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Ethereum gas prices too high: Vitalik Buterin suggests quick fix



It is Ethereum inventor Vitalik Buterin himself who proposes a network upgrade with the EIP-4488 that is intended to limit the rising gas prices in the network. In the “Ethereum Magicians” forum, Buterin explains that the update could “reduce the gas fees for transaction call data” and “set a limit for the number of call data that can be in a block”.

Algorithmic tricks should fill blocks optimally

The update could also ensure that transactions with a high data volume are replaced by less data-intensive transactions in one block. Buterin: "If a block fills up to the size limit, we could repeatedly remove the last data-intensive transaction and replace it with as many data-poor transactions as possible until it is no longer profitable."

A quick solution to limit high gas tariff prices has been expected for some time. Because the London Hardfork, which was implemented on the mainnet on August 5, 2021, had not, as was actually expected, made the network cheaper. On the contrary, the fees, the so-called gas fees, have only increased since then.

Burn exacerbates the problem

Added to this is the problem that parts of the fees for each transaction are burned. This is a concept and part of the EIP-1559, but leads to an additional increase in the cost of network use, because the deflation that has set in, in some cases, drives the prices.

At the time of publication of this article, the so-called burn, i.e. the proportion of ethers destroyed, amounts to a little under 1.1 million ethers and thus to a little more than 4.9 billion US dollars. That comes from data from Watch the Burn.

Depending on the time of day and network traffic, the gas fees fluctuate greatly. The fees on the Ethereum network are primarily driven by the NFT market, which is characterized by the fact that every action always entails many individual transactions, which makes the total fees sometimes exorbitant. Metaverse platforms such as Axie Infinity or Decentraland also belong to the drivers.

Developers see the approach as being too short

The new solution proposed by Buterin has also attracted criticism from Ethereum developers. As usual with hotfixes, it does not address the problem at the root. EIP-4488 should only work on roll-up solutions on so-called Layer-2. In this, developers recognize the danger that there could now be a bidding competition in the roll-up space, which then drives prices up again.

How to twist it, it's time to introduce Ethereum 2.0 and its sharding technology. Everything else will remain patchwork.

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