New Ethereum Update Could Reduce Blocking Time by 33% and Increase Throughput by 50%

A new ethereum improvement proposal, EIP-7781, submitted on October 5, 2024, aims to reduce ethereum's block time from 12 seconds to 8 seconds.

The update, introduced by Ben Adams, co-founder of Illyriad Games, could also improve data capacity and potentially increase network performance by 50%.

An important step for the future of ethereum

On October 6 x.com/0xCygaar/status/1842985189124997362″ target=”_blank” rel=”noopener” data-wpel-link=”external”>mail At x, a developer known under the pseudonym Cygaar praised EIP-7781 as the “first big” step toward improving ethereum's L1 performance. They suggested that implementing it could reduce network bottlenecks and improve data capacity.

EIP-7781 is designed to expand the capacity of “blobs,” a temporary data structure that reduces rates on Layer 2 (L2) networks.

The proposed changes aim to improve core network performance while evenly distributing bandwidth usage. Some hope that this will ultimately reduce peak demands without increasing the number of blocks or blobs to ensure smoother processing and lower latency, particularly for L2.

Many have expressed their support for the proposed improvement. In the GitHub thread, ethereum Foundation researcher Justin Drake ethereum/EIPs/pull/8931#issuecomment-2395026393″ target=”_blank” rel=”noopener” data-wpel-link=”external”>noted that the plan aligns with broader scaling goals set by ethereum co-founder Vitalik Buterin, as well as several other scaling organizations.

Drake said reducing block time could improve the efficiency of decentralized exchanges (DEX) like Uniswap v3 by 22%, saving it approximately $100 million each year in CEX-DEX arbitrage.

Additionally, experts say the update could improve the user experience of ethereum smart contracts by reducing confirmation times by 33%. The changes would also distribute peak load times more evenly across more spaces, reducing strain during periods of high demand.

Possible concerns for solo bettors

Meanwhile, some developers are concerned about the plan's impact on individual bettors. According to some of them, shorter block times would require faster execution and more powerful hardware, which would increase bandwidth and processing demands. It could pose challenges for individual stakeholders using consumer hardware.

In response to Cygaar's post, Adam Cochran, partner at Cinnehaim Ventures, x.com/adamscochran/status/1842987569514242105″ target=”_blank” rel=”noopener” data-wpel-link=”external”>described the EIP as “reasonable”. However, he highlighted the need for the gas limit for each block to remain the same to make it feasible for most users.

Additionally, the information sciences professor warned that the surge in lawsuits could hinder ethereum's long-term decentralization goals by making it difficult for everyday users to act as validators.

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