Messari, a crypto market data aggregator revealed data about the increase in Ethereum transaction fees. It is noted that Ethereum fees are much higher than that of Bitcoin fees for straight two months now. According to the firm, it is for the longest time that ETH transaction fees have exceeded Bitcoin fees to date. The surge in the Decentralized Finance (Defi) market is the major reason behind such a rapid increase in Ethereum fees.
Ethereum fees have been higher than Bitcoin fees for 2 months straight. It's longest streak ever pic.twitter.com/2KgnNBcrrT
— Messari (@MessariCrypto) October 8, 2020
The Average Ethereum Fees Is Currently at $2
At present, the average Ethereum fee is $2 which is quite less than the all-time high of the previous month. Back in September, Ethereum fees reached an all-time high level as it went above $14. Due to such a huge surge in ETH fees, the whole community is talking about how it can correct such an increase in fees before the launch of ETH 2.0.
According to the findings of a survey by Tim Beiko, developer of ConsenSys, around 25 teams are building on Ethereum for Ethereum Improvement Proposal (EIP)-1559. This will play a major role in reforming the Ethereum fee market. This will lead to a fixed-rate network fee which will also include a tip for the miners.
Majority of People Responded in Favor of EIP-1559
People of the community are surveyed regarding EIP-1559 and the majority of people have responded in favor of it. Around 60% of the surveyed people which includes most of the developers were in favor of EIP-1559 and 13% of them were negative about this. The remaining 27% of people had a neutral opinion regarding this, they were neither in favor of it nor were they against it. Beiko said, “The main benefits that projects see with EIP-1559 are the predictability of gas prices, especially for projects who set them for their users.”