How do Ethereum transaction fees work now that EIP-1559 is live?

Oshosondy

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Quote from: DapanasFruit on September 26, 2021, 12:12:14 AM

Right now, I am starting to hate the Ethereum network because there are some tokens that I could not move because the cost of transferring them to exchange is more that their overall value.

I am not an ethereum user, but with the experience I have about bitcoin, there are times the network will be free and have only little transactions in the memory pool, this has been the best time to make use of the benefit of low fee. Is it not like that while also using ethereum with the fee low when the network is not congested, I think it should be like that, there are times the gas fee should be low but some shitcoins are just be worthless.

Quote from: DapanasFruit on September 26, 2021, 12:12:14 AM

And I don't understand how come Ethereum developers are finding it hard to get the solution for this problem come fast to the network. Is there something wrong with them?

The issue of fee is not that easy, but scaling problem will be solved gradually but no been effective like people are expecting. Try to make use of low fee, use a wallet that can edit the fee and use the mempool to set the fee in a way it will be low and still be able to get the transaction confirmed in time.

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Quote from: samcrypto on September 25, 2021, 07:46:39 AM

Quote from: Kinghunter0071 on September 25, 2021, 06:27:24 AM

Under EIP-1559, the bidding system is automated and algorithmically calculated, with the set fee amount fluctuating depending on network congestion. Instead, these fees will be burned on the network, reducing the circulating supply of ETH over time and addressing concerns around inflation of the coin.

The last time the market becomes active, the fees of ETH was still expensive so I don't know if that updates is really working or that is just at trial and error, ETH team as so desperate to solve this problem which they have to do their best or else it will create another panic.

Many developers are avoiding ETH network because of this fees, they have to act fast and do the necessary updates as soon as possible before its too late.

Right now, I am starting to hate the Ethereum network because there are some tokens that I could not move because the cost of transferring them to exchange is more that their overall value. And that should be shocking because the last time I made an Ethereum transaction the fee was very negligible but now it can cost more than a man's pant. And I don't understand how come Ethereum developers are finding it hard to get the solution for this problem come fast to the network. Is there something wrong with them? In that case, maybe they should be seeking help from the community because who knows there can be another guy who can provide the right solution to this perennial problem.

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When the EIP-1559 was launched through the London hard fork, it was seen that, the main aim of it, is to make Ethereum to have deflationary feature such that, on every transaction taking place, ETH is being burnt thus removing or reducing the circulating supply of ETH; this was confirmed on the first day the London hard fork took place and still working till today.
Therefore, looking at this, in my own opinion, it is very evident that, the EIP-1559 have no business with the gas fee, the high gas fee is caused by the increasing number of projects on the Ethereum network as well as the increasing price of ETH. Lastly, the anticipated ETH upgrade is believed to take care of this.

uneps

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EIP 1559 changed that system and now the transaction fees are calculated via an algorithm where the fees are higher if there is more network activity. And instead of an entry fee to the miner, that calculated fee is burned sent to an inactive ether address, so out of rotation, but you can still choose to "tip" the miner to incentivize the miner to take your transaction first .

SlimShadyMmp

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Well the fees in relation to those paying have not changed a single bit if you ask me but basics like the burning and what miners get for mining a transaction have changed and thats really a good thing in the long term for eth because is likely to be deflationary and if all these eth killer have not gobbled all the cash by then maybe price increase will be great But fees are still high until eth 2.0

crzy

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Quote from: Kinghunter0071 on September 25, 2021, 06:27:24 AM

Under EIP-1559, the bidding system is automated and algorithmically calculated, with the set fee amount fluctuating depending on network congestion. Instead, these fees will be burned on the network, reducing the circulating supply of ETH over time and addressing concerns around inflation of the coin.

Its not the update about the fees, its more on the supply so it can’t totally addressed the problem. Many believes that the London fork will make the ETH fees more affordable but it didn’t happen because the fees still increases when the market increases, so for me the Developer must really create an update that focused more on addressing the fees issues, this has been a problem for almost a year now and no solution yet.

Johnyz

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EIP 1559 Have nothing to do with fees, is about destroy coins, less money for miners, thats all.

This could result to a lesser miners, and chances are the transactions will become slow and the fees might be high again especially on a congested network so I also believe this can’t really solve the problem on fees as we are seeing right now, it is still high and there’s a possibility that it will rise again, fees are getting crazier.

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Quote from: masterrex on September 25, 2021, 07:39:24 AM

I think that EIP- 1559 system is erroneous and causing the Ethereum fees to spike further, and it's not working the way they introduce it, Imagine there's no difference in fees, even the Block is full or half empty the fees are always the same so I don't think that's sustainable development for Ethereum the mass exodus of users and Dapp's developers will continue because of expensive transaction fees in the Ethereum Network.

Only when the transaction fee auction mechanism is overcome will Ethereum bring a better experience. The auction mechanism has caused GAS fees to escalate in recent times. Burning costs will also make miners lose their income. That doesn't solve the problem other than miners leaving for bigger profitable cryptocurrencies.
If Ethereum has an upgrade to make the network expand and the transaction speed higher, it will be even better.

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Quote from: Kinghunter0071 on September 25, 2021, 06:27:24 AM

Under EIP-1559, the bidding system is automated and algorithmically calculated, with the set fee amount fluctuating depending on network congestion.

It's not yet clear about the impact brought by the EIP 1559. I personally didn't like this. EIP was not giving a solution to the scalability problem. This is the main problem that must be solved. The fluctuation was still the same and it's doing even worst than before. The average price for ethereum transactions is always expensive and it never goes back again to the fees before the implementation of EIP 1559.

Quote from: Kinghunter0071 on September 25, 2021, 06:27:24 AM

Instead, these fees will be burned on the network, reducing the circulating supply of ETH over time and addressing concerns around inflation of the coin.

This is the only good thing from the proposal but deflation can be achieved when people must have paid more to the network and this is bad. iceage as the main subject to prevent the inflation on ethereum gets delayed again and again.
The burn was not resolving the problem.

samcrypto

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Quote from: Kinghunter0071 on September 25, 2021, 06:27:24 AM

Under EIP-1559, the bidding system is automated and algorithmically calculated, with the set fee amount fluctuating depending on network congestion. Instead, these fees will be burned on the network, reducing the circulating supply of ETH over time and addressing concerns around inflation of the coin.

The last time the market becomes active, the fees of ETH was still expensive so I don't know if that updates is really working or that is just at trial and error, ETH team as so desperate to solve this problem which they have to do their best or else it will create another panic.

Many developers are avoiding ETH network because of this fees, they have to act fast and do the necessary updates as soon as possible before its too late.

masterrex

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Quote from: Kinghunter0071 on September 25, 2021, 06:27:24 AM

Under EIP-1559, the bidding system is automated and algorithmically calculated, with the set fee amount fluctuating depending on network congestion. Instead, these fees will be burned on the network, reducing the circulating supply of ETH over time and addressing concerns around inflation of the coin.

I think that EIP- 1559 system is erroneous and causing the Ethereum fees to spike further, and it's not working the way they introduce it, Imagine there's no difference in fees, even the Block is full or half empty the fees are always the same so I don't think that's sustainable development for Ethereum the mass exodus of users and Dapp's developers will continue because of expensive transaction fees in the Ethereum Network.

Kinghunter0071

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Under EIP-1559, the bidding system is automated and algorithmically calculated, with the set fee amount fluctuating depending on network congestion. Instead, these fees will be burned on the network, reducing the circulating supply of ETH over time and addressing concerns around inflation of the coin.

Topic: How do Ethereum transaction fees work now that EIP-1559 is live? (Read 80 times)