An EIP-1559 proposal aimed at reducing Ethereum network fees is undergoing testing on the Filecoin network. Project developer Jeromi Johnson said.
In case you missed it: recent writing on fee market reform (EIP 1559)
* My FAQ: https://t.co/E9JvIUkazS
* @MicahZoltu on safety: https://t.co/uNOEqSDNxV
* @bluepintail on fairness: https://t.co/bJYJSR1b0oOh and it seems to be working great on filecoin:https://t.co/sgWLPF1VXg
— vitalik.eth (@VitalikButerin) August 26, 2020
The update was first proposed in April 2019. In the face of a sharp rise in fees, Ethereum co-founder Vitalik Buterin said that EIP 1559 could solve the problem.
According to Johnson, the preliminary test results are positive, though developers have faced a number of difficulties in building the new fee architecture.
Currently, miners process transactions on an auction basis: the more a user is willing to pay, the faster their transfer will be processed.
With the implementation of EIP 1559, fees will automatically fall when network utilization falls below 50%. If this metric exceeds the threshold, transaction fees will rise.
Since mid-August, fees in the Ethereum network have begun to decline, according to BitInfoCharts. Over two weeks the median figure fell from $3.35 to $1.16.
Source: BitInfoCharts.
On August 13, the average ETH fee at the moment surpassed $7, an all-time high.
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