Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Fawpac2 on June 24, 2021, 11:23:41 PM
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The hype is mounting over a long-awaited Ethereum upgrade that alters the transaction fee mechanism. However, will it actually result in any gas savings?
The EIP-1559 modification will ship with the Ethereum London hard fork. Notably, this fork is scheduled for July sometime after being launched on testnet this month.
Many have assumed that it will reduce gas fees for the network, relieving the pain for most of its users. In recent weeks, average transaction fees have skyrocketed to record highs of around $70 – even higher for complex smart contract interactions.
However, this may not be the case as Ethereum software solutions firm ConsenSys explained in a recent blog post.Source (https://cryptonews.net/863519/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)