If you are a user of any Daap, you may have noticed that the fees on the Ethereum network have become high. This is due to the increased use of the network, which has seen a rapid growth in the adoption of applications on the platform. This is a very positive point, however due to the current network infrastructure, as rates end up becoming very high and often unfeasible, benefiting miners, but penalizing users, especially those with less capital.
One of the projects to resolve this situation and perhaps one of the most important to date, is an EIP 1559 (Ethereum Improvement Proposal), which is an improvement proposal released by Vitalik Buterin in 2018, which aims to standardize and make more stable as rates network transactions, seeking to make transactions of different sizes within the network viable, thus correcting the volatility of the gas and improving the end-user experience.
EIP 1559 would stabilize the rates through a BASEFEE, which is a fee generated in the process of creating the blocks. Currently, these rates vary widely, as miners choose transactions with higher rates to validate. For this reason, some even pay very high fees to their validated transactions for users more quickly.
The Ethereum network is the network where most usage fees are generated.
On average, over the past 7 days, more than $ 17 million was generated.
After being generated, part of the transaction fees would be burned, also aligning with the improvement of Ethereum's monetary policy system, making ETH more scarce.
The EIP 1559 project is already finalized, but has no launch date yet, as it needs to pass the consensus of members of mining pools and communities that discuss the feasibility of its implementation. Some pools have even shown resistance to accepting the proposal, because while the solution is advantageous for users, it would reduce the fees paid to miners, contrary to what currently occurs.
F2Pool, Ethereum's third largest pool, with about 11% of the hashes rate, said it was in favor of implementing the improvement. Sparkpool, the largest mining pool, with around 24% of the hashes rate, is contrary and highlights the degree of division in the mining community. Bitfly, the operator behind Ethermine, the network's second largest mining pool, with about 20% of the hash rate, is also opposed to the implementation of EIP 1559.
The proposal can be implemented later this year and could represent an important step for Ethereum, but it still requires attention from investors, as there is nothing right so far.