The Ethereum EIP-4488 proposal will make Layer 2 gas fees 5 times cheaper

Ethereum developers are considering more mid- to long-term solutions, and Ethereum rollups will become the standard for L2 scaling solutions.

Ethereum co-founder Vitalik Buterin and ConsenSys R&D engineer Ansgar Dietrichs proposed a new Ethereum improvement proposal EIP-4488 on November 23.

Looking at it now, they seem to make rollups 5 times cheaper than before.

The Ethereum EIP-4488 proposal will make Layer 2 gas fees 5 times cheaper

The title of the Ethereum rollups enhancement EIP-4488 is “Transaction calldata gas cost reduction with total calldata limit”, which is described in the official proposal as “Gas that greatly reduces transaction call data.” At the same time, the total transaction call data is limited to one block.”

It is still a draft under consideration, and once the Ethereum core developers and the community have thoroughly discussed and reviewed it, the final EIP may look a bit different.

The Ethereum EIP-4488 proposal will make Layer 2 gas fees 5 times cheaper

EIP-4488 protocol details

EIP-4488 pointed out that although Ethereum aggregation will ultimately benefit from sharding technology, which will add approximately 1-2 MB of data dedicated to aggregation to the blockchain, this will still take years.

At the same time, taking into account the high fees of the Ethereum base layer, EIP-4488 can be immediately relieved by reducing the call data gas cost and limiting the total call data in the block, thereby making it cheaper for Ethereum to aggregate transactions on L2.

The EIP-4488 proposal that includes the upgrade of Ethereum rollups may be implemented in the first quarter of 2022 before the Merge, and will be a hard fork, which means it is backwards incompatible.

It is understood that EIP4488 will increase the expansion of the chain and increase the storage requirements of the blockchain history.

However, EIP-4444 is being discussed to limit the availability of historical data for more than one year, because it does not have much use in the peer-to-peer layer, although some sources still store this data for record keeping purposes.

The Ethereum EIP-4488 proposal will make Layer 2 gas fees 5 times cheaper

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