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Vitalik Buterin proposes EIP-4488
Ethereum co-founder Vitalik Buterin has proposed a new limit on the total transaction calldata in a block to lower the total transaction calldata gas cost across the Ethereum network.
An immediate solution to high gas fees
This week, Vitalik Buterin and Ethereum developer Ansgar Dietrichs co-authored a new Ethereum improvement proposal called EIP-4488, which seeks to lower gas fees for Ethereum Layer 2 scaling solutions. The proposal is intended to serve as an immediate solution to the high cost of gas while more robust solutions are developed.EIP-4488 aims to lower Layer 2 gas fees in two ways. First, by lowering the cost of transaction calldata, which is a primary mechanism for both Optimistic Rollups and ZK Rollups, and second, by imposing a cap on the total amount of transaction calldata that can be included in a block. Increasing the amount of data space available for rollups is feasible today, according to Buterin, because block sizes are not close to sizes that would threaten network stability.
Rising gas fees have led to an outflow of users
With Buterin himself calling for an "ecosystem-wide transition to a rollup-centric Ethereum" as a desired short-term solution to lowering gas costs, it's no surprise that Ethereum's scaling solutions have grown along with Ethereum. However, despite the popularity of Layer 2 solutions, which were touted as the protocols that would solve the fee problem, high fees were charged due to network congestion when onboarding new users. In addition to Layer 2 solutions, rising gas fees have led to an outflow of users from the Ethereum network to lower costs for Ethereum Virtual Machine-compatible networks and other chains like Solana.If approved, the proposal's implementation will require a planned network upgrade, resulting in a backward-incompatible gas price adjustment for the Ethereum ecosystem. This upgrade will also mean that miners will have to comply with a new rule that prevents new transactions from being added to a block when the total calldata size reaches the maximum. "A worst-case scenario would be a theoretical long-term maximum of ~1,262,861 bytes per 12-second slot or ~3.0 TB per year," the proposal states.
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