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
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
-- $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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.