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Reading: Ethereum’s Countermove to Solana: New Gas Fee Reform on the Horizon!
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Deythere > News > News > Ethereum’s Countermove to Solana: New Gas Fee Reform on the Horizon!
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Ethereum’s Countermove to Solana: New Gas Fee Reform on the Horizon!

showing Ethereums new gas fee reform proposal and its competition with Solana. The image should include the Ethereum and Solana lo
Emiliano Trejo
Last updated: October 24, 2024 3:37 pm
By
Emiliano Trejo
Published October 24, 2024
2 Min Read
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In response to Solana’s rising competition, Ethereum co-founder Vitalik Buterin has proposed a new gas fee reform aimed at boosting Ethereum’s transaction efficiency. According to Buterin, this reform could increase Ethereum’s transactions per second (TPS) by up to 1.5 times.

Contents
  • Vitalik Buterin’s Gas Fee Proposal
  • The Verge Upgrade and Its Impact

Vitalik Buterin’s Gas Fee Proposal

Buterin foresees a significant reduction in Ethereum Virtual Machine (EVM) gas costs. He suggests lowering gas costs for operations (opcodes) ranging from 2-5 to 1, and for those between 6-10 to 2. Additionally, gas costs for log operations are expected to be reduced by four times. Precompiled contracts, except for those set to be retired, will also see a reduction in gas costs. These changes aim to increase network capacity without compromising performance.

Buterin states, “I propose deep but selective cuts. By lowering gas costs for specific opcodes and log operations, we can achieve a 1.5x increase in transaction capacity.”

The Verge Upgrade and Its Impact

Buterin also highlighted Ethereum’s upcoming “The Verge” upgrade, which will reduce hardware requirements for running nodes, allowing more devices—including smartphones and even smartwatches—to access the Ethereum network.

Recently, Solana surpassed Ethereum in gas fee revenues, partly driven by the recent surge in AI meme coins on the Solana blockchain. With these innovations, Ethereum aims to bolster its competitiveness.

The Verge upgrade will make validation processes more efficient, enabling mobile wallets and smaller devices to transact without needing to fully validate the blockchain. This will ease network participation, encouraging more people to join Ethereum.

With Vitalik Buterin’s gas fee reform and the upcoming Verge upgrade, Ethereum seeks to improve its transaction capacity and maintain its competitive edge. These measures will enhance the network’s efficiency while improving the overall user experience.

For more updates on this and other blockchain innovations, stay tuned to Dey There.

Ethereum, Vitalik Buterin, gas fee reform, transaction capacity, The Verge upgrade

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ByEmiliano Trejo
Emiliano Trejo has spent the last 9 years immersed in the world of blockchain and cryptocurrencies, becoming a prominent figure in the industry. With a background in economics and a keen interest in decentralized systems, Emiliano has contributed to several groundbreaking projects, including the development of blockchain-based financial products and services. His expertise lies in the intersection of blockchain technology and economic models, where he excels in creating innovative solutions that leverage the benefits of decentralization. At DT NEWS, Emiliano shares his deep knowledge of the global cryptocurrency market, offering insights that help readers understand both the technical and economic implications of blockchain innovations.
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