Ethereum is congested today, with a huge, 45min/160 block, backlog. Humans can adjust their fees by hand, but this poses a problem for hardcoded fees built into some DeFi applications.
Just a reminder that there exist a few proposals that would fix this, applicable to all coins.
Just a reminder that there exist a few proposals that would fix this, applicable to all coins.
One of them is our work, linked below. It maximizes global welfare.
@Avivz78 and colleagues have another worthy proposal.
And EIP-1559 proposes another, more miner driven approach.
hackingdistributed.com/2019/01/22/doi…
@Avivz78 and colleagues have another worthy proposal.
And EIP-1559 proposes another, more miner driven approach.
hackingdistributed.com/2019/01/22/doi…
Spiky fees aren't good for anyone. They kill the user experience, make life hell for exchanges, and pose problems for DeFi.
But worst of all, they don't buy security. If miners can't predict fee income - and infrequent spikes can't be -- they can't invest based on it.
But worst of all, they don't buy security. If miners can't predict fee income - and infrequent spikes can't be -- they can't invest based on it.
So, if coins were tech-driven and innovated, they'd incorporate some way to make fees predictable. I mentioned three different approaches above, there are probably others.
Of course, the best fix for high fees is to use a chain that has high performance. AVA uses the power of Avalanche consensus too reach far higher clearance speeds. It'd eat up this backlog in a few seconds. We made the code public yesterday.
