Ethereum (ETH) co-founder Vitalik Buterin has proposed a new cap on total transaction call data in one block to lower the total cost of transaction call data gas over the ETH network.
Buterin mail on the Ethereum Magicians forum, EIP-4488, highlights concerns regarding high transaction fees on Layer-1 blockchains for stacks and the considerable amount of time to implement and implement data fragmentation:
“Therefore, a short-term solution is desired to further reduce rollup costs and to incentivize a transition of the entire ecosystem to a rollup-centric Ethereum.”
While the entrepreneur cited an alternative in which the gas cost parameters could be lowered without adding an additional limit to the block size, he foresees a safety concern by lowering the call data gas cost from 16 to 3:
“[This] it would increase the maximum block size to 10 million bytes and push Ethereum’s p2p network layer to unprecedented levels of stress and risk of breaking the network. ”
Some think Layer 2 fees on ETH are too high, because each byte of data a digest uses costs 16 gas. To reduce rates, the cost of gas could be lowered to 3. This should be a great benefit, with rates 5 times lower. However, in the long run, this may mean that the block size is a new network restriction. pic.twitter.com/ffbTQ4zXOz
– BitMEX Research (@BitMEXResearch) November 26, 2021
Buterin issued a cost and cap reduction proposal, which aims to achieve most of the benefits from the decline, and believes that “1.5MB will be sufficient and at the same time avoid most of the security risk.” . As advice to the Ethereum community, he wrote:
“It is worth rethinking the historical opposition to multidimensional resource limits and considering them as a pragmatic way to simultaneously achieve moderate scalability gains without losing security.”
If accepted, the implementation of the proposal will require a scheduled network upgrade, resulting in a gas price change incompatible with previous versions for the Ethereum ecosystem. This update will also mean that miners will have to comply with a new rule that prevents the addition of new transactions in a block when the total size of the call data reaches the maximum. “The worst case scenario would be a long-term theoretical maximum of ~ 1,262,861 bytes per 12 second slot, or ~ 3.0 TB per year,” the proposal said.
However, the community is discussing other options such as implementing a soft limit. Others expressed concern about congestion during non-fungible token (NFT) sales, which may require users to compensate for the lack of execution gas by paying a higher total fee.
Related: Layer Two and Multi-Chain DeFi Platforms Record Record Inflows as Ethereum Fees Soar
The increase in gas rates has led to an exit of users from the Ethereum network to networks compatible with the lower cost Ethereum virtual machine.
As Cointelegraph reported on Nov. 4, data from Etherscan shows that approving a token to transact on Uniswap’s decentralized finance protocol can cost up to $ 50 worth of ETH.
Additionally, Layer two solutions, which were billed as the protocols that would help solve the tariff problem, have been charging high fees due to network congestion amid new users onboarding.
arbitrum is not supposed to be cheap hahaha what a joke pic.twitter.com/v839tZ4nch
– satsdart (@satsdart) November 2, 2021