Ethereum (ETH) transaction charges have exceeded these on the Bitcoin (BTC) community for 2 months straight.

Crypto market knowledge aggregator Messari tweeted in regards to the streak on October 8, noting it’s the longest interval that Ethereum’s transaction payment income has exceeded Bitcoin’s within the crypto asset’s historical past.

Ethereum charges skyrocketed into new all-time highs throughout August because the decentralized finance (DeFi) bubble started to shift into high-gear. The sensible contracts underpinning DeFi protocols usually require the execution of a number of Ethereum transactions, exacerbating community congestion.

Common Ethereum charges presently sit at roughly $2, down from September’s report excessive above $14.

The surge in transaction prices has reignited vigorous debate throughout the Ethereum group as to how the community ought to adapt within the interim earlier than the completion of ETH 2.0’s roll-out, which is presently anticipated a while in 2022.

On Oct. 8, ConsenSys developer Tim Beiko published the findings from a survey gauging the sentiment of 25 groups constructing on Ethereum relating to what is called the Ethereum Enchancment Proposal (EIP)-1559.

EIP-1559 proposes reforming Ethereum’s payment market to undertake a hard and fast price community payment for every block together with a small tip for miners. A share of the charges could be burned in response to congestion ranges on the time of the block’s creation.

Of these surveyed, 60% responded in favor of EIP-1559, with roughly 13% expressing destructive sentiment, and 27% providing a impartial opinion. The groups included exchanges, wallets, on-chain purposes, and miners. Builders responded favorably to EIP-1559’s fuel worth predictability and burn mechanism. Beiko reported:

“The principle advantages that initiatives see with EIP-1559 are the predictability of fuel costs, particularly for initiatives who set them for his or her customers, and the truth that ETH is burnt in every transaction.”

Nevertheless, incessantly expressed qualms relating to EIP-1559 included the potential affect on miners’ income, issues surrounding its implementation, and the shortage of formal specs surrounding the proposal. 

Unsurprisingly, eight of the 9 mining corporations queried asserted they’d reject EIP-1559 if it was launched as a tough fork.