Ether (ETH), the second largest cryptocurrency by market capitalization, has returned to growth on the 2nd. April returned to record levels, with the spot unit price of ETH above $2,000.
Meanwhile, the ominous specter of Ethereum’s high transaction fees has resurfaced, as the cost of using the blockchain has risen 77% in recent days, along with the 31% increase in the price of ETH Coin.
Ether has captured green candles in eight of the last nine days, while the price of the currency has risen from a recent low of $1,530 on the 26th. Mars at $200 at the time of publication.
Transaction fees rose 77 percent in the same period, with the average transaction value on Ethereum rising from $12.96 to $22.97, according to Bitinfocharts.com.
Figures on average fees often provide an inaccurate picture of fees that tend to move down the chain due to significant cost outliers. The median commission per transaction, which provides a more accurate picture of the most common commissions paid, also increased last week, from $6.66 to $12.74 (+91%).
Some believe that in the online world of donations in dollars and tips in sub-pennies, the kind of fees incurred on popular networks like Ethereum and Bitcoin, where the average fee is currently around $8.50, are not quite right.
With this in mind, developers have submitted EIP-1559, a proposed Ethereum enhancement that would overhaul the way fees are calculated on the blockchain. When the upgrade is implemented next July, transaction fees will be dynamically and algorithmically adjusted. At the same time, it introduces a deflationary aspect into Ethereum tokenomics by burning a portion of the network fees after each transaction.
In the longer term, there are plans to move to a false proof-of-consensus algorithm, which will result in the complete abandonment of the current proof-of-work system. In PoS blockchains, token holders rely on tokens to secure the network in exchange for passive revenue, as opposed to miners who provide computing power for block rewards. The new consensus algorithm is being implemented as part of Ethereum’s ongoing upgrade to Eth 2.0.
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