It is known that one of the biggest problems of Ethereum (ETH), the second largest cryptocurrency by total market capitalization, is transaction fees. Although the Ethereum blockchain network sometimes gives individual investors a hard time due to high transaction fees and high usage, this situation has actually turned in favor of the network with the EIP-1559 update. Now, however, a step is about to be taken to prevent overpayments in transaction fees.
Change in Ethereum’s Transaction Fees
arrived last month EIP-1559 Then came a new idea that would change the transaction fee model. EIP-1559 was developed to prevent people from paying higher than normal transaction fees and to ensure that any extra payments made are returned as ETH burned. However, the trend of NFT and the popularity of DeFi projects do not always prevent this.
Infura, a cloud-based node network, is used by many projects that want to connect to the Ethereum blockchain network. Infura believes that its innovation called Infura Transactions can prevent these overpayments. It is stated that this uses an algorithm to optimize gas fees and will automatically adjust the fees in real time. In addition, transactions that will not be selected by miners are prevented in this way, and it warns to raise it when the user does not enter the appropriate transaction fee. Finally, it is emphasized that this will allow payment of transaction fees without ETH.
With this project, Infura wants to make it easier for developers to work on the Ethereum network, and it could definitely be revolutionary for ETH.
Even if only the subject of this project has come to the fore, we can hear this much more in the coming days and see the price increase for this reason.