EIP 1559- An Upgrade to bring Ethereum Fee down

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Ethereum is a nice blockchain platform and has been used by quite a big number of projects. DeFi projects are mostly built on Ether and this also given good support to the price of its coin ETH. While it's getting more attention because of decentralized finance but it has also affected the transaction fee which is also known as a gas fee.

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We all know that how transaction fee has increased drastically end many times it's not reasonable at all because the amount of transaction fee is even more than the value of the overall transaction. Sometimes to perform a transaction of just $10 fee shows as $50 and even more sometimes which is crazy and the only option is that to cancel the transaction and wait for the time when it goes lower but unfortunately that is not happening for the last few months.

Recently decentralized finance projects have started adopting Binance smart chain because of reasonable transaction fees and recently I have used CUB finance built on the smart chain. Like in the Ethereum platform we use Eth so on Binance smart chain we require BNB coin to pay for transactions. The charge is approx $0.5 worth of BNB and its reasonable indeed.

EIP 1559 would improve this by making it clear what fees are with an automated system that is comparable to Bitcoin’s difficulty adjustment in the sense that both adjust, based on network volume and usage

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This update on Ethereum is expected to happen in July most probably or maximum by August so we are about three to four months away from that and hopefully with this update transaction fee on Ether blockchain should be improved. It would be interesting to see how Ethereum competes with Binance smart chain because charges on BSC are quite lower side and matching it on it Etherum will be really a challenge I believe.

No one likes to pay a higher transaction fee unless the value of the transaction is so high and everyone was looking for an alternative but now since we have Binance smart chaining place so Ethereum has to make these changes else they are going to lose a lot. ideally, there should be no transaction fee like we have on the HIVE platform but I don't think that other blockchain will adopt the same economy because they will try to make a good amount of money out of the transactions they are processing.

Thank you so much

ethereum leofinance ctp archon neoxian palnet posh hive
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I really look forward to this and I do hope it will make life on the Ethereum blockchain easier to survive. Right now, I am waiting for the gas fees to go below 100, because then it will at least be a bit cheaper than now... but still, terrible!

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many of us are looking forward to it because it will reduce the charges on ETH network. Hope it does significant changes

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Hi dear friend @alokkumar121

Sometimes to perform a transaction of just $10 fee shows as $50 and even more sometimes which is crazy and the only option is that to cancel the transaction and wait for the time when it goes lower

It is just suspending me, I need to buy an NFT for a game called axie infinity and the commissions are ridiculously high, so I did not buy anything, I have to wait for the commission to drop, since the game they have issued a statement where they are looking for a solution

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