Ethereum Proposes EIP-7999 to Simplify Transaction Fees Amid Competitive Blockchain Landscape
Main Idea
Ethereum's EIP-7999 proposal aims to simplify transaction fees by allowing users to set a single maximum fee, enhancing predictability and capital efficiency, following significant gas fee reductions from the Dencun upgrade.
Key Points
1. EIP-7999 introduces a unified fee market for Ethereum transactions, simplifying the payment process by allowing a single maximum fee.
2. Gas fees on Ethereum dropped by 95% after the Dencun upgrade, from $86 to $0.39, improving transaction efficiency.
3. Ethereum remains the top blockchain by transaction fee revenue in 2024, earning $2.48 billion, a 3% increase over 2023.
4. Competitors like Tron and Solana saw significant fee growth in 2024, with Tron's fees doubling to $2.15 billion and Solana's surging 2,838% to $750 million.
5. The Dencun upgrade, implemented in March 2024, included nine EIPs to improve scalability and lower transaction costs, particularly for layer-2 solutions.
Description
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