Ethereum solves this problem with a fairly straightforward fee market – users bid against each other for block space. When you set your desired fee ranges in MetaMask, you’re setting your fee bid range, with lower bids usually having to wait longer to win a slot and be validated. This pure market means that fees can range very high indeed when traffic peaks, and Yuga’s kerfuffle on Sunday, with fees briefly brushing $24, doesn’t even take the cake. As recently as late winter of 2021, Ethereum fees were nearly $10 for months on end, and spiked to more than $70 last May, according to Ycharts – also, notably, in large part thanks to NFT-driven demand.
