ETH: transaction fees are still too high

“Ethernet charges are insane. We are now seeing a sharp increase in fees that makes ETH virtually unusable for everyone except the richest users. “

Transactions reported in Lark Davis’s tweet are the following:

Very fast: $ 167.02 in 2 seconds
Fast: $ 73.50 in 1 minute
Standard: $ 46.73 in 3 minutes
Slow: $ 21.36 in more than 10 minutes

In another tweet, Lark calls ETH as London or New York for the cryptocurrency sector.

“Ethereum is becoming the London / New York of crypto. Everyone wants to get that downtown penthouse, but not many can afford it. Those that can, do, those that can’t grumble about high prices. But I don’t think anyone wants to see ETH as nothing but a playground for the rich”.

Nevertheless, the current state of the fee for the average ETH transaction is not so worrying when compared to the peaks recorded in May 2021.

Hardfork London and the impact on transaction fees

Last week took place the Ethereum hardfork London, exactly on block 12,965,000, mined at 12:33 UTC.

The update, which is an important step in the transition to ETH 2.0, which is moving from PoW to PoS, also includes changes to the current status of fees.

In practice, due to changes in EIP-1559, there should be a partial burning of fees, ie. every transaction on the current ETH blockchain should incur a basic fee.

Despite discrimination between rich and poor users regarding the use of ETH, the cost of cryptocurrency is in excess of $ 3,000.