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ijeb (OP)
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May 01, 2021, 08:21:03 PM
Last edit: May 01, 2021, 08:34:02 PM by ijeb
 #1

The last upgrade (Berlin) of the ETH mainnet that was released on 15 April is constantly pushing the price to new all time highs.
This upgrade came with improved protocol (EIP-2929) that had a significant impact on smart contracts gas fees.

London fork will also come with a lot of attention to the fees but more important it will improve smart contracts functionality.
The team are testing the possibility of paying the fees for a smart contract with the same token.

Take this below example for a current price fee:
Broadcasted TX/sec - 20.51
Mempool count - 75,000+
Median TXs per block - 223.00
Median gas price - 60.00
Results to a contract fee around $16.33

So with the London upgrade (EIP-2930) and the possibility of paying the fees with another ETH token they are estimating a median drop to 20 GWEI.


Will this attract more businesses? I mean, a lot of them are showing much interest in paying fees with a stable coin.

Also how much further it will push the price? What is your opinion on this?

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May 01, 2021, 09:10:09 PM
 #2

EIP-1559 is officially scheduled for London (July hard fork)
https://www.reddit.com/r/ethereum/comments/lyevh3/its_happening_eip1559_is_officially_scheduled_for/
London hardwork developers promised us 3 months after Berlin.
London and other hard forks will reduce the number of coins, and switching to the POS algorithm will destroy the POW miners' reward, which is more than 4,000,000 coins per year. This should affect the price

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revilo
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May 01, 2021, 09:26:05 PM
 #3

The last upgrade (Berlin) of the ETH mainnet that was released on 15 April is constantly pushing the price to new all time highs.
This upgrade came with improved protocol (EIP-2929) that had a significant impact on smart contracts gas fees.

London fork will also come with a lot of attention to the fees but more important it will improve smart contracts functionality.
The team are testing the possibility of paying the fees for a smart contract with the same token.

Take this below example for a current price fee:
Broadcasted TX/sec - 20.51
Mempool count - 75,000+
Median TXs per block - 223.00
Median gas price - 60.00
Results to a contract fee around $16.33

So with the London upgrade (EIP-2930) and the possibility of paying the fees with another ETH token they are estimating a median drop to 20 GWEI.


Will this attract more businesses? I mean, a lot of them are showing much interest in paying fees with a stable coin.

Also how much further it will push the price? What is your opinion on this?



20 GWEI is still too much for micro transactions. If you want to have applications that need to scale up a lot it is still problematic. Especially if the price of Ethereum rises. That would be good and evil at the same time. If Ethereum rises and you have 20 GWEI you still can't run applications that need very low fees in order for them to function and be adopted broadly.
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May 01, 2021, 11:21:05 PM
 #4

London fork doesn’t reduce the fees....anyone expecting that is misinformed.
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May 01, 2021, 11:46:53 PM
 #5

Could you provide sources to that fee calculations?
ijeb (OP)
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May 02, 2021, 12:13:58 AM
 #6

Could you provide sources to that fee calculations?
The calculation method can be found here - https://wiki.txstreet.com/en/ethereum
Also you can see the main streets for real time fees calculation for some chains.
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May 02, 2021, 12:37:26 AM
 #7

Obviously it will affect the price, and for sure it will be on a positive way.

Switching to POS now, it will be huge, although it still have some issues, so this is going to be a bumpy road. But we all know that this is really huge, and there is no perfect product release as it may contain bugs and other problems.

So let's see if they can stay in the schedule for the London fork and I'm expecting a huge jump in the price.

 
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tbct_mt2
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May 02, 2021, 05:39:36 AM
 #8

The usefulness and power of PoS to help the network need time to be verified but in early stage, the market will get hyped. If the PoS shows good effects on the network, Ethereum will have a parabola to its 2018 All time high in ETH/BTC pair. More than 0.15 BTC for one Ethereum, it is very realistic.

It is very possible because in 2020, the YFI token have a few times higher than BTC.

 
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revilo
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May 03, 2021, 09:39:33 AM
 #9

London fork doesn’t reduce the fees....anyone expecting that is misinformed.

Fees already went down quite a bit. If you throw out some statements here don't let your readers in the dark. Provide sources for what you claim or just don't say it. At least explain what you have to say.
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May 03, 2021, 10:18:20 AM
 #10

The last upgrade (Berlin) of the ETH mainnet that was released on 15 April is constantly pushing the price to new all time highs.
This upgrade came with improved protocol (EIP-2929) that had a significant impact on smart contracts gas fees.

London fork will also come with a lot of attention to the fees but more important it will improve smart contracts functionality.
The team are testing the possibility of paying the fees for a smart contract with the same token.

Take this below example for a current price fee:
Broadcasted TX/sec - 20.51
Mempool count - 75,000+
Median TXs per block - 223.00
Median gas price - 60.00
Results to a contract fee around $16.33

So with the London upgrade (EIP-2930) and the possibility of paying the fees with another ETH token they are estimating a median drop to 20 GWEI.


Will this attract more businesses? I mean, a lot of them are showing much interest in paying fees with a stable coin.

Also how much further it will push the price? What is your opinion on this?



20 GWEI is still too much for micro transactions. If you want to have applications that need to scale up a lot it is still problematic. Especially if the price of Ethereum rises. That would be good and evil at the same time. If Ethereum rises and you have 20 GWEI you still can't run applications that need very low fees in order for them to function and be adopted broadly.

I do concur with your point now, if will all believe Ether price is going to $10000, then 20 GWEI is crazy, why not stop all these transaction fee experience for now because miners will always fine hole in it and just pay block reward. I do buy into the idea of paying with tokens, there are some tokens that the value was very low and you need to pay 10's of USD to send or transact with them

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May 04, 2021, 12:57:58 PM
 #11

Even we are seeing the reduced gas fee after the Berlin upgrade still the gas fee is on the higher side if we compare it with the BSC chain or Tron network that is something to consider by Ethereum Dev. I don't know much about London Fork but it seems interesting to me. Let see when it will be implemented till then we can only imagine and I am hopeful it will attract more business. Price prediction is the toughest part but I believe Ethereum will continue its rising momentum in the coming months also. If we consider the rising Price of Ethereum current fee of 20-25 Gas fee will also be quite high the fee should be under 10GWEI.

revilo
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May 13, 2021, 03:57:29 PM
 #12

The last upgrade (Berlin) of the ETH mainnet that was released on 15 April is constantly pushing the price to new all time highs.
This upgrade came with improved protocol (EIP-2929) that had a significant impact on smart contracts gas fees.

London fork will also come with a lot of attention to the fees but more important it will improve smart contracts functionality.
The team are testing the possibility of paying the fees for a smart contract with the same token.

Take this below example for a current price fee:
Broadcasted TX/sec - 20.51
Mempool count - 75,000+
Median TXs per block - 223.00
Median gas price - 60.00
Results to a contract fee around $16.33

So with the London upgrade (EIP-2930) and the possibility of paying the fees with another ETH token they are estimating a median drop to 20 GWEI.


Will this attract more businesses? I mean, a lot of them are showing much interest in paying fees with a stable coin.

Also how much further it will push the price? What is your opinion on this?



20 GWEI is still too much for micro transactions. If you want to have applications that need to scale up a lot it is still problematic. Especially if the price of Ethereum rises. That would be good and evil at the same time. If Ethereum rises and you have 20 GWEI you still can't run applications that need very low fees in order for them to function and be adopted broadly.

I do concur with your point now, if will all believe Ether price is going to $10000, then 20 GWEI is crazy, why not stop all these transaction fee experience for now because miners will always fine hole in it and just pay block reward. I do buy into the idea of paying with tokens, there are some tokens that the value was very low and you need to pay 10's of USD to send or transact with them

Without the transaction fees you will see that some idiots will start flooding the network with spam and force denial of service. I don't know if a software could separate spam from serious transactions, but I don't see how that could be possible. There are people that deem many of the transactions happening right now already spam.
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