Ethereum creator Vitalik Buterin and developer Anders Elowsson suggested capping the fee size on the ETH network.
They proposed to create a 'unified multidimensional fee market' to limit the maximum allowable fee for various operations on the blockchain. If the initiative of the programmers called EIP-7999 is implemented, there will be no need to calculate multiple components of the fee. Instead, a maximum fee size will be used for any operations, simplifying and making the transaction process more predictable.
EIP-7999 will change the way smart contracts interact with the fee market, allowing tokens like Shiba Inu to be integrated into a unified fee system. The maximum fee will cover gas costs and operations associated with smart contract functionality, commented one of the members of the SHIB army on Buterin's proposal.
It is evident that Vitalik and Anders' proposal aims to control the fee amount, which significantly increases under high blockchain load. For instance, on July 17, the average fee for processing a transfer reached $2.82, while even in the Bitcoin network, the transaction fee was $1.73.
Change in the average fee size for executing a transfer on the Ethereum network
High costs for commission payments hinder the development of the ETH blockchain and reduce its competitiveness. In cryptocurrency networks competing with Ethereum, much lower fees are required. For example, in the Solana (SOL) blockchain, the average fee is $0.0036, while in Cardano (ADA) it is $0.12.
