Ethereum Developers Eye July for Gas-Saving EIP-1559 Launch

[waybesuricata]

The long-awaited gas-saving upgrade for Ethereum could be just a few months away now according to industry insiders.

Ethereum Improvement Proposal (EIP) 1559 has been the most talked-about upgrade for the network since ETH 2.0 was launched on Dec. 1, 2020. The EIP tackles the debilitating problem of high transaction fees which have strained the network in recent months.

The surge in prices and a booming DeFi sector have put a huge demand on Ethereum. As a consequence, gas fees have skyrocketed to record levels. According to BitInfoCharts, the average transaction fee is currently $17. This cost has peaked at $25 a number of times this month, however.


Source and continuation of the article: https://beincrypto.com/ethereum-developers-eye-july-gas-saving-eip-1559-launch/

[Alcor]

Well, finally, we are already talking about some not too distant time when the most pressing problem in the ethereum network will be solved - a decrease in gas fees for transactions. Four months, of course, is a long time, but you can wait. It was worse when there was complete uncertainty. However, it is not clear how the transaction fees may decrease. Whether at the same time the network bandwidth will increase. In my opinion, these parameters are inextricably linked. Besides, July is the beginning of a relative summer calm in the markets. Interesting events in this market will already begin in the fall.