Hello. This is CoinUs Team.
The new version of the CoinUs App has been updated.
Please update to the latest version from the App Store or Google Play Store to see the new feature.
[Ethereum feature update]
1. Ethereum’s London hard fork Upgrage (EIP-1559)
Last month the Ethereum London hard fork was successfully completed for improving Ethereum’s fee system.
CoinUs also applied the fee model EIP-1559 for the new 2.8.5 version update.
Try using CoinUs Ethereum service (ETH & ERC20 transfer, BlockSwap, WalletConnect) with the new optimized fee feature.
* Coinus is a decentralized wallet, and the withdrawal fee is only used as a network fee.
(No fees paid to CoinUs)
- EIP-1559 Network Fee Formula
- MaxFee ≥ (BaseFee + MaxPriorityFee) *GasLimit
- TransactionFee = (BaseFee+PriorityFee)*GasUsed
BaseFee is determined automatically by the protocol based on the current network traffic.
Since this is a reward paid to the miners, the higher the setting, the faster the transaction.
Contrary, if set too low, processing may be delayed if miner rewards are relatively small.
PriorityFee is finally decided using the set MaxFee and BaseFee according to the network situation.
If the PriorityFee is high but the MaxFee is relatively low, depending on the BaseFee the PriorityFee will become low hence please consider the BaseFee when setting the MaxFee.
MaxFee is the maximum network fee users are willing to pay.
It should be set higher than BaseFee so transaction can be processed quickly without delay.
After the transfer, BaseFee and MaxPrioirtyFee are paid, and the remaining fee is returned to the user.
- Fee Transfer Example
GasLimit (Same as before)
For normal ETH transfers, the gas limit is 21000 by default, and smart contract transfers (including ERC20) have individual gas limits for each smart contract.
The gas limit depends on the transfer type, but its value is fixed.
Since it literally means a limit, the gas that is actually used is less than the amount.
If the gas limit is too small, the transfer may fail indicating out of gas status, so please be careful.