- Ethereum inventor Vitalik Buterin co-authored EIP-4488, a new Ethereum Improvement Proposal aimed at reducing the GAS costs of Tier 2 scaling solutions.
- The proposal highlights the importance of Layer 2 Merges, but acknowledges their flaws.
- If implemented, the proposals could significantly reduce Tier 2 GAS fees in the very near future.
This week, Vitalik Buterin and Ethereum developer Ansgar Dietrichs co-authored a new ETH Improvement Proposal called EIP-4488, which aims to lower the GAS fees of Ethereum Layer 2 scaling solutions. The proposal is intended to act as a faster solution to higher GAS costs while developing more robust solutions. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
New ETH solution from Ethereum inventor Vitalik Buterin!
Vitalik Buterin, together with Ethereum developer Ansgar Dietrichs, has unveiled a new Ethereum Improvement Proposal designed to lower Tier 2 GAS fees in the short term while developing more effective long-term solutions. Ethereum GAS fees have been very high over the past few months and while Tier 2 scaling solutions using Optimistic Rollups or ZK-Rollups are the “only reliable scaling solution for Ethereum”, even the GAS fees used in these protocols are too expensive for some.
For example, Optimism and Arbitrum typically provide fees 3-8 times lower than what users can get on the ETH base tier, and ZK-Rollups can provide fees up to 100 times lower than on the Ethereum base tier. However, these fees are not insignificant.
What does the EIP-4488 offer? Here are the details…
EIP-4488 aims to further reduce Tier 2 GAS charges in two ways: by reducing the cost of transaction call data, which is the primary mechanism for both Optimistic Rollups and ZK-Rollups. The latter could be in the Block by adding a ceiling to the total amount of data transactions computed. According to Buterin, increasing the amount of data space available for Rollups can be done today, as block sizes are not close to threatening network stability.
While data sharing is seen as a long-term solution to Rollups’ flaws, according to a tweet by the zkSync team, this proposal aims to lower GAS fees in the very short term, possibly by Christmas of this year. It’s no surprise that ETH scaling solutions are growing alongside ETH. Just last week, the largest cryptocurrency exchange Binance announced that it will support ETH Tier 2 deposits through Arbitrum, and just yesterday Optimistic Tier 2 Rollups solution Boba reached a total locked valuation of over $1 billion, or over 1200%.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.