Base premiums for payment reduction when approaching the reform of the bank
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Ethereum's Layer 2 balance solution base is set to provide its users with significant fee reductions from the most anticipated date. On March 13.
The update, which includes the implementation of EIP-4844, aims to improve data availability on the Ethereum network, which can reduce packets like Base by 10 to 100 times.
In the near future , Base highlighted its active involvement in contributing to the EIP-4844 effort over the past two years, working with Optimism, the Ethereum Foundation, and other core development teams. The team expressed excitement about the upcoming activation of the mainnet, which is expected to significantly impact transaction costs for Ethereum Layer 2 solutions.
“One of our 2024 roadmap initiatives is to reduce fees across the board. We believe fast, affordable transactions through secure, decentralized L2 are critical to bringing everyone everywhere to onchain,” Baez said in a Mirror.xyz blog post.
EIP-4844 and Denkun update
EIP-4844 was first proposed in 2022 by Protolamda from OP Labs and Ethereum researcher Dankrad Fest. The main objective was to reduce the rollover costs of transferring their data to Layer 1 (L1) and pass these cost savings on to end users. To achieve this, EIP-4844 introduces a novel concept called “blobs”, a new data type associated with L1 blocks.
These patches are designed to only add to Ethereum's data availability capabilities. Crucially, the blob payment market operates independently of regular transactions, ensuring that their costs are kept low even when there is heavy L1 network congestion.
Specifically, L1 nodes can decompress after 18 days, preventing data bloat and limiting additional storage requirements. Spool operators can archive blob contents off-chain to ensure long-term availability, further enhancing the scalability and efficiency of the Ethereum network.
Simply put, blobs are designed to increase Ethereum's data delivery capacity without affecting existing infrastructure. These nodes are associated with Layer 1 blocks and have a free payment market, which ensures that costs are kept low during times of high network congestion.
Base said the fee reduction enabled by EIP-4844 is critical to fostering innovation and unlocking new use cases, such as onchain gaming, closed-limit orderbook exchanges, and implementing emerging ideas from cryptography and AI in onchain applications.
followed by The Ecotone OP Stack upgrade works on the Optim SuperChain ecosystem, extending the benefits of the EIP-4844 to projects such as Base, Mod, Zora, Aevo and Fraxtal.
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