Vitalik Buterin, co-founder of Ethereum, has proposed a new limit on the total amount of transaction data in a block to reduce the overall transaction gas cost on the ETH network.

Buterin’s participation in the Ethereum Magicians forum, EIP-4488, underscores concerns about high transaction fees in tier-1 blockchains for consolidation and a significant time to implement and publish data sharing:

“It is therefore a good idea to find a short-term solution to further reduce deployment costs and motivate the entire ecosystem to move toward deployment-focused Ethereum.”
While the entrepreneur has presented an alternative where gas price standards can be reduced without further reduction of block size, he anticipates a safety problem when the cost of Calldata gas is reduced from 16 to 3:

“[This] will increase the maximum block size to 10MB and push the Ethereum p2p network layer toward unprecedented load levels and the risk of network disruption.”

Buterin has come up with a cost-reduction-maximization proposal aimed at the goal of reducing pending load levels and the risk of harming network integrity, and believes that “1.5 megabytes will be sufficient while avoiding most security risks.” Regarding the advice to the Ethereum community, he wrote:

“It is worth revisiting historical resistance to multidimensional resource constraints as a practical way to simultaneously achieve moderate gains in scalability while maintaining security.”
If accepted, the proposal will require a planned upgrade of the network, which will result in gas compatibility with the Ethereum ecosystem. This update will also mean that miners must comply with a new rule that prevents new transactions from being added to a block when the total volume of call data reaches a maximum. “In the worst case, the theoretical long-term maximum would be ~1,262,861 bytes per 12-second slot, or about 3.0 terabytes per year,” the proposal states.

However, the community is discussing other options such as applying a soft roof. Others have raised concerns about congestion in the sale of non-fungible tokens (NFTs), which may require users to compensate for the lack of gas for execution by paying a higher overall commission.

On the topic: Level 2 DeFi and multi-chain platforms see record entry as Ethereum fees soar.

The increase in gas fees has led to an influx of users from the Ethereum network, bringing down the cost of networks compatible with Ethereum virtual machines.

As Cointelegraph reported on November 4, Etherscan data shows that it can cost up to $50 in Ether (ETH) to approve a token for a transaction via Uniswap’s decentralized finance protocol.

Average gas price for ethereum. Source: Etherscan
In addition, second-level solutions, which were described as protocols that would help solve the payment issue, charged high fees due to network congestion with new users connecting.