Originally published on: October 18, 2024
The upcoming Pectra fork for Ethereum will introduce a groundbreaking Ethereum Improvement Proposal (EIP) aimed at optimizing blob-carrying transactions to enhance network scalability.
EIP-7742, set to be implemented soon, will revolutionize the Ethereum consensus layer by dynamically setting blob gas target and max values. This development was revealed by Galaxy Digital’s vice president of research, Christine Kim, following her attendance at Ethereum’s “All Core Devs” meeting.
Blobs, which are large temporary data chunks embedded in Ethereum transactions, play a crucial role in making Ethereum layer-2 transactions more cost-effective.
Kim’s insights suggest that the increase in the fixed blob count through EIP-7742 will alleviate scalability concerns highlighted by Ethereum co-founder Vitalik Buterin. The upcoming Pectra upgrade is anticipated to usher in this important change, signaling a significant step forward for Ethereum’s network efficiency.
Alex Stokes, an Ethereum developer, further emphasized the importance of adjusting blob parameters for increased flexibility, which will significantly reduce the rigidity of the current fixed blob count. The Pectra upgrade is scheduled for late this year or early 2025, promising enhanced scalability and transaction efficiency for Ethereum users.
Developments like the introduction of blobs via EIP-4844 and the potential reduction in Ethereum block size through EIP-7623 underscore Ethereum’s commitment to continuous improvement and innovation.
As Ethereum pursues its vision of achieving 100,000 transactions per second with the support of layer-2 technologies, industry experts are closely monitoring the implications for network revenue and ETH price over the long term.
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