EIP-7706 aims to reduce gas fees for transactions with a large amount of calldata but minimal on-chain computations.
Ethereum co-founder Vitalik Buterin has introduced a new draft of the Ethereum Improvement Proposal, EIP-7706, to include a new type of gas for the transaction “calldata” and integrate the three gas types into a coordinated system.
Ethereum transactions currently encompass two main types of gas: one for execution, which covers the computational effort required to process a transaction, and one for storage, which is the cost of storing data with blobs (introduced in EIP-4844). Buterin’s proposal suggests creating a third type of gas specifically for calldata.
Unveiling EIP-7706
EIP-7706 introduces a separate fee market for calldata. This means that the Ethereum network will charge specific fees for the data transferred in transactions. These costs will be distinct from the costs associated with executing contract code or storing data. The aim is to reduce gas fees for transactions with a large amount of calldata but minimal on-chain computations.
Furthermore, the proposal introduces a new transaction type incorporating three variations of maximum base fees and priority fees as a vector. This allows the same code paths to handle all three types of gas. The proposal aims to simplify basefee adjustment rules by unifying the methodology for all three gas types and ensuring that the more robust mathematical features of the EIP-4844 basefee adjustment algorithm apply to all three gas types.
This EIP-7706 was introduced just days after Buterin, along with co-authors Sam Wilson, Ansgar Dietrichs, and Matt Garnett, proposed improvements to account abstraction in EIP-7702.
According to CryptocurrenciesToWatch (CTW), Vitalik Buterin introduced EIP-7702 last week. Positioned as an alternative to EIP-3074, EIP-7702 aims to enhance user interaction with the Ethereum blockchain. It allows regular accounts to temporarily function like smart contracts for a single transaction, offering greater flexibility and security.
This advancement could simplify gas fee management and transaction batching, improve security, and result in a more user-friendly experience.