Ethereum developers rate the reduction in data transfer costs by five times, EIP-4488 becomes a possible solution-technology
Ethereum developers rate the reduction in data transfer costs by five times, EIP-4488 becomes a possible solution-technology
The second largest crypto-asset Ethereum has been struggling with high fees since the end of June and today the average Ethereum transaction fee is between $ 5 and $ 34 per transfer. While there were many complaints about ether gas costs this year, Ethereum founder Vitalik Buterin recommended an Ethereum Improvement Proposal (EIP), which aims to reduce the transaction costs to reduce five times. Ethereum developer Tim Beiko also discussed the idea and spoke about possible “challenges” both long-term and at short notice.
The shift of ether, the transmission of an ERC20 and the exchange of token to Ethereum is expensive-Tim Beilko shares EIP-4488 Insights
After the London upgrade in the first week of August, it was assumed that EIP-1559 would relieve at least part of the pressure. However, the average transaction network fee continued to increase after the London upgrade and reached 62 USD per transfer on November 9. Today the Ether gas costs are lower than bitinfocharts.com indicates that the average ether fee 0.0083. is eth per transfer or $ 34.09. The web portal l2fees.info shows an ETH transaction only $ 5.77 per transfer, but the costs for the move of an ERC20 are $ 13.20, and the exchange of eth-based tokens can cost $ 28.27 per swap.
on November 22nd, Bitcoin.com News Registered Social media platforms such as Twitter, between Ethereum and Avalanche supporters. Ethereum nowadays has strong competition as blockchains like Binance Smart Chain, Avalanche, Terra, Solana, Harmony, Near, Fantom and many more have sucked out ether users and applications. Now the high fees seem to urge the developers to do something about the expensive gas costs. On November 26, Ethereum developer Tim Beiko divided the last developer discussion and spoke about an idea, the costs for rollups to lower.
The gas costs have further promoted the co-founder of Ethereum vital butterin Idea called. to use eip-4488 . "Reduce the gas costs for transaction call data and add a limit to how many transaction call data can be included in a block," said butterin on November 24th on Github. Essentially, the solution could significantly reduce data transaction costs and estimates that the gas costs could be paid for five times. EIP-4488 uses a scheme called "Calldata", which is used in L2 solutions (layer 2) such as optimistic and ZK rollups. Beiko spoke in his Twitter thread on Friday about the possible solution.
"The costs for rollup-txns depend on the data that you send back to the Ethereum-Mainnet", beko . "If a rollup x transactions compresses and y pays gas fees to hand over it to the Mainnet, the cost of rollup transactions is a function of y/x. In addition, rollups add your transactions to your transactions, the price of which is currently 16 gas per byte. Target = "_ blank" href = "https://twitter.com/timbeiko/1464267245123604487?s=20" Rel = "noopener"> added . Beiko also explained that one of the challenges for the Calldata solution is that it "influences the block sizes of Ethereum". Beiko Continuation :
There are literally data that we add to each transaction. If we reduce the gas costs and maintain the gas limit, we have larger blocks, which can be problematic in the short and long-term. In the short term, it increases the block size in the worst case. If the call data, for example, were 1 gas/byte, you get a 30-MB block with a 30 m gas block (the average is
at the moment
EIP-4444, EIP-4490 and the upcoming Arrow glacier upgrade
Currently Ethereum ( ETH ) User either do not carry out any transactions with Ethher and use it, or use network fees Rollup layer solutions. At the time of writing, L2 solutions are much cheaper than L1 fees and the costs for sending Ethereum via Loopring can be up to $ 0.25 per transfer. Polygon Hermez costs $ 0.25, ZKSync about $ 0.27, Optimism today costs $ 2.39 and the transfer with Arbitrum One costs $ 2.43. Beiko's thread found that the L1 fees were high, but the L2 fees were also quite expensive.
"The fees for Ethereum are * high * and not trivial (~ 3-4 $ for A ETH send on ors ~ 0.25c on zkrs), so it is worth thinking more about the compromise ", beko . In addition to EIP-4488, the software programmer also mentioned EIP-4444 ( bound historical data in execution clients ) and eip-4490 . "Clients have to stop using historical heads, bodies and documents that are older than a year at the P2P level," says the EIP-4444 description. The summary of the EIP-4444 adds:
clients can clean up this historical data locally - this change leads to lower bandwidding in the network, since clients use lighter synchronization strategies based on the acceptance of a weak subjectivity of the POS.
The Ethereum developer's Twitter thread also informed people about the upcoming Arrow glacier upgrade on December 8, which aims to postpone the network's difficulty bomb. While open source programmers are preparing to tackle the problems of the network, alternative blockchain networks are progressing on the heels of Ethereum.
What do you think of the recently proposed solutions to cope with the high transfer costs of the Ethereum network? Let us know your opinion on this topic in the comments below.
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