Co-founder of Ethereum Vitalik Buterin and programmer Anders Elowsson introduced EIP-7999, a proposal to improve the Ethereum transaction fees structure.
A proposal issued on Tuesday is looking To establish a united multi -dimensional fee market, enabling users to determine one total maximum fee for many resources.
The proposal, if accepted, would eliminate the need to estimate and manage many components of the fee when sending transactions and will allow users to specify one versatile maximum fee, thanks to which paying for transactions are simpler and more predictable.
The proposal was described as a “simplification of fee management by enabling users to specify one maximum fee in many transaction resources, improving the efficiency of the capital and the user’s experience.”
It is as part of a community review and discussion before potential implementation.
Ethereum’s longtime problem with gas fees
Ethereum gas fees were a lasting challenge from the rapid growth of the network in 2017, when the boost in decentralized applications (DAPPS) and the initial offer of coins (ICO) led to an boost in the congestion and boost in transaction costs.
The situation deteriorated during the summer boom and NFT in 2021, when average gas fees often exceeded USD 50 per transaction.
In response, Ethereum implemented the EIP-1559 update in August 2021, which introduced the basic fee and was aimed at stabilizing the fees. Although this helped moderate fees, periods of high congestion still caused unstable and sometimes excessive gas costs.
To even alleviate the load, layer 2 scaling solutions, such as optimism and arbitration, gained popularity, transaction processing in the range of lower fees. However, Ethereum main fees remained a problem, which caused constant development efforts, which ended with the Dencun update in March 2024.
Dencun influence: gas fees fall when competitors gain on the ground
The Dencun update, implemented on March 13, 2024, introduced nine proposals to improve Ethereum (EIP) in order to improve scalability and reduce transaction costs, especially in the case of layer solutions 2.
According to Etherscan data, during the year average gas fees for joint transactions fell by 95%, from around 86 to 0.39 USD. The family price of the Ethereum token has fallen by over 50%, which reflects wider market challenges.
Ethereum still remained the highest blockchain according to revenues from the transaction fee in 2024, earning $ 2.48 billion, which is an boost of 3% compared to 2023. However, the income of the fee was unstable after Dencun, because competitors gained land.
In the same year, the Throne fees increased over $ 2.15 billion, mainly driven by Stablecoin transactions, and the salted fees increased by 2838% to $ 750 million due to the boost in network activity.
According to Ethereum revenues generated by fees in the last 365 days are $ 757.4 million in this letter in the last 365 days.
