Market

Vitalik Buterin makes proposal EIP-4488 to lower gas fees for Ethereum Layer-2 in the short term

This week Vitalik Buterin and Ethereum developer Ansgar Dietrichs released a new Ethereum improvement proposal called EIP-4488, which aims to lower gas fees for Ethereum Layer-2 scaling solutions. This proposal is intended to serve as an immediate solution to high gas costs while more robust solutions are developed.

Vitalik Buterin – Founder of Ethereum

An effective (but short-term) solution

The EIP-4488 is designed to reduce Layer 2 gas costs in the short term while developing more efficient long term solutions.

Ethereum’s gas fees have been very high in recent months, and even if Layer-2s with Optimistic Rollups or ZK Rollups are “the only reliable scaling solution for Ethereum”, their gas fees are too expensive for some. For example, Optimism and Arbitrum usually offer 3-8x lower fees, and ZK Rollups can offer up to 100x lower fees than users on the Ethereum base tier, but those fees still won’t.

EIP-4488 aims to further reduce Layer 2 gas charges by lowering the cost of transactional call data, which is the main mechanism for both optimistic rollups and ZK rollups, or by adding a cap on total transactional call data, which can be included in a single transaction. Block. According to Buterin, increasing the amount of data available to Rollup is possible because the block size will not approach a level that could compromise the stability of the network.

While data sharding can be viewed as a long-term solution to the imperfections of rollup, the proposal aims, according to a. looking to cut gas charges in the short term, possibly by Christmas this year tweet by team zkSync – a Layer 2 extension protocol.

Buterin has called for an “ecosystem-wide transition to Ethereum with a focus on roll-up” as the desired short-term solution to lower gas costs. And it’s no surprise that scaling solutions have evolved along with Ethereum.

Last week the Binance exchange announced that it would support Ethereum Layer-2 deposits via Arbitrum, and it was only yesterday that Boba, an optimistic Layer-2 aggregate solution, hit its Total Locked Out Value (TVL). from Nov.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

1 hour ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

1 hour ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.