Buterin’s EIP-4488 article on the Ethereum Magicians forum raises worries about high transaction fees on Layer-1 blockchains for rollups, as well as the significant time required to build and deploy data sharding:
“A short-term solution to significantly reduce rollup costs and promote an ecosystem-wide shift to a rollup-centric Ethereum is thus sought.”
While the entrepreneur noted that the gas price parameters might be adjusted without imposing a new block size restriction, he believes that lowering the calldata gas cost from 16 to 3 poses a security risk:
“This would increase the maximum block size to 10 million bytes, putting unprecedented strain on Ethereum’s peer-to-peer networking layer and perhaps destroying the network.”
Buterin proposed a decrease-cost-and-cap approach to fulfil the goal of lowering unprecedented levels of strain and danger of network failure. And believes that “1.5 MB will be adequate while preventing the majority of the security risk”. He offered the following piece of advice to the Ethereum community:
“It’s worth rethinking our resistance to multi-dimensional resource limitations. And examining them as a viable strategy for achieving minimal scaling gains while retaining security.”
Backward-incompatible gas repricing for the Ethereum ecosystem
If the proposal is approved, it will need a planned network upgrade. Resulting in a backward-incompatible gas repricing for the Ethereum ecosystem. This upgrade will also require miners to adhere to a new rule. Which is, prohibiting the inclusion of additional transactions to a block after the total calldata size has reached the maximum. The plan said that “a worst-case situation would be a notional long-run limit of 1,262,861 bytes every 12-sec slot, or 3.0 TB per year”.
Alternative options, such as implementing a soft limit, are into consideration by the community. Others highlighted concerns about congestion during nonfungible token (NFT) sales. Which might compel customers to pay a higher overall fee to compensate for the lack of execution gas.
The Ethereum network has seen a user exodus to lower-cost Ethereum Virtual Machine-compatible networks as gas costs have risen.
According to Etherscan statistics published on November 4, validating a token for use on the Uniswap decentralised finance system can cost up to $50 in ETH.
Furthermore, owing to network congestion during the onboarding of new users, Layer-two solutions, which marketed as the protocols that would assist alleviate the charge problem, have been demanding large fees.