Post
Topic
Board Altcoin Discussion
Re: How do Ethereum transaction fees work now that EIP-1559 is live?
by
Shallow
on 25/09/2021, 23:16:31 UTC
When the EIP-1559 was launched through the London hard fork, it was seen that, the main aim of it, is to make Ethereum to have deflationary feature such that, on every transaction taking place, ETH is being burnt thus removing or reducing the circulating supply of ETH; this was confirmed on the first day the London hard fork took place and still working till today.
Therefore, looking at this, in my own opinion, it is very evident that, the EIP-1559 have no business with the gas fee, the high gas fee is caused by the increasing number of projects on the Ethereum network as well as the increasing price of ETH. Lastly, the anticipated ETH upgrade is believed to take care of this.