A new proposal for the Ethereum blockchain could significantly improve its transaction processing speed, potentially making it more competitive with faster blockchains like Solana.
Ethereum Speed Boost Could Save $100 Million
The Ethereum Improvement Proposal (EIP), officially designated EIP-7781, was submitted on October 5th by Ben Adams, co-founder of Illyriad Games. If implemented, the upgrade would streamline ETH’s operations in two key ways:
- Faster Block Times: EIP-7781 proposes reducing “slot times” from 12 seconds to 8 seconds. This change would allow the network to process more transactions per unit of time, translating to faster speeds for users.
- Enhanced Layer-2 Integration: The proposal also increases the capacity for “blobs,” dedicated data storage areas used by affiliated layer-2 networks. This would provide more space for these networks to store transaction data on Ethereum, improving their efficiency and potentially reducing fees for users.
While ETH boasts robust security and decentralization, it has historically struggled with transaction speed and fees compared to newer blockchains. EIP-7781 represents a potential solution, offering a significant speed boost (up to 50% faster transactions) while maintaining Ethereum’s core strengths.
The proposal has garnered support from key figures in the ETH community, including Ethereum co-founder Vitalik Buterin and researcher Justin Drake. Drake noted that reducing block times could make decentralized exchanges like Uniswap significantly more efficient, potentially saving users millions of dollars annually.
This upgrade marks a shift in Ethereum’s development strategy. While previous efforts focused on bolstering layer-2 solutions, EIP-7781 directly targets improving base-layer Ethereum performance. However, reducing slot times could put a strain on validators, who might need to upgrade their hardware to handle the increased workload.
