A new X post from Uniswap Protocol founder Hayden Adams suggests that the platform could be considering the elimination of gas fees.
Potential Elimination of Ethereum Gas Fee
Taking to X, Adams noted that no user should hear of the term “gas fee.” His statement is a clear indication that Uniswap, as a decentralized exchange, has issues with gas fees and their impact on user experience.
No user should ever have to hear the term “gas fee”
— hayden.eth
(@haydenzadams) June 8, 2024
For context, gas fees are transaction costs incurred for conducting transactions on the Ethereum blockchain, paid in Ether. The issue of gas fee is one that is of general concern as congestions generally drive these costs upward. The Dencun upgrade took place recently and it impacted the gas fee by lowering the payable fees on Ethereum Layer-2 protocols.
Precisely, the Ethereum gas fee touched its lowest level in four years since 2020, resting at 6.8 Gwei. The post-Dencun upgrade brought about blobs and enhanced network efficiency, resulting in the noticeable decrease in fees. This upgrade piqued developers’ interest in how gas prices might rise if market activity were to surge.
As one of the biggest Decentralized Exchanges (DEX), if Uniswap can eliminate gas fee on its platform, it might ultimately trigger a new wave of embrace.
Ethereum Ecosystem Welcomes Multiple Upgrades
Meanwhile, the Ethereum ecosystem has welcomed other upgrades in last few months.
On Friday, Christine Kim, the Vice President on the Research team at Galaxy took to the X platform to highlight the latest task that Ethereum (ETH) developers are undertaking regarding Pectra upgrade. According to Kim, these developers agreed to further expand the scope of the Pectra upgrade with the inclusion of EOF and EIP 7702.
There is Electra upgrade, the next consensus layer-focused hardfork coming to Ethereum. Prior to the proposed expansion of Pectra upgrade, Kim identified four key codes that the team behind Electra upgrade plans to add. The Ethereum protocol developers are integrating EIP 6110, EIP 7002, EIP 7251 and EIP 7549 into the Electra upgrade.
The EIP 6110 allows for an in-protocol mechanism of deposit processing on the Consensus Layer and eliminates the proposer voting mechanism utilized currently.
Despite this broad enhancements, Ethereum developers have not devised a way to fully eliminate fees, especially on the mainnet. Whether Hayden Adams can implement a no fee structure remains to be seen, however, the community remain intrigued on what the next steps for the exchange are.
Read More: Bitcoin Drying Up On Exchanges, 22,647 BTC Removed In 7 Days
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