Vitalik Buterin proposed a fix for the high gas fees, unveiling a new EIP-4488 network upgrade to limit the gas prices that are prevalent on the network so let’s find out more in our latest Ethereum news today.
Crypto billionaire Vitalik Buterin suggested a new short-term solution that will avoid the soaring gas prices on the ETH network and the solution involves a new network upgrade which will reduce the transaction call data cost as well as limit the total transaction call data in one block. Surging gas fee prices on the ETH network plagued the network where the investors were paying a high transaction gas fee to execute the transaction on the network with the explosive surge in fee prices prompting many users to migrate to other cost-effective blockchain networks that ended up compelling many investors to ditch the network indefinitely.
In a bid to contrl the rise in gas fees prices on the network, Buterin suggested a short-term network upgrade that will restrict the soaring gas prices. Buterin laid out his plan which includes a fixed solution and ensures that the explosive gas fees can be curbed for the time being and reduce the transaction call data cost while restricting the total transaction call data in one block. Buterin added:
“Simply decreasing the calldata gas cost from 16 to 3 would increase the maximum block size to 10M bytes. This would push the Ethereum p2p [peer-to-peer] networking layer to unprecedented levels of strain and risk breaking the network; some previous live tests of ~500 kB blocks a few years ago had already taken down a few bootstrap nodes.”
The new EIP-4488 network upgrade will help reduce the growing stress on the network and will add more security and also protect the network from reaching an alleged breaking point. The proposal will allow miners to pause the transaction while they are being added to the block once the call data strikes the limit. The new solution suggested by Vitalik Buterin seeks to stabilize the explosive gas fee prices on the network but it did get criticized by the Ethereum developers. The developers further explained that the network upgrade could cause a rollup transaction to drop and will then lead the users to pay a higher fee in order to reimburse the lack of execution gas, as the devs added:
“The additional constraint might require them to pay an even higher fee to outbid other rollups competing on the same calldata space.”
Ethereum gas fee prices were a great source of constant distress for plenty of investors that use the network to conduct transactions which is why Vitalik Buterin proposed a fix.
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