{"id":14780,"date":"2021-11-28T19:54:04","date_gmt":"2021-11-28T19:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-devs-assess-reducing-data-transfer-cost-5x-eip-4488-becomes-possible-solution\/"},"modified":"2021-11-28T19:54:04","modified_gmt":"2021-11-28T19:54:04","slug":"ethereum-devs-assess-reducing-data-transfer-cost-5x-eip-4488-becomes-possible-solution","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-devs-assess-reducing-data-transfer-cost-5x-eip-4488-becomes-possible-solution\/","title":{"rendered":"Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution"},"content":{"rendered":"

The second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there\u2019s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) that aims to decrease transaction costs by five times. Ethereum developer Tim Beiko discussed the idea as well, and talked about possible \u201cchallenges\u201d both long and short term. <\/strong><\/p>\n

Moving Ether, Transferring an ERC20, and Swapping Tokens on Ethereum Is Costly \u2014 Tim Beiko Shares EIP-4488 Insights<\/h2>\n

Following the London upgrade during the first week of August, it was assumed that EIP-1559 would relieve at least some of the pressure. However, the average transaction network fee continued to rise after the London upgrade reaching, $62 per transfer on November 9. Today, ether gas cost is lower as bitinfocharts.com<\/a> indicates the average ether fee is 0.0083 ETH<\/a> per transfer, or $34.09. The web portal l2fees.info<\/a> shows an ETH<\/a> transaction as low as $5.77 per transfer, but the cost to move an ERC20 is $13.20, and swapping ETH-based tokens can cost $28.27 per swap.<\/p>\n

On November 22, Bitcoin.com News reported<\/a> on the arguments taking place on crypto forums and social media platforms like Twitter, between Ethereum and Avalanche advocates. Ethereum has stiff competition these days as blockchains like Binance Smart Chain, Avalanche, Terra, Solana, Harmony, Near, Fantom, and many more have been siphoning ether users and use cases. Now the high fees seem to be pushing the developers to step up and do something about the expensive gas costs. On November 26, Ethereum developer Tim Beiko shared<\/a> the most recent developer discussion and talked about an idea to lower the costs of rollups.<\/p>\n

The gas costs have further pushed Ethereum co-founder Vitalik Buterin<\/a> to propose leveraging an idea called EIP-4488<\/a>. \u201cDecrease transaction calldata gas cost, and add a limit of how much total transaction calldata can be in a block,\u201d Buterin suggested on Github on November 24. Essentially, the solution could decrease data transaction costs significantly and estimates<\/a> say gas cost could be reduced by five times. EIP-4488 leverages a scheme called \u201ccalldata,\u201d which is utilized in L2 (layer 2) solutions such as Optimistic and ZK rollups. Beiko talked about the possible solution in his Twitter thread on Friday.<\/p>\n

\u201cThe cost of rollup txns is a function of the data they post back to the Ethereum mainnet,\u201d Beiko said<\/a>. \u201cIf a rollup compresses X transactions and pays Y gas fees to commit it to mainnet, the cost of rollup transactions is a function of Y\/X. To do this, rollups add calldata to their transactions, which is currently priced at 16 gas per byte. If we reduce the calldata cost, then we reduce the cost of rollup transactions,\u201d the programmer added<\/a>. Beiko further stated that one of the challenges to the calldata solution is that it \u201cinfluences the block sizes on Ethereum.\u201d Beiko continued<\/a>:<\/p>\n

It\u2019s literally data we add to each transaction. If we lower the gas cost, and keep the same gas limit, we then have bigger blocks, which can be problematic in the short and long term. Short term, it increases the worst case block size. If, for example, calldata was 1 gas\/byte, with a 30m gas block, you\u2019d get a 30MB block (average right now is <\/p>\n

EIP-4444, EIP-4490, and the Upcoming Arrow Glacier Upgrade<\/h2>\n

Currently, ethereum (ETH<\/a>) users either are not transacting with ether at all, leveraging expensive L1 (layer 1) network fees, or they are utilizing rollup layer solutions. At the time of writing, L2 solutions are much cheaper than L1 fees and the cost to send ethereum via Loopring can cost up to $0.25 per transfer. Polygon Hermez costs $0.25, Zksync is around $0.27, Optimism costs $2.39 today, and transferring with Arbitrum One is $2.43. Beiko\u2019s thread noted that L1 fees were high but L2 fees were also fairly expensive as well.<\/p>\n

\u201cFees on Ethereum are *high* and also aren\u2019t trivial on rollups today (~3-4$ for a ETH<\/a> send on ORs and ~0.25c on ZKRs), so it\u2019s worth thinking about the tradeoff more,\u201d Beiko said<\/a>. In addition to talking about EIP-4488, the software programmer also mentioned EIP-4444 (Bound Historical Data in Execution Clients<\/a>) and EIP-4490<\/a>. \u201cClients must stop serving historical headers, bodies, and receipts older than one year on the p2p layer,\u201d the EIP-4444 description says. The EIP-4444 abstract summary adds:<\/p>\n

Clients may locally prune this historical data \u2014 This change will result in less bandwidth usage on the network as clients adopt more lightweight sync strategies based on the PoS weak subjectivity assumption.<\/p>\n

The Ethereum developer\u2019s Twitter thread also told people about the upcoming December 8th Arrow Glacier upgrade, which aims to postpone the network\u2019s difficulty bomb. While open-source programmers prepare to address the network\u2019s issues, alternative blockchain networks continue to advance on Ethereum\u2019s heels.<\/p>\n

What do you think about the recent solutions proposed to address the Ethereum network\u2019s high transfer costs? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nTechnology, Arbitrum One, Arrow Glacier upgrade, calldata, Developers, difficulty bomb, EIP-4444, EIP-4488, EIP-4490, ETH, ether, Ether fees, Ethereum (ETH), Ethereum blockchain, fee reduction, Gas, gas costs, L1, L1 fees, L2, L2 fees, Loopring, Optimism, Polygon Hermez, pruning, reducing fees, rollup transactions, rollups, Scaling, technology, Tim Beiko, Vitalik Buterin, Zksync<\/p>\n","protected":false},"excerpt":{"rendered":"

The second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there\u2019s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP)…<\/p>\n","protected":false},"author":0,"featured_media":14781,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14780"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14780"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14781"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}