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Ethereum co-founder Vitalik Buterin has recently shared a plan to improve the gas fee structure that can boost ETH’s transactions per second (TPS) by 1.5x amid the rising competition from the Solana blockchain. Buterin said that this would help to improve the transaction efficiency without compromising the network performance.
Vitalik Buterin Proposes Ethereum Gas Fee Reductions
In his recent proposal, the Ethereum co-founder suggested targeted reductions in the gas costs for specific Ethereum Virtual Machine (EVM) operations. In his latest recommendations, Vitalik Buterin suggested reducing the gas cost of EVM opcodes from the existing 2-5 range to 1, and those in the 6-10 range to 2.
Additionally, he also proposed cutting the gas costs of log operations by nearly four times. Buterin also talked about lowering the gas costs for precompiled contracts, excluding those planned for retirement.
I think my ideal is deep but selective cuts:
* reduce the gas cost of every EVM opcode that's currently in the 2-5 range to 1, and in the 6-10 range to 2
* cut gas cost of log by 4x
* cut gas cost of precompiles (except the ones we want to retire)
Can probably get 1.5x TPS…
— vitalik.eth (@VitalikButerin) October 24, 2024
The Ethereum co-founder stated that all the proposed changes will improve Ethereum’s transactions per second (TPS) by 1.5 times without any major compromise or critical worst-case issues, such as increased call data size or input/output demands.
Recently, the Solana blockchain overtook Ethereum in terms of daily gas fee revenue. Thanks to the recent AI meme coin frenzy on the Solana network driven by the likes of newly-launched coins like Goatseus Maximus (GOAT).
Earlier this week, the Ethereum co-founder highlighted some of the centralization risks and solutions associated with Ethereum’s Proof-of-Stake (PoS). He also shared what’s to come with ‘The Verge’ upgrade moving ahead.
The Verge Upgrade and More Details
Earlier this week, Vitalik Buterin revealed that the next Ethereum upgrade ‘The Verge’ will majorly reduce hardware requirements thereby making node operations accessible to every device such as smartphones and smartwatches.
One of the ongoing challenges for Ethereum is the growing data size needed to run a node. As per Paradigm research, this currently demands “hundreds of gigabytes of state data”.
In order to address this, the upcoming Verge upgrade will introduce stateless verification. Vitalik Buterin explained that this feature will make fully verifying the blockchain so computationally efficient that devices like mobile wallets, browser wallets, and even smartwatches could handle it by default.
Also, the shift to stateless verification would allow the Ethereum nodes to operate without storing the entire blockchain. This would help to lower the technical hurdles for users, including solo stakers.
Amid the current development, the ETH price has remained more or less stable flirting around $2,550 levels.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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