Vitalik Buterin proposes breakthrough solution to tackle high gas fees on Ethereum Network
- Vitalik Buterin has proposed multidimensional pricing of a transaction to tackle high gas fees for the network.
- Buterin’s solution could optimize Ethereum gas cost through multidimensional EIP-1559.
- Over 1.36 million ETH tokens have been burned and removed from circulation since the London Hardfork.
Vitalik Buterin has proposed a solution to tackle high gas fees through multidimensional pricing in EIP-1559. Since the burn implementation, over 1.36 million ETH tokens have been pulled out of circulation, fueling a bullish narrative for the altcoin’s price.
Ethereum fees could drop through Vitalik Buterin’s proposal
The Ethereum network continues to suffer from a spike in transaction fees. Vitalik Buterin, the creator of Ethereum, has put forward a proposal to tackle the issue. Buterin proposes a multidimensional EIP-1559 implementation.
The solution makes “gas” synonymous with “Ethereum” and ensures a reduction in transaction costs. Buterin has proposed two centralized and decentralized alternatives for tackling multidimensional EIP-1559.
The founder of the Ethereum Network told Bankless in an interview that the altcoin is halfway towards its “Grand Vision.”
Since the implementation of EIP-1559, over 1.36 million ETH tokens have been out of circulation, driving a shortage in Ethereum supply. This has fueled a bullish narrative for Ethereum price.
Data from IntoTheBlock suggests that yesterday, January 5, 2022, was the lowest issuance of the altcoin in over a month, 1,350.
Burn baby burn.
— IntoTheBlock (@intotheblock) January 5, 2022
The total $ETH burned and removed from circulation since the implementation of EIP-1559 reached 1.36m ETH yesterday.
As well, yesterday was the lowest net issuance of $ETH in over a month with 1.35k.#Ethereum supply stats: https://t.co/Kk7UsmhwdM pic.twitter.com/sgxrULPIsb
Mark Cullen, a crypto analyst and trader, has evaluated the Ethereum price trend and predicted that the altcoin could get back above $4400.
-- $ETH UPDATE --
— AlphaBTC (@mark_cullen) January 6, 2022
#Ethereum follower #Bitcoin and made a new low
Tapping the lower channel / descending wedge and bouncing off
Ideally price would get back above the median of the lager acceding channel
But I wouldn't rule out a divination to 3.3k first#Crypto https://t.co/pUXF915nuA pic.twitter.com/Eoy0Y2tP5J
FXStreet analysts have predicted that Ethereum is in an ideal bearish Ichimoku breakout.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
