Ethereum Q&A: Skyrocketing Network Fees, what can we do?
On Friday, all Ethereum development teams participated in discussions on how to optimize gas use. Despite the range of methods, they all need testing and harmonization..
ETHEREUM NEWS – SOMETHING BIG IS ABOUT TO HAPPEN!
Starting in June, due to the increased activity of users of decentralized projects, transaction fees on the Ethereum network began to grow rapidly, reaching a record level of $ 16 in September. Such a jump affects not only users, but also reduces the overall efficiency of the platform..
To resolve the issue, the developers held a meeting to consider various Ethereum Improvement Proposals (EIP) that could affect gas consumption and cost. An important proposed proposal considered was EIP-2711, which allows you to use these records to pay the commission of other users, to form transaction packages that are guaranteed to be performed in the order of sending and setting a time limit for transactions that entered the mempool.
These changes can result in gas savings and cancellation of failed transactions. However, this proposal is under preliminary consideration…
The teams also raised the issue of using gas tokens, which, during the issuance process, can artificially inflate the value of Gwei. According to researchers’ calculations, their emission is about 2% of the total gas volume…
Further, the developers discussed the recently proposed EIP-2929 by Vitalik Buterin and Martin Svende, which also increases gas costs for some storage operations. At the same time, this increases the level of network protection against DoS attacks and ultimately reduces transaction costs. However, out of a number of complex changes that may follow the implementation of the protocol, the developers decided to postpone the discussion in order to study in more detail the possible consequences of the issue..
The meeting discussed various options for solutions to high gas costs. These mechanisms can be added before the next hard fork in Berlin…
text: Ivan Malichenko, photo: Shutterstock