Ethereum co-founder Vitalik Buterin has unveiled an exciting new proposal aimed at improving Ethereum’s gas fee structure, with the potential to increase the network’s transactions per second (TPS) by 1.5x. This development comes at a crucial time, as Ethereum faces growing competition from Solana, a blockchain that recently overtook it in terms of daily gas fee revenue.
With Ethereum aiming to maintain its edge, Buterin’s proposal seeks to streamline transaction efficiency while preserving the network’s robust performance.
Vitalik Buterin’s Plan to Reduce Ethereum Gas Fees
In his latest recommendation, Buterin proposed targeted reductions in gas costs for specific Ethereum Virtual Machine (EVM) operations. He suggested reducing the gas cost of EVM opcodes, particularly those currently in the 2-5 range, to 1, and those in the 6-10 range to 2. Furthermore, he proposed lowering the gas costs for log operations by nearly four times.
Buterin also addressed precompiled contracts, advocating for a reduction in gas costs for contracts that are not earmarked for retirement. These changes, according to the Ethereum co-founder, would improve Ethereum’s TPS by 1.5x without risking network performance issues, such as increased call data size or input/output demands.
Solana’s Gas Fee Revenue Surge and Ethereum’s Response
This proposal comes on the heels of Solana’s rise, with its daily gas fee revenue surpassing Ethereum, fueled by the recent frenzy around AI meme coins like the newly launched Goatseus Maximus (GOAT). Solana’s low fees and growing popularity among new projects have placed pressure on Ethereum to enhance its scalability and efficiency.
Buterin’s gas fee proposal is Ethereum’s answer to this competition, as the blockchain looks to maintain its dominant position in the face of Solana’s rapid growth.
The Verge Upgrade: A Glimpse into Ethereum’s Future
Earlier this week, Buterin also shed light on Ethereum’s next big upgrade, dubbed The Verge. This upgrade aims to reduce hardware requirements for Ethereum nodes, making node operations accessible on everyday devices such as smartphones and smartwatches.
One of Ethereum’s ongoing challenges has been the growing data size required to run a node, which currently demands “hundreds of gigabytes of state data,” according to research from Paradigm. The Verge will introduce stateless verification, allowing nodes to verify transactions without storing the entire blockchain.
Buterin explained that this improvement would enable devices like mobile wallets and smartwatches to fully verify the blockchain, making the network more decentralized and accessible to solo stakers.
What Does This Mean for Ethereum’s Future?
With these exciting developments on the horizon, Ethereum is positioning itself for a future where it remains the go-to blockchain for decentralized applications, while also catering to a broader audience of users. The Verge upgrade, alongside the proposed gas fee reductions, could play a critical role in ensuring Ethereum’s continued relevance in a rapidly evolving blockchain space.
As of now, the ETH price has remained stable, hovering around $2,550. However, with these promising updates, Ethereum’s future looks bright, and investors and developers alike will be keen to see how these changes play out.
Stay tuned for more updates on Ethereum and other crypto news by following us on social media:
Twitter: @_KenyaCryptoMag
Instagram: @KenyaCryptoMag
WhatsApp: Join our WhatsApp for the latest insights!
QUEEN WHALE
Views: 7
