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EIP 1559 will fix high Ethereum transaction fee issues, says Buterin

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Ethereum users and the cryptocurrency community are getting baffled over the reports about high Ethereum transaction fees. Probably, for the third time, an Ethereum address overpaid for a transaction, which should not happen on the normal ground. Vitalik Buterin, the co-founder of Ethereum, reiterated an EIP that will handle the issue.

Report on high Ethereum transaction fee repeats

Two days ago, a user paid about 10,668 ETH as Ethereum transaction fee for sending as low as 0.55 ETH. At that time, the address calculatedly paid about $2.6 million for a transaction of $133. At first, the development was thought to be a mistake, not until it repeated with the same address or user.

This time, the address paid the same 10,668 ETH ($2.6 million) as the Ethereum transaction fee for sending a little bigger amount of 350 ETH worth $86,000. Again, separate users paid about $539,269 as a fee for sending $750,000 worth of Ethereum crypto. 

EIP 1559 will fix it

The Ethereum users are concerned about the recurrence of high Ethereum transaction fees, with many asking questions about the issue. In response to the first case, Vitalik Buterin referred to EIP (Ethereum Improvement Proposal) 1559 as the solution that would curb the chance of such instances occurring in the future.

Buterin responded:

The Ethereum proposal 1559 is aimed at improving the present fee model on the Ethereum blockchain. The present Ethereum transaction fee model enables the users to choose fees to accelerate their transactions, which probably leads to a high fee. However, EIP 1559 would replace this model.

Once implemented, it will reportedly adjust network fees in accordance with the network demand.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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