Ethereum Proposes EIP-7999 to Simplify Transaction Fees Amid Competitive Blockchain Landscape

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.