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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Proposal EIP-7781 Promises Network Performance Boost – Here’s What To Expect

Ash Tiwari
Ash Tiwari
7 months ago
3 mins read
ethereum

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Este artículo también está disponible en español.

Ethereum Improvement Proposal (EIP) 7781 aims to reduce Ethereum network slot times, expand blob capacity, enhance decentralized exchange (DEX) performance, and lower gas fees. 

What Is Ethereum Improvement Proposal – 7781? 

EIP-7781 has garnered attention from the Ethereum (ETH) community due to its potential impact on the smart contract platform.

Proposed by Ben Adams, co-founder of Illyriad Games, the new EIP promises several benefits, including reducing network slot times from 12 seconds to eight seconds, resulting in a 33% increase in transaction throughput without a corresponding rise in data blob counts.

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For the uninitiated, data blob counts in Ethereum refer to the number of chunks of data included in a block for future use by rollups or layer-2 scaling solutions. These blobs help offload data storage and processing from the base Ethereum network, reducing congestion and improving scalability.

EIP-7781 also aims to distribute network bandwidth more evenly, effectively lowering peak bandwidth requirements without sacrificing network efficiency.

In his proposal, Adams explains:

This would be equivalent to increasing blob count from 6 to 8 or gas limit from 30M to 40M; however this approach does not increase peak bandwidth.

Commenting on the proposal, Ethereum Foundation researcher Justin Drake said he supports reducing slot times to eight seconds. Drake added that the proposal would help DEXes like Uniswap v3 become 1.22 times more efficient, saving approximately $100 million in CEX-DEX arbitrage annually, resulting in better user trade execution.

Similarly, Pseudonymous developer Cygaar shared their thoughts on EIP-7781, saying, if approved, the proposal can increase Ethereum’s throughput by as much as 50%. The developer also confirmed that the proposal would help lower Ethereum gas fees.

However, Cygaar cautioned that reducing slot times should not come at the expense of significantly increasing hardware requirements for solo validators. 

To clarify this concern, shorter block times could cause the Ethereum blockchain’s data to grow more rapidly, requiring stronger hardware and faster internet to keep up with the quicker updates. This could present challenges for solo stakers and node operators.

EIP-7781 Raises Concern For Solo Stakers

While EIP-7781 promises to address several of the current challenges on the Ethereum network, there are concerns about its impact on solo stakers.

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For instance, Cinnehaim Ventures partner Adam Cochran noted that the proposal “seems reasonable in terms of bandwidth on solo stakers” as long as the gas limit per block remains unchanged. Cochran added:

Would want to see some tests on I/O hardware and staker return ping times to make sure it doesn’t cut off some home stakers but, it seems like it should be within range for most.

It should be recalled that recently, Ethereum co-founder Vitalik Buterin advocated lowering the ETH requirement for solo stakers from 32 ETH to 16 or 24 ETH. 

Buterin stressed the importance of solo stakers in securing the Ethereum network, suggesting that an increased proportion of solo stakers could provide an extra layer of protection against network attacks. At press time, ETH trades at $2,469, up 1.7% in the last 24 hours.

ethereum
ETH trades at $2,469 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash, chart from Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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