The Ethereum network has a new record day in terms of transaction processing costs. At the time of publication, users have to pay about $ 25 to send ETH quickly and $ 18 if they are willing to wait more than 10 minutes. According to BitInfoCharts, this has been the case since early February.
At the same time, the current values are noticeably inferior to those observed today during the sharp movement of the market. At its peak, the price of gas for fast transaction processing reached more than 1,300 gwei, which translates into almost $ 50 in commission.
With the implementation of more complex interactions, the commissions increase significantly. So, for the exchange of ETH for USDT using the Uniswap decentralized exchange, you will now have to pay $ 275, and for the transfer of an ERC20 token – up to $ 100. Such transactions involve interaction with smart contracts and therefore contain more data.
According to The Block, Ethereum miners earned more than $ 1 billion in February, of which $ 541 million in fees. This figure for less than a month already surpasses the previous record of $ 829 million, set in January.
In the meantime, work continues on a proposal to improve Ethereum EIP-1559, which aims to change the fee calculation model. It can be activated in July with the London hard fork. reported Ryan Berkmans, founder of Predictions Global.
Among other benefits, EIP-1559 includes adjustments to the current auction process so that users do not have to overpay when the network is not under pressure. The proposal is technically ready, but the developers still need to go through a standard evaluation process.
“EIP-1559 will help Ethereum scaling this year by including the ability to secure transactions for Arbitrum and Optimism in the next block. Since Arbitrum and Optimism are critical to the scaling of Ethereum, the same is true for EIP-1559, ”Berkmans writes.
With EIP-1559, miners will not dictate commissions to users, but the network itself will change them dynamically depending on the load. A significant portion of the fees paid in EIP-1559 will be burned. As expected, this approach is supported by cryptocurrency users and causes discontent among miners. According to some opinions, in the long term, it will be more profitable for miners to support the update than to try to sabotage it.
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