Vitalik Buterin Proposes Simplified Ethereum Fee Structure
Main Idea
Ethereum founder Vitalik Buterin and developer Anders Elowsson propose EIP-7999, a simplified fee structure to address Ethereum's transaction fee challenges and improve user experience.
Key Points
1. EIP-7999 aims to create a more user-friendly and efficient fee model for Ethereum, building on past updates like EIP-1559 and the Dencun upgrade.
2. High and unpredictable transaction fees on Ethereum have been a persistent issue, with peak fees exceeding $50 during 2017 and 2021.
3. The 2021 EIP-1559 update introduced a base fee system, and the 2024 Dencun upgrade improved scalability and reduced costs through layer-2 solutions.
4. Despite improvements, Ethereum still led in network fee revenue in 2024, generating $2.48 billion.
5. The proposal is currently under community and technical team discussion, with potential approval expected to enhance Ethereum's competitiveness.
Description
EIP-7999 proposal aims to simplify Ethereum's transaction fee structure. It proposes a single "maximum fee" approach to streamline user transactions. Continue Reading: Vitalik Buterin Proposes Simplified Ethereum Fee Structure The post Vitalik Buterin Proposes Simplified Ethereum Fee Structure appeared first on COINTURK NEWS .
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