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.
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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