Ethereum’s next upgrade is said to focus on fixing the absurd gas pricing problem, which it has been facing for a long time. The network upgrade is said to arrive on the 14th of April, while the crypto is hovering at around the new high value of $2300 mark.
Key features of Ethereum, such as the DeFi space and NFT, have gained a lot of attractiveness in the past few years because they provide a very easy way for users to get involved in the crypto trading space. However, the ridiculous amount of unnecessary gas fees and the slow, complex transaction systems hinder their ability to have a nice start. Ethereum has a lot of potentials to become the next crypto king, but these critical issues are contributing to the partially slow gain in price.
Ethereum’s high gas price is a result of the increase in demand and rise in overall value. The average gas fee reached a high of $40 back in February. Although this doesn’t seem much on paper when it comes to the conduction of several piled-up transactions, it seems to be very hurtful for traders. Even half of this gas fee price has been causing issues for traders.
If we take a look at other cryptos, such as Cardano or Polkadot, their traders don’t seem to have any issues with the gas fee, which means that something is definitely wrong inside of Ethereum’s network, which needs to be either fixed or optimized to better suit the traders.
Berlin upgrade components
The Berlin upgrade on the Ethereum network is hoping to provide some explanation on these problems to its users while also actively trying its best to solve them. The upgrade will include a set of 4 protocols that will help tackle issues in the network. The protocols include EIP-2565, which will help in calculating gas fees more efficiently, EIP-2718, which will provide the ability to conduct multiple transactions at the same time. EIP-2929, which will raise the gas price when being utilized initially, and EIP-2930, which will help reduce the absurd gas price from EIP-2929.
Developers at Ethereum have optimistic views about the update and are assuring its user base that things will definitely improve after the upgrade drops.