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Ethereum Gas Fee Issue Won’t Settle Soon

Ethereum gas fee is the hottest news of cryptocurrency world these days. Ethereum network’s gas fee is still high. Although developers are...

Written by Wallebi Author · 1 min read >
Ethereum gas fee issue won’t settle soon

Ethereum gas fee is the hottest news of cryptocurrency world these days. Ethereum network’s gas fee is still high. Although developers are trying to fix the issue, Ethereum gas fee issue won’t settle soon.

Ethereum developers discussed on gas fee on Friday. The gas fee is still experiencing its all-time high. The discussion was about how to fix the issue and the solutions, which developers can use.

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Ethereum gas fee issue won’t settle soon; the fee can even go higher

An independent researcher, Alexey Akhunov, discussed on the issue that how the existence of gas tokens could even go higher than now.

In his discussion he talks about how the mempool is often filled with transactions bidding a certain gas fee to mint tokens. For this purpose, he compared it with order books exchanges. He mentioned that gas fees cannot reduce very soon because it’s not easy to cancel the transactions. As a result, the gas fee for Ethereum will still remain high.

He made a proposal to discuss how Ethereum can reduce gas fee. He explained that the total amount of gas tokens minting is only 2% of current gas usage. As a result, any negative impact of gas usage is very limited in size. He added, he needs more information and data in order to discuss more about this subject.

The solution is under investigation

Recently, the co-founder of Ethereum, Vitalik Buterin and core developer, Martin Swende, proposed EIP.  The EIP-2929 basically increases gas costs for certain storage operations. The purpose is to prevent any potential Denial of Service attacks. In this case, some operations and services may become cheaper. In fact, increase in gas costs may not be normal in the current environment, but it will make Ethereum developers to feel more confident about future gas limit increases. For instance, the strong threat of DoS attacks could hold back more aggressive rises in gas fee.

EIP-2711 is another solution, which can help Ethereum network. In this solution, one account can pay the gas fee for someone else’s transaction. So, a batch of transactions are created and guaranteed to be executed in the order they were submitted. In addition, there is an automatic time limit for transactions hitting the mempool.

Written by Wallebi Author
Author and analyst in the field of cryptocurrency Profile

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