Ethereum co-founder Vitalik Buterin and developer Anders Elowsson have introduced EIP-7999 aimed at simplifying transaction fee calculations on the network.
EIP-7999 Proposal
EIP-7999 will allow users to set a single maximum fee for transactions instead of filling in separate fees for gas, data usage, and priority. This structure is still under review, and its acceptance could lower barriers for new users and improve fee predictability for all.
History of Ethereum Fees
Ethereum users have faced high and unpredictable fees for an extended period. In 2017, network congestion led to significantly increased fees as more users began utilizing Ethereum. Additionally, heavy use from dApps and NFTs pushed average costs to over $50 per transaction in 2021.
Benefits of a Unified Fee
EIP-7999 will allow users to enter one maximum fee, which could reduce failed payments, limit confusion, and avoid locking funds in unspent tips or data fees. This would help make Ethereum easier to use.
If EIP-7999 is approved, it could represent a significant step forward in simplifying Ethereum usage and enhancing its competitiveness against other blockchains.
