Ethereum will introduce new transaction format to reduce transaction fees

Recently, Vitalik, the founder of Ethereum, proposed a solution to temporarily alleviate the scalability problems and transaction fees of layer 2 before sharding.

Plans are already in the works for a near-term hard fork to introduce “blob-carrying transactions” that would improve Rollup’s scalability, Vitalik said. By implementing a format that will be used for sharding but not actually sharding transactions, this EIP will provide a workaround until the transaction format is used for sharding. With this new fork, Ethereum transaction fees could be reduced to a fifth of current levels by the end of 2022, Vitalik said.