Since the start of the Ethereum bull, which started towards the end of last year, the price of ethereum gas has likewise reached an all-time high. The rise, which has been attributed to the increase in the price of ethereum, is likely not going to be helped by the recent EIP-1559 upgrade, despite earlier anticipation.
Ethereum’s Highs Comes With Its Lows
Since the repeated bull run of the ethereum price, there has been an over 500 percent increase in the price of the gas needed to complete each transaction on the network.
As per a recent study by Coin Metrics, ETHs mining process have been said to be a major catalyst for its high gas price. The EIP-559 upgrade, which has been scheduled for July, has been touted to be the lasting solution to old crisis of the second largest crypto asset by market cap. EIP-559 upgrade is supposed to be a counter solution to the present model of gas auctions that Ethereum miners are familiar with.
However, according to Coin Metric, Ether’s recent upgrade might not offer any improvement in transaction fees. According to the report,
Gas prices will continue to be high as long as there’s high competition for block space
Still, while the EIP-1559 network upgrade might not be the solution ETH miners’ have sought, the upgrade will provide a better user experience. By allowing miners to specify how their transaction is to be carried out, prices will be easily predictable, making for a better experience for users and miners alike.