Vitalik Buterin suggests a cure for excessive gas prices

Buterin has launched a new EIP-4488 network update aimed at curbing the network’s soaring gas costs.

BeyondWords Crypto entrepreneur Vitalik Buterin has proposed a potential short-term solution to the Ethereum network’s increasing gas costs. The solution entails a network upgrade that lowers the cost of transaction call data while also limiting the amount of transaction call data that can be stored in a single block.

Soaring gas cost rates have plagued Ethereum for years, with investors paying an exorbitant transactional gas tax to perform a crypto transaction on the network. The meteoric rise in gas fees has pushed many users to relocate to more cost-effective blockchain networks, while many investors have been forced to abandon the network altogether.

Buterin has proposed a short-term network upgrade EIP-4488 in order to rein in the network’s skyrocketing gas charge rates. According to material posted on the Ethereum Magicians forum, Buterin has outlined a strategy that includes a temporary patch that reduces the cost of transaction calldata and limits total transaction calldata in a single block.

“By reducing the cost of calldata gas from 16 to 3, the maximum block size may be increased to 10M bytes. This would subject the Ethereum p2p [peer-to-peer] networking layer to unprecedented pressure, with the possibility of the network collapsing; prior live testing of 500 kB blocks have already brought down a few bootstrap nodes,” Buterin warned.

Additionally, the new EIP-4488 network update will assist alleviate the network’s mounting stress by increasing security and preventing the network from reaching its stated “breaking point.” Once adopted, the proposal would enable miners to halt a transaction while it is being included to the block when the calldata reaches its maximum.

The latest method proposed by Buterin, which aims to moderate the network’s exploding gas cost rates, has garnered criticism from Ethereum developers.

Additionally, the developers stated that the upcoming network update may result in the loss of rollup transactions, forcing users to pay an even higher total cost to compensate for the transaction’s lack of execution gas.

“The new limitation may necessitate them to pay a higher cost in order to compete with other rollups for the same calldata space,” the developer said.

Ethereum gas fees have been a continual cause of frustration for many investors who utilise the network to perform crypto transactions on a daily basis.

Also Read: With The SHIB Listing, Kraken Exchange Defies Rivals’ Regulatory Fears