A New Era in Transaction Fees on Ethereum: EIP-7999 Proposal on the Agenda
Ethereum developers have opened discussions on a new proposal named EIP-7999 to make transaction fees simpler and more user-friendly. This proposal, presented by Ethereum's founder Vitalik Buterin and developer Anders Elowsson, aims to transform the multi-layered structure of transaction fees on the network into a single fee model.
Single Fee, Fewer Errors
In the current system, users need to calculate separate fees for different resources (computation, storage, data transfer). With EIP-7999, users will only need to set a single 'maximum fee'. This simplified structure aims to speed up the process and reduce errors made during transactions.
The new fee model was developed inspired by previous works like EIP-7706 and research on gas normalization. According to the developers, this system will operate more coherently and efficiently with Ethereum's overall protocol architecture.
Why Is This Change Necessary?
The high and variable transaction fees on the Ethereum network have long been a subject of criticism. Especially during busy periods, such as in 2017 and 2021, fees per transaction exceeded $50, significantly increasing costs for users.
Although the 'base fee' model was introduced with the EIP-1559 update in 2021, sudden fluctuations could not be prevented. The Dencun upgrade, which will come into effect in 2024, has significantly reduced costs, leading to a 95% drop in annual transaction fees, especially with Layer-2 solutions.
Despite this, Ethereum remains the network with the highest transaction fees, with a total network revenue of $2.48 billion in 2024. Competing networks like Tron and Solana continue to attract users with low fee policies.
What Does the Community Say?
EIP-7999 is currently being actively evaluated among the Ethereum community and developers. If the proposal is accepted, Ethereum is expected to achieve a more transparent, predictable, and accessible fee system.
Vitalik Buterin emphasized that this change would enhance user experience and capital efficiency, thus being a critical step in maintaining Ethereum's competitiveness.
