Vitalik Buterin Proposes New EIP To Tackle Ethereum’s Sky-High Gas Fees

Ethereum (ETH) co-founder Vitalik Buterin has put forward a new Ethereum Improvement Proposal (EIP) that aims to tackle the network's gas fee problems by adding a limit on the total transaction calldata, which would, in turn, reduce transaction gas cost. From a report: Since Ethereum can only process 15 transactions per second, gas fees tend to spike at times of network congestion. On November 9, the average transaction network fee reached USD 62 per transaction. As of now, Ethereum transactions cost around USD 44, according to BitInfoCharts. After highlighting concerns regarding the transaction fees on the Ethereum network, Buterin suggested the new EIP-4488, saying that it would "decrease transaction calldata gas cost, and add a limit of how much total transaction calldata can be in a block." In other words, EIP-4488 would limit the total transaction calldata, where data from external calls to functions are stored, before reducing the calldata gas cost to remove the possibility of breaking the network.

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