Correlation values for base_fee #7
Description
The correlation values for base_fee indicate the following relationships:
High Priority Fee (-0.29):
There is a moderate negative correlation, suggesting that as the base fee increases, the high priority fee tends to decrease. This may imply that higher base fees discourage users from paying high priority fees, possibly because they perceive that the increased base fee already provides sufficient incentive for timely transaction processing.
High Gas Price (0.85):
This strong positive correlation indicates that higher base fees are associated with higher gas prices. This relationship suggests that when the base fee rises, transaction costs (gas prices) also tend to increase, reflecting a direct connection in transaction cost dynamics.
Peer Count (-0.10):
The weak negative correlation with peer count suggests that changes in the base fee have little impact on the number of peers in the network. This indicates that network participation (number of connected nodes) is relatively unaffected by fluctuations in the base fee.
Unconfirmed Count (0.68):
A strong positive correlation here indicates that as the base fee rises, the number of unconfirmed transactions also tends to increase. This may reflect that higher base fees lead to more transactions being submitted, potentially resulting in a backlog if the network cannot process them quickly enough.
Summary
Overall, the base fee appears to significantly influence both gas prices and the number of unconfirmed transactions. In contrast, its relationship with the high priority fee is moderate, while its effect on peer count is negligible. This suggests that the base fee plays a crucial role in shaping transaction economics within the Ethereum network.