EIP-4488 proposal is co-authored by Vitalik Butterin and Ansgar Dietrichs to cut the gas fees of Ethereum Layer 2 scaling solutions. The purpose of this proposal is to act as an immediate fix to high gas costs till more efficient solutions are developed.
Investors have been complaining about the high gas fees of the Ethereum Network. The current available layer 2 scaling solutions use either Optimistic Rollups or ZK-Rollups protocol to lower the gas fees. Optimism and Arbitrum lower gas fees by 3-8x and ZK-Rollups minimize the gas fess by 100x, but still, the cost is too much. To lower the gas fees, the developers of Ethereum have put forward a new proposal.
EIP-4488 proposal to decrease the gas fees:
EIP-4488 proposal will decrease the gas fees in two ways. The first one is by decreasing transaction calldata cost, which is a primary mechanism for both Optimistic Rollups and ZK-Rollups, as well as by adding a ceiling for total transaction calldata that can be in a block. Butterin has explained that increasing the amount of data space available to rollup is doable today. He further said that the reason behind this is that block sizes are nowhere near sizes that would threaten network stability.
The EIP-4488 proposal aims to reduce the gas fees of the network in the short term until more robust solutions are developed. The team at the zkSync has tweeted that this proposal will decrease the gas fees by Christmas of this year. In my opinion, if it really happens then it would be a gift from the network to its users. The users have been worried about high gas fees for quite a long now.
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