DeFi users pay US$36,000 gas fee due to input errors. Can EIP-1559 solve the problem?
Ethereum’s fees have reached new record. A Uniswap user paid a gas fee of US$36,000 for a transaction, much higher than the current price.
Twitter is full of complaints about the unaffordable cost of using the Ethereum network, which caused a DeFi user to make a mistake. The co-founder and chief technology officer of Groundhog Network posted this sky-high transaction on Twitter, and he confirmed that the transaction is related to Uniswap.
Turned out that this fee was due to an input error because the user manually entered two gwei prices at the same time. The cost of 500,801 gwei should be entered as one (500gwei) and the other (801gwei). The price is as high as 24.94 ETH, about US$36,000.
What’s interesting is that the gas price can’t tell us how much we need to pay in a certain transaction. Participants in ecological construction must multiply the cost of gas by the price of gas to calculate transaction fees.
The price unit of gas is gwei, and the unit of gwei is smaller than Ether, that is, 1 gwei is equal to 1*10 (-8) ETH. The relationship between them is like cents and dollars.
Data shows that since 2021, the average transaction fee of Ethereum has soared by more than 1,000%, and it has now soared to the highest level in history of about US$40. The Ethereum gas tracker report shows that the average ERC-20 transfer fee is now US$23.85, and the average Uniswap exchange fee is US$73.79.
On February 23, Tim Beiko, the chief developer of Ethereum, released an update on EIP-1559. He stated that the large-scale state test has been completed by 99%. In addition, he also said that the developer conference will confirm whether the EIP-1559 will be included in the London upgrade. The current gas calculation system includes a transaction bidding system in which miners will naturally give priority to the highest bid, while the lower bid will take longer. The EIP-1559 will modify this bidding system by dynamically adjusting fees so that users will pay the lowest bid for the block. This allows automatic market makers and wallets to accurately calculate fees and provide better estimates. Beiko explained:
“From another perspective, EIP-1559 allows the included price of the transaction to be displayed in the agreement, rather than implicit as it is now.”
The EIP-1559 proposal will also destroy the gas fee paid by ETH, which will have a long-term impact on the issuance and supply of Ethereum. Some miners disagree, and any opposition they take may only accelerate the transfer to PoS. However, the efficient NGK decentralized network ensures the smoothness of its own network. The participants of the NGK’s ecological construction do not have to worry about the high gas costs caused by congestion like Ethereum. Calculated by the average, a gas fee of Ethereum can afford dozens of transactions in the NGK. The NGK network believes that with the continuous efforts of the team, developers, and communities, the blockchain network will soon achieve the large-scale application through technological innovation and support for ecological development.
