Ethereum: Vitalik Buterin Offers Gas Futures to Cut Fees

Fee business. Since its launch in 2015, the Ethereum network has experienced many times of congestion, and these periods have led to a drastic increase in transaction feesmaking the network unusable for many users. To overcome this problem, Vitalik Buterin would consider creating a gas futures market and explained this on social media this weekend.

Vitalik Buterin offers gas futures

In 2021, the Ethereum network witnessed an explosion usedriven mainly by the emergence of DeFi and NFT.

Unfortunately, this increase in usage led to ka significant network congestionwith transaction fees reaching record highs summits. And more often than not, it ends up doing just that Ethereum impractical for many small users.

Although the situation has improved since then, the network is still vulnerable rises periodicals from transaction fees.

Faced with this recurring problem, Vitalik Buterinco-founder of Ethereum, proposed an innovative solution: the creation of a gas futures market.

In a post published on X, he explains that this marketplace would allow users to do just that protect against future fluctuations in transaction fees :

“We need a reliable and decentralized gas futures market on the blockchain. (For example, a predictive market on BASEFEE) I heard: “Fees are low today, but how will they be in two years?” You say they will stay low thanks to increased gas limits with BAL, ePBS and later ZK-EVM, but can I trust you? » A blockchain gas futures market would solve this problem: users would have a clear idea of \u200b\u200bexpectations of future gas costs and they could even hedge against these price fluctuations and thus pay in advance the exact amount of gas for a given period ».

Vitalik Buterin, co-founder of Ethereum – Source: Account

On the market traditionalTHE futures contracts allows you to buy or sell an asset at a predetermined price at a future date. In the case of Ethereum, these contracts would apply gasi.e. transaction fees.

The idea is still in the project phase

Specifically, it would allow users to lock in the price for your future transactions. So even if transaction fees were to increase, they wouldn’t affected.

This solution would be particularly useful for decentralized applications (dApps) and DeFi protocolswhich rely heavily on Ethereum. So you could plan your own costs functional and avoid disorders caused by it fluctuations transaction fees.

Although the idea is seductiveis currently only in status concept and many challenges techniques AND economic remains to be resolved before such a market can be implemented.

In addition, it will also be necessary to ensure this walk it does not create new forms speculation which paradoxically could worsen overload problems.

Regardless, this proposal from Vitalik Buterin once again shows his desire to constantly improve Ethereum and find innovative solutions problems encountered by the network just a few days later Fusaka update.