Coinbase Supports EIP-4844 Update To Reduce Gas Fees And Increase Transaction Speed

Cryptocurrency exchange Coinbase said that it is collaborating with the Ethereum Foundation and the Optimism teams to expedite the EIP-4844 update. The planned proto-danksharding or EIP-4844 update will lower gas fees and speed up transactions on Ethereum Layer-2 rollups. In fact, Coinbase is devoting technical resources and testing the EIP-4844 in order to accelerate cryptocurrency acceptance.

CEO of Coinbase, Brian Armstrong tweeted:

Coinbase declared public support and contributions to the impending EIP-4844 update in a press release on October 7. The improvement will boost Layer-2 rollups by 10-100 times, increasing transaction throughput and lowering transaction prices.

Due to greater security, convenience of use, and faster and cheaper transactions, Coinbase believes the EIP-4844 will entice people into the ecosystem. Furthermore, it will facilitate institutional acceptance and growth of Web3.

Furthermore, the crypto exchange allocated technical resources to EIP-4844 testing. So far, the united team has completed a detailed specification for the execution and consensus clients, released Ethereum clients Prysm and Geth, prepared for the KZG ceremony, and published Devnet v1.

EIP-4844 lowers costs by introducing a new transaction type to Ethereum that allows “blobs” of data in the beacon node for a limited duration. It is forward-compatible and uses little disk space.

In reality, anybody can contribute to and support the EIP-4844 for the next “Surge” advancements, including a roll-up, an exchange, or interested people.

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