The co-founder Ethereum Vitalik Buterin and the developer Anders Elowsson introduced EIP-7999, a proposal to rationalize the structure of the transaction costs of Ethereum.
On Tuesday, the proposal aims to establish a unified multidimensional fee market, allowing users to specify a single maximum of aggregate costs for multiple resources.
The proposal, if adopted, would eliminate the need to estimate and manage several cost components when submission of transactions and allow users to specify maximum costs maximum, which makes payment of transactions simpler and more predictable.
The proposal is described as a means of “simplifying the management of costs by allowing users to specify maximum costs on several transaction resources, improving the effectiveness of capital and user experience”.
It is under the revision and discussion of the community before the potential implementation.
Longtime problem of Ethereum with gas costs
Ethereum gas costs have been a persistent challenge since the rapid growth of the network in 2017, when an increase in decentralized applications (DAPP) and initial parts (ICO) offers an increase in congestion and rise in power.
The situation has worsened during the boom by Defi Summer and NFT of 2021, when average gas costs have often exceeded $ 50 per transaction.
In response, Ethereum implemented the upgrading of the EIP-1559 in August 2021, which introduced a burn of the basic costs and aimed to stabilize the costs. Although this has helped moderate the peaks of costs, the high congestion periods have always resulted in volatile and sometimes prohibitive gas costs.
To further facilitate the burden, the layer 2 scaling solutions such as optimism and arbitrum have gained popularity, the treatment of transactions outside the chain to reduce costs. However, the main costs of Ethereum remained a concern, which aroused current development efforts which led to the Dencun upgrade in March 2024.
Impact of Dencun: gas costs fall as competitors gain ground
The Dencun upgrade, implemented on March 13, 2024, introduced nine proposals for improving Ethereum (EIPS) to improve scalability and reduce transaction costs, in particular for layer 2 solutions.
In one year, average gas costs for current transactions dropped by 95%, from around $ 86 to $ 0.39, according to Etherscan data. The native token price of Ethereum has dropped by more than 50%, reflecting wider market challenges.
Ethereum has always remained the best blockchain by the income of transaction costs in 2024, winning $ 2.48 billion, an increase of 3% compared to 2023. However, the costs of the costs were volatile after Dencun, while the competitors gained ground.
The same year, Tron’s fees more than doubled at $ 2.15 billion, mainly trained by Stablecoin transactions, and Solana fees jumped from $ 2,838% to $ 750 million in the middle of an increase in network activity.
According to data from Terminal token, in the last 365 days, Ethereum revenues generated by costs amounted to $ 757.4 million to date.
