Ethereum co-founder Vitalik Buterin and developer Anders Elowsson have launched the EIP-7999 proposal, aimed at simplifying Ethereum's transaction fee structure.
The proposal was released on Tuesday, seeking to establish a unified multi-dimensional fee market that allows users to specify a single total fee cap for multiple resources.
If the proposal is approved, it will eliminate the need to estimate and manage multiple fee components when submitting transactions, allowing users to specify a comprehensive fee cap that makes transaction payments simpler and more predictable.
The proposal is described as a way to "simplify fee management by allowing users to specify a single fee cap across multiple transaction resources, improving capital efficiency and user experience."
Currently, the proposal is under community review and discussion, awaiting potential implementation.
Since the rapid growth of the network in 2017, Ethereum's gas fees have been a persistent challenge, as the surge in decentralized applications (DApps) and initial coin offerings (ICOs) led to increased network congestion and soaring transaction costs.
During the DeFi summer and NFT boom of 2021, the situation worsened, with average gas fees often exceeding $50 per transaction.
In response, Ethereum implemented the EIP-1559 upgrade in August 2021, introducing a base fee burn mechanism aimed at stabilizing fees. While this helped alleviate fee spikes, gas fee costs remained volatile and sometimes excessively high during periods of high congestion.
To further ease the burden, layer two scaling solutions like Optimism and Arbitrum began to gain popularity, reducing fees by processing transactions off-chain. However, Ethereum mainnet fees remain an issue, prompting ongoing development efforts, ultimately leading to the Dencun upgrade set to launch in March 2024.
The Dencun upgrade, implemented on March 13, 2024, introduced nine Ethereum Improvement Proposals (EIPs) to enhance scalability and reduce transaction costs, particularly for layer two solutions.
According to Etherscan data, over the course of a year, the average gas fee for common transactions dropped by 95%, from about $86 to $0.39. The price of Ethereum's native token fell by more than 50%, reflecting broader market challenges.
Ethereum remains the blockchain with the highest transaction fee revenue in 2024, generating $2.48 billion, a 3% increase from 2023. However, fee revenue has fluctuated significantly post-Dencun upgrade, with competitors gaining an edge.
In the same year, Tron’s fee revenue more than doubled to $2.15 billion, primarily driven by stablecoin trading, while Solana's fee revenue surged 2838% to $750 million amid a spike in network activity.
According to Token Terminal data, as of the time of writing, Ethereum has generated $757.4 million in revenue from fees over the past 365 days.
Related: Spot Ethereum (ETH) ETF sees net inflows for 20 consecutive days, setting a record of $5.4 billion in monthly inflows.
Original article: “Ethereum Proposes Unified Fee Market to Simplify Transaction Costs”
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