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This is how Vitalik Buterin wants to get the Ethereum gas fees under control



The transaction fees in the Ethereum network are currently reaching exorbitant heights. Vitalik Buterin would like to put a stop to the rising gas fees.

The Ethereum founder suggested curbing the rising network fees (gas fees) with a new update. The gas fees amount to 127 gwei at the time of going to press , according to Etherscan. This equates to an average of $ 13.33 per transaction. On other exchanges, the fees are sometimes much higher.

In the Ethereum Magicians forum, Buterin wrote about EIP-4488. He explained that "the gas fees for transaction call data could be reduced" and then "a limit could be set on the number of call data that can be in a block." According to the Ethereum founder, this could be a short-term solution to the rising fees.

The upgrade also provides for transactions with a high data volume to be replaced by “lighter” transactions in one block. "If a block fills up to its size limit, they 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," said Buterin.


Ethereum fees are picking up

With the London Hard Fork , the Ethereum network implemented a deflation mechanism with EIP-1559 that changed the structure of the basic fees. So these should no longer flow back to the miners, but "burned". Since then, the network has destroyed over a million ethers (over $ 5 billion). However, the hard fork has not yet been able to significantly reduce the high gas fees.

However, many Ethereum enthusiasts are currently struggling with high fees. The Ethereum network is being boosted primarily by the NFT scene and the Metaverse hype. Given such high transaction fees, it is also not surprising that the number of ether stocks on crypto trading venues continues to decline. According to Glassnode, only 12 percent of the ether coins are in circulation on exchange addresses.

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