Ethereum Rollups Will Be 5X Cheaper, Meet EIP4488!
Ethereum rollups will be 5x cheaper as Ethereum devs Ansgar Dietrichs and Vitalik Buterin have put forward a new proposal EIP-4488 on Nov 23.
Which topics should we dive deeper into?
Select what genuinely interests you. Your picks feed directly into our editorial planning.
Crypto news that's actually worth your time.
Weekly. 60 seconds. Carefully curated by our editors: no hype, no promo flood, no spam.
While the debate rages on around increasing block sizes and reducing block times to provide a band-aid level urgent fix for L1 scaling, Ethereum developers are considering more medium to long-term solutions. Ethereum rollups are the standard when it comes to L2 scaling solutions. Now it appears that they are about to 5 times cheaper, thanks to a new Ethereum Improvement Proposal EIP-4488 penned by the cofounder Vitalik Buterin himself along with Ansgar Dietrichs – research and development engineer at ConsenSys on Nov 23.
Calldata cost reduction will make rollups 5x cheaper: https://t.co/6e6Ti9Fq45
I am for doing this ASAP. As in before Christmas. $100+ fees for using Ethereum smart contracts should be seen as an emergency, and this is the (temporary) solution (before data shards). Let's do it!
Ethereum rollups enhancing EIP-4488 title is “Transaction calldata gas cost reduction with total calldata limit” and it’s described in the official proposal as “Greatly decreases the gas cost of transaction calldata and simultaneously caps total transaction calldata in a block“. It’s still a draft under consideration and the final EIP might look a little different, once it’s thoroughly discussed and reviewed by Ethereum core devs and the community.
EIP-4488 notes that even though Ethereum rollups would eventually benefit from the sharding technology which will add ~1-2 MB dedicated for rollups to the blockchain, however, that is still years away. In the meanwhile, considering the high fees of the Ethereum base layer, EIP-4488 can be employed for immediate relief by reducing calldata gas cost and limiting total calldata in a block, thereby resulting in cheaper transactions on the Ethereum rollups L2s.
Swap:
– Avalance C-chain $8.40
– Loopring $1.02
– ZigZag on zkSync $0.94
– Arbitrum One $5.20
– OE $4.85
Transfer:
– Avalance C-chain $1.18
– Polygon Hermez $0.25
– Loopring $0.54
– zkSync $0.65
Remember, these are early unoptimized rollups.
Source: https://t.co/9lvGPlbXks https://t.co/SRGacvYg0u
The Ethereum rollups enhancing EIP-4488 might be implemented in Q1 2022 before the Merge and will be a hard fork, meaning that it’s backward incompatible. It’s understood that EIP4488 will increase chain bloat, raising the storage requirements of chain history. However, EIP-4444 is being discussed to restrict the availability of historical data beyond one year as it doesn’t have much use on the peer-to-peer layer, though some sources will still store this data for record-keeping purposes.
Related articles
- Ethereum Scaling Layer 2s Initial Deployment Has Succeeded
- What is Ethereum Pectra Upgrade?
- How the Ethereum Shanghai Upgrade Could Affect Top Ethereum Layer 2 Coins: A Comprehensive Guide
- Comparing Ethereum’s Layer 2 Solutions: A Look at zkSync, Arbitrum, and Optimism
- Ethereum Fees Issues? Developers Consider Ending This Dirty Trick!
Which topics should we dive deeper into?
Select what genuinely interests you. Your picks feed directly into our editorial planning.
Crypto news that's actually worth your time.
Weekly. 60 seconds. Carefully curated by our editors: no hype, no promo flood, no spam.
October 7, 2020 11:49 AM
Ethereum 2.0 – Updated Roadmap Pitches “Rollups On Top Of Sharding” Concepts
In an interesting development, Ethereum co-founder Vitalik Buterin revealed in a tweet thread on Oct 05 that the Eth2 roadmap is getting an update and the scaling improvements might arrive sooner than previously anticipated. The relatively new concept is called […]
September 15, 2022 3:52 PM
How was Ethereum Merge? Here’s a Quick Summary
In this article, we'll give you a detailed summary on how was Ethereum merge, the events surrounding the merge, and future expectations.
July 26, 2019 6:07 PM
Who is Vitalik Buterin?
Vitalik Buterin is a Russian-Canadian programmer especially known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine. ETH aims to build a next-generation smart contract and decentralized application platform that enables people to build any sort of […]
September 12, 2023 7:41 AM
Ethereum Price: Vitalik Buterin’s $3.12 Million Move! What Every ETH Holder Needs to Know NOW!
This transaction, while seemingly straightforward, raises some interesting questions. Let's take a look at this Ethereum price article.
September 3, 2023 7:44 AM
Ethereum News: Is Vitalik Buterin Seeing the Future? $MKR’s Huge Deal Points to ETH’s Rise
After two years of lying dormant, Vitalik Buterin, the co-founder of Ethereum, made headlines. Let's take a look at this Ethereum News
April 26, 2022 2:22 AM
ETHAmsterdam Digest: THIS is what Vitalik thinks about Ethereum Today
ETHGlobal hosted the very first in-person conference that took place in Amsterdam, hence the name ETHAmsterdam. Here are the highlights.
October 23, 2021 11:56 AM
Front Running Protection – How To Configure MetaMask
Front running poses a significant problem for Ethereum users, by putting them at a disadvantage, but what if you could skip the mempool entirely?
April 24, 2021 3:08 AM
Ethereum EIP1559 Burner Deployment Set For July 14, ETH Goes Deflationary
Ethereum long awaited EIP1559 upgrade is likely to be deployed on July 14, in a bid to make the ETH price deflationary. Read more.
February 7, 2021 1:06 PM
What is Ethereum (ETH)?
In this article, you will learn the most important things about the cryptocurrency Ethereum. History The Ethereum mainnet was started in 2015. The biggest pioneers in the development of Ethereum were Vitalik Buterin, Gavin Wood and Jeffrey Wilke. The market […]
March 25, 2019 7:46 AM
Ethereum Gas, Gas Limit, and Gas Price: Explained
Ethereum is an open software platform based on blockchain technology that allows people to create and expand decentralized applications. The Ethereum network, unlike the Bitcoin network, comprises not only a cryptocurrency, but also has Gas and Gas Limit. It enables […]
January 20, 2025 1:50 PM
Ethereum Price Prediction with Vitalik Buterin New Leadership after ETH Price Struggles in Bitcoin's Shadow
ETH price struggles with Bitcoin’s dominance, Trump’s crypto moves, and the Solana blockchain surge. As Vitalik Buterin announces leadership changes to reshape Ethereum’s future, what to expect for Ethereum price and blockchain?
March 30, 2021 4:18 PM
Quickswap – Ethereum Killer’s Killer?
Ethereum's inaccessibility for the average users has resulted in the Ethereum killer's gaining ground, but Quickswap is coming to rescue.
July 17, 2019 1:08 PM
Blockchain Trilemma: Explained
The blockchain Trilemma is one of the greatest hurdles for cryptocurrencies. The Trilemma is a situation which involves the three basic concepts of blockchain technology: security, scalability, and decentralization. The Blockchain trilemma states that you can always achieve the three […]
March 19, 2022 6:01 PM
When is Ethereum 2.0 coming? – 2022 update on the Development State
Despite Ethereum's size and influence, Ethereum network still has some problems to solve. Ethereum 2.0 update should solve them all!
March 12, 2022 12:32 PM
How to Add Binance Smart Chain to Metamask?
How to add Binance Smart Chain to Metamask? In this easy guide, we take you step by step and show you how exactly to plug Metamask to BSC.
September 3, 2021 8:25 PM
What is Stacks cryto (STX)?
One of the main limitations of the Bitcoin network is scalability issues. This is why Stacks crypto (STX) appears. Will be be able to solve this issue?
August 11, 2023 8:53 PM
Quick Guide: How to Use Base Network?
The Base platform is set to offer an array of features to its users. In this article, we talk about how to use Base network.
October 12, 2018 12:09 AM
Ethereum Improvement Proposal 867 Sparks Fierce Debate
An Ethereum Improvement Proposal that would allow the recovery of lost funds has received strong reactions from community. The proposal, EIP 867, would allow the Ethereum blockchain to be modified when users funds are lost. It’s a contentious issue in […]
August 2, 2024 10:32 PM
Ethereum Price Crash: What Next Support Levels For ETH Price Below $3K?
Ethereum fees just hit their lowest since late 2023, and now Ethereum price is trading near $3K with a high potential to drop below it... What's next?
May 19, 2024 2:45 PM
Solana (SOL) Price Analysis: How Did SOL Surpass ETH?
With over 95 million transactions daily, Solana has become the fastest blockchain and recently surpassed Ethereum in Total Economic Value. What's the unrevealed secret?
June 15, 2024 2:10 PM
TOP 5 Blockchains For JUNE 2024
Despite having several key metrics commonly used to assess blockchains, here are the top 5 blockchains for June 2024, based on their largest TVL.
February 21, 2019 6:33 AM
Sparkpool Freezes 2,100 ETH Payout
Yesterday (20.02.2019) a transaction took place on the Ethereumblockchain, for which a whopping 2100 ETH ($310,716) transaction fees were paid. The transaction itself, as well as the horrendous price of gas, amounted to 0.1 ETH which equals ~ $14.44. At […]
May 9, 2024 12:33 PM
Vitalik Buterin Proposes 'Multidimensional Gas Pricing' for Ethereum
Discover Vitalik Buterin's innovative idea: 'Multidimensional Gas Pricing' for Ethereum! Learn how this proposal could transform Ethereum's transaction fees.
November 3, 2018 9:03 AM
What are Smart Contracts? An Easy to Understand Guide
Smart contracts were first introduced in 1994 by Nick Szabo, an American computer scientist who created a digital currency called "Bit Gold" in 1998.
October 30, 2018 9:57 AM
Blockchain Brunch: The Place to Meet Berlin’s Blockchain Ecosystem of Entrepreneurs
Blockchain Brunch provides a space for open-minded innovators to discuss the limitations and potential of technology and business within the industry.
More from CryptoTicker