EIP-1559 is already activated on Ethereum, but not everyone takes advantage of it

EIP-1559 is already activated on Ethereum, but not everyone takes advantage of it

Around 40% of the transfers that take place on the Ethereum blockchain are paying higher than required fees. This is due to lack of update, by some wallets and exchanges, to be compatible with the EIP-1559.

This EIP (acronym in English for “Ethereum Enhancement Proposal”) has been activated since last August 5 when the London hard fork occurred. As detailed in several articles published by CriptoNoticias, with this update the way in which fees are paid has been changed: a part is burned and another goes to the miners as a tip.

Hopefully, if all goes according to plan, fees paid in Ethereum are reduced thanks to EIP-1559. 60% of network users are already enjoying the benefit. In any case, there are still some who continue to pay “gas” according to the old model, for using outdated platforms.

The browser’s website Dune Analytics shows, in real time, the percentage of transactions carried out, in each block, under the protocol of the aforementioned improvement proposal.

EIP-1559 is already activated on Ethereum, but not everyone takes advantage of it
About 60% of transactions on Ethereum save ETH in fees for using EIP-1559 compliant wallets. Source: Dune Analytics.

At the time of writing this article, 58% of transactions are saving ethers (ETH) in payment of fees.

The use of Type 2 transactions [es decir, compatibles con la EIP-1559], generates significant cost savings, especially for larger entities with many transactions per day.

Dune Analytics, Ethereum analytical explorer.

EIP-1559 improves the user experience on Ethereum, but requires greater adoption

This media reported, days ago, that very popular cryptocurrency platforms such as Binance, Kraken, Gate.io, Bitstamp, Gemini, Blockfi, Cripto.com and Bittrex had not updated their systems to be compatible with the news of the London hard fork.

For Taylor Monahan, founder and CEO of the MyCrypto platform, specialized in cryptocurrency management, the companies mentioned may be spending more than $ 90 million a year over, in payment of fees in Ethereum. This, not to mention that the charge is transferred to its users.

As for the purses, the most used ones have said “yes” to the EIP-1559. The case of Metamask stands out for being, probably, the most used to participate in decentralized finance (DeFi) and the gaming ecosystem play-to-earn.

The Ethereum Foundation, which coordinates developments on this general-purpose blockchain, is aware that advances in wallets will be essential so that the EIP-1559 can unfold its full potential.

For example, him Blog of the Foundation indicates that it would be ideal that, in cases of sudden congestion, if there is a tipping war, “the purses can detect the congestion.” They add that, “in that case, they could offer users the option of setting a high or low priority for their transaction.”

For the developer Evan Van Ness, author of the newsletter “Week in Ethereum” (The week in Ethereum), when the EIP-1559 is fully operational thanks to an ecosystem that adopts it massively, user experience will be greatly improved.

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