Buterin Wants to Limit Fees on Ethereum Blockchain

Creator of Ethereum Vitalik Buterin and developer Anders Elousson suggested limiting the size of the commission in the ETH network.

They proposed creating a “single multidimensional fee market” to limit the maximum fee allowed for various transactions on the blockchain. If implemented, the programmers’ initiative, called EIP-7999, would eliminate the need to calculate multiple fee components. Instead, a maximum fee would be used for any transaction, making the transaction process simpler and more predictable.

EIP-7999 will change the way smart contracts interact with the fee market, allowing for the integration of tokens such as Shiba Inu, into a single system of commissions. The maximum fee will cover gas costs and operations related to the operation of the smart contract, — one of the members of the SHIB army commented on Buterin’s proposal.

It is clear that Vitalik and Anders’ proposal is intended to control the size of the commission, which increases significantly as the load on the blockchain increases. For example, on July 17, the average fee for processing a transfer reached $2,82, while even on the Bitcoin network, it was necessary to pay $1,73 to complete a transaction.

Change in the average fee for making a transfer in the Ethereum network

High commission costs are holding back the development of the ETH blockchain and reducing its competitiveness. In cryptocurrency networks competing with Ethereum, you need to pay much less. For example, in the blockchain Solana (SOL) commission is $0,0036 on average, while in Cardano (ADA) — $0,12.

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