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Vitalik Buterin reveals Ethereum’s EIP-4488, a “quick and dirty solution” to cut gas charges

  • Vitalik Buterin’s new upgrade will reduce the network’s gas charges by five times with the implementation of EIP-4488.
  • Based on official documents, Ethereum will dock with the beacon chain in the first half of 2022.
  • As the acceptance of Layer-2 continues to explode, transaction fees on the Ethereum network rise.
  • The total amount locked down across Layer 2 protocols has increased 700% over the past three months.

Reducing the transaction fees of the Ethereum network amounts to removing the hurdle in further scaling and introducing Layer 2 solutions. Proponents expect Ethereum price to turn parabolic after the next big upgrade.

The price of Ethereum will explode with new upgrades on the network

Ethereum co-founder Vitalik Buterin recently made a proposal to reduce transaction fees in the ETH network by five times. Ethereum Improvement Proposal (EIP) -4488 is Buterin’s idea to use the network and reduce transaction call data.

Buterin said

Reduce the gas cost of transaction call data and add a limit on how much total transaction call data can be contained in one block.

On November 24th, Buterin pushed the proposal on Github. The solution significantly lowers transaction costs, up to five times. Rollups such as Optimistic currently use the “calldata” scheme.

Tim Beiko, a core developer in the Ethereum network, discussed in a thread on Twitter the possible solutions to cope with the high transaction costs of Ethereum.

And that was it! The next call, again the last one in 2021 !, is planned for December 10th, 14:00 UTC. Until then

– Tim Beiko | timbeiko.eth (@TimBeiko) November 26, 2021

The last Ethereum developer call in 2021 is scheduled for December 10th; the team will likely discuss the possibility of implementing the major upgrade on the Ethereum network.

Ethereum options have peaked and the number of call options with an exercise price of $ 5,000 is the highest. Historically, a high number of Ethereum call options implies that the acceptance of the Altcoin will increase sharply. It’s an indication of an upcoming Ethereum price rally.

FXStreet analysts have assessed the price trend of Ethereum and predicted that the altcoin would break all resistance barriers. Analysts have set the next price target at $ 5,000.

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