Ethereum network fees will be reduced
The new update of the EIP-4488 blockchain, according to the creator of the cryptocurrency Vitalik Buterin, will solve the problem of the high cost of gas.
This is a short term solution until a difficulty bomb is deployed on the network. However, with its help, the developers plan to limit the amount of gas for transactions in order to stabilize the network.
The problem is obvious. High fees are literally killing Ethereum these days. Many projects are switching to other blockchains, and investors simply stop using the network.
The blockchain modernization will limit the spike in gas prices. It will not be carried out directly, as this can lead to dangerous consequences. According to Buterin, a simple decrease in the cost of gas will increase the block size in the network to 10 MB. This will add additional pressure to the P2P layer of the blockchain and disrupt the network.
The implementation of the new EIP-4488 update will reduce the pressure on the network, allowing you to take control of the spikes in gas prices on the blockchain. However, for now, this is just a proposal. The date of the update was not announced.