Contrary to popular belief, EIP-1559 does not seek to reduce Ether’s congestion and gas fee issues — so, what is it for?
Ether (ETH) has been on a tear recently, with the premier altcoin’s value increasing from $1,800 to the peak of $2,480 since the start of April, showcasing a growth of nearly 30%. This latest wave of monetary momentum comes in the wake of Ethereum being on the receiving end of a lot of criticism regarding rising network congestion and transaction costs.
To put things into perspective, since the second half of February, the average cost of facilitating transactions on the Ethereum ecosystem has continued to hover above the $16–$20 range, making it quite impractical for individuals looking to facilitate smaller transactions to make use of the platform. In fact, on Feb. 23, the above-stated fee value shot up to an all-time high of $42, thereby drawing the ire of the crypto community at large. Read More