The last upgrade (Berlin) of the ETH mainnet that was released on 15 April is constantly pushing the price to new all time highs.
This upgrade came with improved protocol (EIP-2929) that had a significant impact on smart contracts gas fees.
London fork will also come with a lot of attention to the fees but more important it will improve smart contracts functionality.
The team are testing the possibility of paying the fees for a smart contract with the same token.
Take this below example for a current price fee:
Broadcasted TX/sec - 20.51
Mempool count - 75,000+
Median TXs per block - 223.00
Median gas price - 60.00
Results to a contract fee around $16.33
So with the London upgrade (EIP-2930) and the possibility of paying the fees with another ETH token they are estimating a median drop to 20 GWEI.
Will this attract more businesses? I mean, a lot of them are showing much interest in paying fees with a stable coin.
Also how much further it will push the price? What is your opinion on this?
This upgrade came with improved protocol (EIP-2929) that had a significant impact on smart contracts gas fees.
London fork will also come with a lot of attention to the fees but more important it will improve smart contracts functionality.
The team are testing the possibility of paying the fees for a smart contract with the same token.
Take this below example for a current price fee:
Broadcasted TX/sec - 20.51
Mempool count - 75,000+
Median TXs per block - 223.00
Median gas price - 60.00
Results to a contract fee around $16.33
So with the London upgrade (EIP-2930) and the possibility of paying the fees with another ETH token they are estimating a median drop to 20 GWEI.
Will this attract more businesses? I mean, a lot of them are showing much interest in paying fees with a stable coin.
Also how much further it will push the price? What is your opinion on this?
20 GWEI is still too much for micro transactions. If you want to have applications that need to scale up a lot it is still problematic. Especially if the price of Ethereum rises. That would be good and evil at the same time. If Ethereum rises and you have 20 GWEI you still can't run applications that need very low fees in order for them to function and be adopted broadly.
I do concur with your point now, if will all believe Ether price is going to $10000, then 20 GWEI is crazy, why not stop all these transaction fee experience for now because miners will always fine hole in it and just pay block reward. I do buy into the idea of paying with tokens, there are some tokens that the value was very low and you need to pay 10's of USD to send or transact with them
Without the transaction fees you will see that some idiots will start flooding the network with spam and force denial of service. I don't know if a software could separate spam from serious transactions, but I don't see how that could be possible. There are people that deem many of the transactions happening right now already spam.
