Why haven’t the Ethereum transaction fees decreased despite the latest update?
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Answer Why haven’t the Ethereum transaction fees decreased despite the latest update?
Yesterday, Thursday, August 5, the Ethereum upgrade called “London” was launched, which carries a number of protocols, on top of which is the “EIP-1559” protocol that reduces the fees for Ethereum transactions.
However, many users have complained that Ethereum transaction fees remain high, despite the latest update:
Very high, this is my experience of an operation for only $ 400, the fees are 137 💔 pic.twitter.com/mZ51e0E3UB
– Hunter 👾 (@ HooL01140770) August 6, 2021
Why haven’t the Ethereum transaction fees decreased?
The main reason Ethereum transaction fees haven’t gone down so far is that the EIP-1559 fee reduction model is getting off to a slow start.
Read:Australia is exploring the use of a central bank digital currency based on Ethereum
The data provided by the platform showsNansenOnly 5% of Ethereum transactions currently use the EIP-1559 form.
This indicates that most of the existing user transactions have not yet moved to EIP-1559.
However, the Ethereum burn has started very well as the value of the Ethereum burned exceeds $12 million, although the Ethereum supply rate is still much higher than the burn rate.
According to data on BitInfoCharts, the average price of Ethereum gas rose to $15 in the wake of EIP-1559.
This is surprising because implementing the protocol was supposed to reduce transaction costs.
However, as we mentioned, it is slowly being adopted and adopted, in addition to the state of the Ethereum network at the present time, whose transactions have increased significantly and rapidly due to the increased interest in non-fungible tokens (NFT) and the resumption of trading platforms for Ethereum transactions after stopping them during the update.
The picture will become clearer in the coming days as more trading platforms are upgraded and the integration of the EIP-1559 protocol expands.
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