The post Ethereum’s Pectra Fork Introduces Dynamic Blob Fees for Improved Layer 2 Scaling appeared on BitcoinEthereumNews.com.

With the forthcoming Pectra fork, developers are preparing for another big update, seven months after introducing blob transactions with Ethereum’s Dencun upgrade. This new Ethereum Improvement Proposal (EIP-7742) seeks to improve the network’s scalability by streamlining blob-carrying transactions. Christine Kim, Vice President of Research at Galaxy Digital, shared details of the proposal via X on Oct. 17 following Ethereum’s “All Core Devs” meeting. The EIP will allow the Ethereum consensus layer to dynamically adjust Blob gas targets and maximum values, which is expected to enhance the efficiency of Layer 2 (L2) transactions. What Are Ethereum Blobs? Ethereum Blobs are large, temporary data chunks incorporated into Ethereum transactions. Blobs were first implemented in Ethereum’s Dencun upgrade on March 13, 2024, via EIP-4844 to reduce the cost of L2 transactions, but the fixed blob count is now approaching capacity. Vitalik Buterin, the co-founder of Ethereum, recently expressed concerns that this limit could impede scalability if not addressed quickly. Kim believes that the EIP-7742 update may increase the blob count in the Pectra upgrade. Other potential scalability improvements, such as altering the gas limit or slot time, are unlikely to be included in this fork. Ethereum developer Alex Stokes elaborated further on GitHub, explaining that a more flexible target value for blob parameters will reduce the rigidity caused by the current fixed limits. The Pectra fork is anticipated to roll out by the end of 2024 or early 2025.  Another proposal, EIP-7623, aims to create more space for Blobs by reducing Ethereum’s maximum block size from 2.7 MB to around 1 MB. This development aligns with Buterin’s broader objective of enabling Ethereum to achieve 100,000 transactions per second by incorporating mainnet and Layer 2 scaling solutions, a vital component of Ethereum’s “The Surge” strategy. Layer 2 Scaling’s Impact on Ethereum’s Revenue Layer 2 scaling…

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Filed under: News - @ October 19, 2024 5:11 am