according to the Ethereum Gas Report by Coin Metrics. The transaction fee of Ethereum got to $5.70 as at 207/2018 Bull Run.

Also, the increase in ETH prices themselves will make gas more expensive.  ETH prices has snowballed to 125% at current prices notwistanding the correction of 19% from of all time high of $2,050. The media gas price has alo increased by 532% over the same period.

It is pertinent to mention that various transactions require different amounts of gas. A complex smart contract operation for an automated market, uses more gas than a simple ERC-20 token transfer uses.. However, it noted that rather than DeFi being the root cause of the high gas fees, it is simply more transactions in general.

“Since January 2020, the amount of gas used per transaction has trended downwards. This shows that increased transaction complexity is not responsible for high transaction fees.”

Mining priority has been given to those that can for more gas in the recent Ethereum transactions

 

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