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.
Definitely a mistake.
I’m expecting EIP 1559 to greatly reduce the rate of things like this happening by reducing the need for users to try to set fees manually.
— vitalik.eth (@VitalikButerin) June 10, 2020
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.