Vitalik Buterin Floats EIP 2929 to Tackle Rising Ethereum Gas Fess
Vitalik Buterin the co-founder of the Ethereum smart contracts blockchain has introduced the Ethereum Improvement Proposal (EIP) 2929 as a possible solution to the rising gas fees of the network. As the world of decentralized finance (DeFi) continues to expand, transaction fees (gas fees) on Ethereum, the engine room of most DeFi protocols has increased crazily, hitting an average of over $15.21.
As with other EIPs such as the EIP 1559 which seeks to make it possible for all transactions to pay the same gas fee, Buterin’s proposal still has to be deliberated upon by the community and as such the end to the crazily high Ethereum gas fees menace may not be in sight just yet. Notably, a couple of stablecoin projects on the Ethereum network are already formulating solutions to the Gas fees challenge on the network.
