CMV: EIP-1559 will not fix fee ‘bidding wars’ or confusing user experience.

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CMV: EIP-1559 will not fix fee ‘bidding wars’ or confusing user experience.

The current problem with Ethereum is that it's congested and the blocks are full.

As a result, users need to pay increased fees to ensure their transaction is processed in a timely manner. This often results in volatile, unpredictable fees.

There's also the resultant confusing user experience. "How much fees should I pay?!". Many wallets now have suggested fees, or a fee slider.

EIP-1559 plains to fix this by having a basefee that changes every block, based on how full the previous block was. This aims to make fees more consistent, and improve the user experience by removing the need for them to choose what fee to pay. Users will be able to add a tip for miners, in order to get prioritized.

However, I'm doubtful it'll help.


Ethereum will still be congested, and people will still want to ensure their transactions go through fast.

It'll quickly become the norm to be giving a small tip to get priority, and once most people are doing this, the bidding wars begin… just like we have now. Wallets will be providing 'suggested tip' and have tip sliders. Providing the same experience as we have now. In fact, it might be even more complex, as you have a basefee AND a tip that you have to decide on. It's added a whole extra variable to confuse the user.

I still think EIP-1559 is great though, due to the fee burning.

tldr; So long as the network is congested, and you're able to pay extra for priority, we're going to end up with bidding wars and the same confusing UI.

submitted by /u/cryptogrub
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