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Pre and Post London Bridge 🌉
Gas, the fee paid to execute transactions on the Ethereum network, has been a hot topic lately, especially with the recent London hard fork. Here's a breakdown of what happened before and after the London Bridge.
👉 ## Pre London Bridge
Gas fees were notoriously high, with users paying up to hundreds of dollars for a single transaction.
This led to network congestion, delays, and frustration among users.
Ethereum developers knew they needed a solution to this problem.
👉 ## London Bridge
The London hard fork implemented several EIPs (Ethereum Improvement Proposals), including EIP-1559, which aimed to improve the gas fee system.
EIP-1559 introduced a new pricing model that includes a base fee that is burned and a tip that goes to miners.
The base fee is algorithmically determined based on network demand, which helps stabilize gas prices and reduce congestion.
This change was met with some resistance from miners, who saw a decrease in their revenue, but it was ultimately implemented.
👉 ## Post London Bridge
Gas prices have been more stable and predictable since the London Bridge.
The base fee has been lower than before, but tips have been higher, which means users have more control over how much they want to pay for their transactions.
The total amount of gas used on the network has decreased, which has improved network efficiency.
Some users have complained that the new system favors whales (people with large amounts of Ethereum) because they can afford to pay higher tips and get their transactions processed faster.
Overall, the London Bridge has been seen as a positive step towards improving the Ethereum network.
👉 ## Conclusion
Gas fees are an important aspect of the Ethereum network, and the London Bridge has made significant changes to improve the system. While there are still some concerns, overall, the new pricing model has been successful in stabilizing gas prices and reducing network congestion. As the Ethereum network continues to grow and evolve, it will be interesting to see what further changes and improvements are made to the gas fee system.
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