I wonder who came with that formula, because it seems that even though we're not close to 100% capacity, yet this formula has lead to very high base fee. Do you know who invented and enforced this formula onto gas fee structure?
Vitalik Buterin (@vbuterin) et al.I guess authors don't have knowledge of economy, thus thinking that centrally planned fees (even though it's algorithm) are good. What we see here is a definition of inefficiency, where some blocks aren't full even though the network is congested. Also, it introduces lag, where the lower fees txs must wait for the base fees to decrease before it can be included in a block. This setup surely doesn't belong to POW when the miners maxing their fees, and fight in the "hash race."