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Some practical solutions to reduce Ethereum (ETH) gas fees

The evolution of the Ethereum blockchain has been the subject of much debate for several months. For some people, if the blockchain evolves, it will lose its current characteristics, which will prevent the creation of new decentralized applications. They fear the relatively high gas costs. However, according to statistics, if Web3 becomes widespread, gas costs will be greatly reduced. But until that solution materializes, according to a report by YChartsthe average gas price on Ethereum (ETH) is around 146 Gwei.

Options to reduce gas fees on Ethereum (ETH)

What action can be taken to reduce gas costs on the blockchain Ethereum? Although there are a multitude of possible strategies, the majority essentially boil down to the creation of a layer 1 blockchain which will be different from the main blockchain. However, another solution exists. It consists of tackling the problem by creating a layer 2.

Layer 2 is a technology that works on the basis of an underlying blockchain protocol to improve its scalability and efficiency. These layers operate on the basis of relatively complex mathematical formulas that allow transactions to be validated securely. The fact remains, however, that Layer 2 is one of the best options on the market.

There exists a large set of layer 2 protocols through which ETH users can reduce gas fees to a bare minimum. Examples include Zero-Knowledge Rollups, Optimistic Rollups, and Plasma, among others.

The use of meta-transactions

While it is possible to reduce gas costs in theory, in practice it is not so simple. It is for this reason that professionals recommend use meta-transactions without gas. They help get things done by providing the ability for users to transact on the public blockchain with zero transaction fees.

However, with meta-transactions, there is a constraint to overcome: the signature of the operations. In fact, each user is required to authenticate his transaction. But in this case, the transaction involves the intervention of a third-party intermediary. This third party removes complexities by handling transactions comprehensively. He pays the gas bills and it completes transactions by sending them to a receiving address.

All techniques are good for reducing gas fees on the Ethereum (ETH) blockchain. Professionals are thinking about setting up new formulas that will help reduce the difficulties of blockchain users. For example, they think about using meta-transactions.

Source: Cointelegraph

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Source: Cointribune

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