Vitalik’s New Proposal for ‘Multidimensional Gas Pricing’

TL;DR

• Vitalik just proposed a change to the gas pricing model for Ethereum to make it fairer for those all Ethereum transactions.

Full Story

Last week, Vitalik Buterin (i.e. ‘ETHdaddy’) wrote an article entitled: Multidimensional gas pricing

(And no, it’s not about how cheap California’s gas prices are in different dimensions…)

It’s a proposal for a new way to structure Ethereum’s gas fees (aka transaction fees).

The basic premise is this:

Multidimensional gas on Ethereum would distinguish between different categories of effort required to complete different types of transactions.

For example, different gas fees might be charged for transactions related to Ethereum NFTs, compared to crypto transactions for ETH.

Some people on Twitter have said that this sounds eerily similar to Solana’s ‘local fee markets’ solution where gas fees are calculated on a per-account basis, project by project - meaning that if there’s huge demand for a certain NFT, gas fees would only spike for those who are looking to purchase that NFT, not all transactions on the blockchain.

But here’s our take in a nutshell:

Learning from other blockchain projects, taking the good parts and leaving the bad is a winning formula.

(Web2 companies literally do it all the time!)

As long as innovation continues, we’ll take it.

Happy Monday!