Why did the gas not drop sharply after the implementation of EIP-1559

At 8:30 pm on August 5th, the Ethereum mainnet reached the designated block height of 12,965,000. With the official launch of the London hard fork upgrade, five EIPs were activated, including: EIP-1559, EIP-3198, EIP-3529, EIP -3541 and EIP-3554. In particular, EIP-1559 is the focus of attention. The proposal introduces a base fee, which will not be allocated to miners, but will be directly destroyed.

As of 1:30 pm on August 6, according to Ultrasound.money data, in the past 17 hours, EIP-1559 has promoted the destruction of 3,841.57 ETH. Although Ethereum has not yet entered a state of deflation, this has led to a significant drop in new issuance.

Soon after the implementation of EIP-1559, the cost of the ethereum network’s network fees rose sharply in a short period of time. According to Gas Now data, at around 1:00 am on August 6, under the “fast” standard, the gas price reached a peak of 264 gwei.

Why did the gas price (basic cost) soar suddenly? Why are user tips higher than 2 gwei.

Why did the gas not drop sharply after the implementation of EIP-1559

The ecologist trent.eth of the Ethereum Foundation replied on Twitter:  

Why did the gas not drop sharply after the implementation of EIP-1559

Why is the basic cost so high

1. There are some large-scale NFT airdrops in progress, causing network congestion.

2. Many services (such as trading platforms) have disabled some functions during the network upgrade. Once these platforms are satisfied with the stability of the upgraded blockchain, this pent-up demand will be released.

3. Some miners set the gas limit below 30 million and can only use about 13.5 million gas. In contrast, the gas limit before the upgrade is 15 million → reduced available block space → reduced throughput.

4. The user is trying out the new EIP 1559 function: sending a large number of transactions, sending their first destruction transaction.

Why the priorityFee (tip) is higher than 2 gwei

5. Various wallet interfaces (APIs) are still being launched. Most people don’t even send a new transaction type → PriorityFee (tip) cannot be adjusted. Note: Tips are additional fees that users can pay to miners so that their transactions can be confirmed faster.

These APIs need time to adjust their algorithms to provide recommended priorityFee-many wallets are still observing the mechanism and making adjustments.


Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/why-did-the-gas-not-drop-sharply-after-the-implementation-of-eip-1559/
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