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Ethereum (ETH) Fees on Verge of Falling Down, Here's How

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Wed, 13/03/2024 - 12:45
Ethereum (ETH) Fees on Verge of Falling Down, Here's How
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The Ethereum network is poised for a transformative shift with the imminent launch of the Dencun upgrade today at 1:55 p.m. UTC, marked by the implementation of EIP-4844. This improvement is set to usher in a new era of efficiency, propelling Ethereum's utility and accessibility to the next level by significantly reducing gas fees, especially on Starknet.

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What is EIP-4844, and how will it change the game? In essence, it introduces a novel concept known as "blob" transactions, which utilize a distinct "blob" resource separate from traditional gas. This segregation is revolutionary; it means that Ethereum users and rollup operations no longer have to vie for the same network space, effectively decluttering the transactional highway and allowing for smoother, quicker and cheaper transfers.

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Imagine a dedicated express lane on the transaction highway exclusively for layer-2 (L2) users, with Starknet engines roaring in anticipation. This innovation is particularly significant considering that rollups are deemed the paramount trustless scaling solution for Ethereum, both now and potentially into the future. 

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High transaction fees on layer 1 have long been a stumbling block for user adoption and application development. EIP-4844 aims to knock down this barrier, enabling a move to rollups across the ecosystem, fostering low fees without compromising on decentralization.

The implementation of EIP-4844 is a testament to Ethereum's forward-thinking design. It uses KZG commitments, which are efficient, have fixed-size proof and are compatible with future data-availability-sampling methods. 

These changes are part of the larger "danksharding" proposal and will be integrated into the beacon nodes. This is a crucial step, as future sharding efforts will only necessitate alterations to the beacon node, liberating the execution layer to focus on additional initiatives.

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