Ethereum fees are at a record level, yet one Uniswap user pays the current rate with a $ 36,000 guest fee for a single transaction.
Crypto Twitter has been flooded with complaints about the unsustainable fees for using the Ethereum network, but the rates have only exacerbated the fat flawed error of DeFi user.
The excessive transaction was tweeted by co-founder and CTO of Groundhog Network, Andrew Redden, confirming that it is Uniswap-related.
Offer: The most expensive approve https://t.co/WQvgjZWFug
– Andrew Redden ️ (@androolloyd) 23 February 2021
The ridiculous fee turned out to be a typo, as the user manually entered two prices in gwei together. The amount of 500 801 gwei should have been one (500 gwei) or the other (801 gwei), but not both.
That was at the time that it amounted to 24.94 ETH, or about $ 36,000.
According to Bitinfocharts.com, average transaction fees have risen to an everyday high of around $ 40, having risen by more than 1,000% since the beginning of the year. Etherscan’s gas tracker is currently reporting an average of $ 23.85 for an ERC-20 transfer and $ 73.79 for a Uniswap exchange.
An Ethereum enhancement proposal called EIP-1559 could help alleviate some of these compensation issues, and developers suggest it could be used in the Ethereum ‘London’ upgrade planned for July 2021.
On February 23, the chief developer of Ethereum, Tim Beiko, published an update on EIP-1559 in which he said that a major state test was done 99%. “A development call on March 5 will confirm whether the EIP will be included in the London upgrade,” he added.
The current system of gas calculations involves a bidding system for transactions where the miners naturally prioritize the highest bid, and the lower takes much longer. EIP-1559 will change this auction system by dynamically adjusting the fees so that users will pay the lowest bid for the block. This enables automated marketers and wallets to accurately calculate fees and provide better estimates. Beiko expanded;
Another way of looking at this is that 1559 makes the inclusion price of transactions in the protocol explicit, rather than implicit, as it is at present. ‘
The proposal will also burn gas money paid into ETH, and it will have a long-term impact on the issuance and supply of Ethereum. Obviously, the miners expressed disapproval of this, although the co-founder of the network, Vitalik Buterin commented (in Chinese) that any contradictory action they take could simply accelerate the move to PoS.