Ethereum Developers Propose EIP-7732 to Boost Blockchain Efficiency
Release: 2024/07/05 18:30 Reading: 255
Ethereum Developers Unveil EIP-7732 to Revolutionize Blockchain Efficiency
Ethereum developers have introduced a new Ethereum Improvement Proposal (EIP-7732) that aims to significantly enhance the blockchain's speed and efficiency. This proposal aligns with Ethereum co-founder Vitalik Buterin's efforts to achieve faster transaction confirmation times.
EIP-7732: Groundbreaking Changes for Block Validation
EIP-7732 introduces innovative changes to the block validation process, dividing it into two distinct phases: consensus and execution. This approach, known as Enshrined Proposer-Builder Separation (EPBS), aims to streamline and optimize blockchain functionality.
At the core of EIP-7732 is the EPBS mechanism, which separates block creation into two roles: consensus proposer and execution proposer. The consensus proposer selects the execution proposer, who then creates a valid block with crucial information, such as payments and block hashes.
A specialized Payload Timeliness Committee (PTC) ensures that the execution proposer submits the block within a specified timeframe. This separation of duties reduces computational load on validators, enhancing network efficiency and speed.
Why EIP-7732 Matters
EIP-7732 addresses inefficiencies in the current Ethereum blockchain, where validators must perform both consensus and execution tasks simultaneously. This dual responsibility can lead to delays. By enabling validators to focus on consensus validation, EIP-7732 aims to mitigate these issues without compromising security or performance.
The proposal also promotes a trustless exchange between builders and proposers, ensuring payment and inclusion of valid blocks. This simplification enhances the overall user experience on the Ethereum network.
Celebrity Meme Coins Drive Pump.fun to Revenue Supremacy
Celebrity-inspired meme coins have propelled token launchpad Pump.fun to record-breaking revenue, surpassing the daily earnings of the Ethereum blockchain. This surge, driven by the popularity of these digital assets, has made Pump.fun the highest revenue-generating blockchain platform, according to DefiLlama data.
Pump.fun has attracted a growing user base, with 11,528 tokens deployed in a single day, bringing the total to over 1.1 million. The platform's cumulative revenue has exceeded $50.9 million.
The Celebrity Meme Coin Phenomenon
The celebrity meme coin craze began in late May, with high-profile figures launching their own coins on the Solana blockchain. This trend has drawn the attention of crypto enthusiasts seeking to replicate the success of celebrity-endorsed tokens.
Pump.fun's Advantage and Potential Risks
Pump.fun benefits from being built on the Solana blockchain, which offers lower transaction costs than Ethereum. However, this cost-efficiency also poses risks, as it reduces barriers for fraudulent schemes like rug pulls.
Pump.fun's Future and Security Concerns
As Pump.fun continues to grow, it must address potential security concerns and ensure a safe and reliable environment for its users. The platform's success will depend on its ability to sustain interest in meme coins while mitigating risks associated with lower-cost transactions.
Ethereum Whale Faces Liquidation
Amid market volatility, a significant Ethereum (ETH) whale faces the prospect of liquidation. The whale, who has taken a large long position on ETH, could lose over $30 million in borrowed crypto if Ethereum's price continues to decline.
Market Turmoil Impacts Ethereum and Bitcoin
Ethereum's recent decline mirrors the broader market trend, with the digital asset dropping by over 10%. Bitcoin's price decline has also influenced Ethereum's performance.
Market experts cite major players liquidating their Bitcoin holdings, as well as government sales of Bitcoin and Ethereum, as contributing factors to the downward pressure on prices.
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