Hayden Adams, the founder of Uniswap Protocol, indicated in a recent X post that the platform may be considering eliminating fees.
Possible Removal of Ethereum Gas Fee
Adams pointed out that users shouldn’t be familiar with the term “gas fee” while speaking to X. His words show that Uniswap, a decentralized exchange, needs help with gas prices and how they affect users’ experiences.
No user should ever have to hear the term “gas fee”
— hayden.eth 🦄 (@haydenzadams) June 8, 2024
To put things in perspective, fees are transaction expenses that must be paid in ether to complete transactions on the Ethereum blockchain. Since traffic jams typically result in higher prices, the problem of gas prices concerns everyone. The recent Dencun upgrade reduced the payable fees on Ethereum Layer-2 protocols, which affected the gas fee.
At 6.8 Gwei, the Ethereum gas fee fell to its lowest level in four years, from 2020. Blobs and improved network efficiency brought about by the post-Dencun upgrade caused the costs to decline noticeably. Developers were curious about how gas prices may increase during a spike in market activity after this change.
Being one of the largest Decentralized Exchanges (DEX), Uniswap has the potential to start a new wave of adoption if it can remove the gas price from its platform.
The Ethereum Ecosystem Appreciates Several Improvements
In the meantime, the Ethereum ecosystem has received additional improvements in recent months.
Vice President Christine Kim of the Galaxy Research team used the X platform on Friday to draw attention to the most recent work being done by Ethereum (ETH) developers on the Pectra update. Kim claims that these developers consented to include EOF and EIP 7702 to significantly broaden the scope of the Pectra upgrade.
The Electra Upgrade is the next hard fork on Ethereum that focuses on the consensus layer. Kim discovered four crucial codes the team behind the Electra upgrade intended to incorporate before the anticipated extension of the Pectra upgrade. The Electra upgrade includes the integration of EIP 6110, EIP 7002, EIP 7251, and EIP 7549 by the Ethereum protocol developers.
EIP 6110 abolishes the proposer voting method currently in use and permits an in-protocol mechanism of deposit processing on the Consensus Layer.
Even with these extensive improvements, Ethereum developers still need to devise a solution to eliminate fees, particularly on the mainnet completely. It remains to be seen if Hayden Adams can establish a fee-free system. However, the community is still curious about the exchange’s plans.
