Ethereum Co-founder has found a way to reduce Commissions
Vitalik Buterin, who is the co-founder of Ethereum, announced a new way to improve Ethereum EIP-4488. On the one hand, this promises to reduce commissions for conducting cryptocurrency transactions, and on the other hand, it is not the best way out for the second level.
Buterin spoke about the commissions at the first and second levels, which are mostly considerable when transactions are carried out. Sharding could solve this issue, but it’s still a long way to go. In the Arbitrum solution, commissions can be higher than $10. This figure is less than in the main network, but still a considerable amount.
In order to solve this problem at least by a small percentage, Buterin put forward a proposal to reduce the required amount of transaction gas from solutions based on rollups. At the moment, the commission in these operations is 16 units per byte, in EIP-4488 it is reduced to 3 units. This will make it possible to increase the percentage of those transactions that are carried out using Level 2 solutions.
The proposal also states that it is possible to carry out the smallest operations in terms of volume. This will reduce the maximum number of transactions per block. As you know, operations from level 2 solutions always have a special difference, since they are mega-large.
Representatives of the structure expressed their concern that with an increased load on the network (for example, large sales of NFT), operations from level 2 solutions will be postponed all the time. This can be solved by increasing commissions. But in this case, the 2nd level will be useless in terms of benefits. The other side of this issue is that in normal times, commissions on such transactions are reduced by 5 times.
If a positive decision is made in favor of EIP-4488, then Ethereum will receive a new hard fork, and with global changes. The most interesting thing is that the old clients will no longer be able to work on the network after the update.
The message at the end of October 2021 said that since the end of the second quarter, the commission in ETH has increased by 2,293% and has become equal to $51.45.
