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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.

Mark Cullen, a crypto analyst and trader, has evaluated the Ethereum price trend and predicted that the altcoin could get back above $4400. 

FXStreet analysts have predicted that Ethereum is in an ideal bearish Ichimoku breakout. 

Author

Ekta Mourya

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.

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