Ethereum’s fees have reached record levels, but even so, a Uniswap user still paid a high fee at the current price, and the gas fee for a single transaction was $36,000.
Encrypted Twitter is full of complaints about the unsustainable costs of using the Ethereum network, but these costs will only exacerbate the wrong fingers of a DeFi user.
Andrew Redden, co-founder and CTO of Groundhog Network, posted this high-priced transaction on Twitter, and he confirmed that it was related to Uniswap.
Demo: The most expensive approval https://t.co/WQvgjZWFug
-Andrew Redden️ (@androolloyd) February 23, 2021
Since the user manually entered two prices in gwei, the ridiculous cost turned out to be a typo. The cost of 500,801 gwei should be one (500 gwei) or the other (801 gwei), but not both.
At that time, its price was as high as 24.94 ETH, or about $36,000.
According to data from Bitinfocharts.com, the average transaction fee has soared to a record high of about $40, which has soared by more than 1,000% since the beginning of this year. Etherscan’s gas tracker currently reports an average cost of ERC-20 transfers of $23.85, and Uniswap’s average exchange cost of $73.79.
An Ethereum improvement proposal called EIP-1559 may help alleviate some of these charging issues, and the developers hinted that it could be included in the Ethereum “London” upgrade planned in July 2021.
On February 23rd, Tim Beiko, the chief developer of Ethereum, released an update on EIP-1559. He said that “the large-scale state test is 99% complete.” He added that the developer conference call on March 5 will confirm whether EIP will be included in the London upgrade.
The current natural gas computing system involves a bidding system for transactions. Miners naturally give priority to the highest bidding price, while the lower bidding time is longer. EIP-1559 will modify this auction system by dynamically adjusting fees so that users can pay the lowest bid for the block. This enables automated market makers and wallets to accurately calculate fees and provide better estimates. Beko elaborated;
“Another way to look at this situation is to make the transaction in the agreement explicit in 1559, rather than implicit as it is now.”
The proposal will also burn the gas fee paid by Ethereum, which will have a long-term impact on the issuance and supply of Ethereum. Of course, even though the network co-founder Vitalik Buterin commented that miners are opposed to this, any opposition they take may only accelerate the development of PoS.