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RE: Is the price of using the Ethereum Blockchain too high?

in LeoFinance2 years ago

I have been told by an Eth supporting friend that all EIP-1559 transactions cost a fraction of a penny.

Yet all I hear from people using Ethereum, including my own experience on metamask, is insane gas fees.

I haven't looked into exactly what the EIP-1559 transactions are or what are their implications, or second layer transactions that are also extremely cheap, but I am skeptical that Ethereum has an effective solution if people are still paying these insane prices generally.

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EIP-1559 wasn't meant to lower fees and didn't have that effect. It did stabilize the fees, which was bad for people like me who were prepared to wait until gas was relatively cheap for a moment (often in the weekend, unless there was an NFT auction).

EIP-1559 was good for holders, since most of the fees are burned now and miners only receive a small tip. It's even good for miners, since the price went up, while some miners stopped replacing machines because PoS is coming.

Some second-layer solutions are cheap. Some will become cheaper with more usage. But at the moment it's difficult to choose one where you can find your favorite apps (I prefer Polygon).