Vitalik Buterin, co-founder of the Ethereum blockchain, is proposing EIP-4488 as a way to help reduce gas fees.
After highlighting concerns regarding the transaction fees on the Ethereum network, Buterin suggested the new EIP-4488, saying that it would “decrease transaction calldata gas cost, and add a limit of how much total transaction calldata can be in a block.”
In other words, EIP-4488 would limit the total transaction calldata, where data from external calls to functions are stored, before reducing the calldata gas cost to remove the possibility of breaking the network.
Check It Out: Vitalik Buterin Introduces EIP-4488 to Help Reduce Ethereum Gas Fees