Fri, March 29

Vitalik Buterin and Ansgar Dietrichs Proposes EIP-4488

Vitalik Buterin and Ansgar Dietrichs Proposes EIP-4488 Altcoin News
  • Layer 2 scaling methods employ Optimistic Rollups or ZK-Rollups.
  • Data sharding may be the long-term answer to rollup flaws.

This week, Vitalik Buterin and Ansgar Dietrichs co-authored EIP-4488, which proposes to reduce the gas prices associated with Ethereum Layer 2 scaling solutions. The concept, meant to help alleviate rising gas prices while more substantial alternatives, explored.

Vitalik Buterin and Ansgar Dietrichs, two Ethereum developers, have proposed lowering Layer 2 gas prices temporarily until more effective long-term solutions are created.

While Layer 2 scaling methods employing Optimistic Rollups or ZK-Rollups are “the only trustless scaling solution for Ethereum,” their gas prices are too costly for some. For example, Optimism and Arbitrum often provide 3-8x cheaper costs than the Ethereum base layer, whereas ZK-Rollups may offer up to 100x lower fees.

Attempts to Reduce Layer 2 Gas Prices

EIP-4488 tries to reduce Layer 2 gas prices in two ways. By lowering the cost of transaction calldata, used in both Optimistic and ZK-Rollups. Secondly, by capping the number of transactions calldata in a block. Buterin claims that increasing the amount of data space accessible to rollups is feasible. Especially, now that block sizes are not threatening network stability.

While data sharding may be the long-term answer to rollup flaws, this plan tries to cut gas expenses as soon as possible, maybe by Christmas, according to a zkSync team tweet.

It’s no surprise that Ethereum scaling solutions have matured with Ethereum. Furthermore, Buterin himself asked for an “ecosystem-wide transition to a rollup-centric Ethereum” to reduce gas costs. Only recently, Boba, an Optimistic Layer 2 Rollup solution, reached a total value locked of over $1 billion. A 1,200 percent rise from Nov. 14.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.