A new proposal for Ethereum, one of the most famous networks in the industry, is expected to significantly increase throughput by as much as 50%. In fact, EIP-7781 also aims to significantly reduce blocking times if approved. Specifically, it saves a significant 4 seconds and improves efficiency.
Technological developments are increasing the ability of numerous newtorsks to compete with Ethereum. Cardano and Solana remain competitive, with the former receiving significant updates. However, new proposals could secure Ethereum’s place in a growing industry.
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A new Ethereum proposal could significantly change the efficiency of decentralized exchanges
While Ethereum will continue to maintain its superior position in cryptocurrencies, the market has evolved beyond Ethereum’s sole dominance. Networks are increasing their ability to counter that. Because of this, prominent companies like VanEck are confident that Solana will eventually be able to take over the network in some ways.
Still, newotkr continues to evolve and looks to solidify its position in a fast-growing industry. Currently, new Ethereum proposals are looking at increasing throughput by 50%. In fact, Ethereum Improvement Proposal (EIP) 7781 is set to be massive in terms of data capacity and block time.
There is a new EIP that increases Ethereum throughput by 50%.
– Block time of 12 seconds -> 8 seconds
– 6 data blobs per block -> 9 blobs per block
– DEX efficiency increases by approximately 1.22x
If approved, this would be a major step towards improving the performance of Ethereum L1. pic.twitter.com/MkX5gbiBFR
— Cigar (@0xCygaar) October 6, 2024
Also read: Solana: VanEck says SOL could reach 50% of Ethereum market cap
The proposal was introduced by Illyriad Games co-founder Ben Adams earlier this month. Additionally, we aim to increase delayed rollup and blob capacity with temporary data structures initiated to reduce network charges. A crypto trader on X (formerly Twitter) discussed its significance in a post about the proposal.
Specifically, the pseudonym Cygaar said the approval is a “huge first step towards improving the performance of Ethereum L1.” With so many networks evolving rapidly, it’s important for blockchain to keep pace. The proposal also aims to spread out bandwidth over time and lower peak bandwidth requirements.
The proposal was recently endorsed by Ethereum Foundation researcher Justin Drake. He mentioned the collaboration between EIP and the organization, as well as co-founder Vitalik Buterin’s big goals and hopes for the network.
