Post
Topic
Board Altcoin Discussion
Re: Why such high fees in ETH?
by
Bazlur
on 28/08/2021, 14:53:44 UTC
The London fork did not lower the gas fees but put a fixed price per block for network fee. Burn mechanism was also been established within this EIP-1559 and miners wasn't the one who dictates the tx fees anymore. This makes ETH now a deflationary asset that could potentially rose in price as time goes by. ETH 2.0 is probably the solution for high fees. Not this EIP-1559.
ETH's new development ETH 2.0 was launched long before EIP-1559. But did ETH 2.0 reduce Ethereum transaction fees? Ethereum network needs more new development because it could not. London hard fork is one of its result. But we can't call it a success so far.