- Vitalik Buterin calls for a decentralized protocol to enhance L2 asset transfers.
- Buterin proposes prioritizing token transfers and Ethereum Name Service enhancements.
- He emphasizes the need for improvements in security and decentralization between L1 and L2.
Vitalik Buterin, co-founder of Ethereum, recently called for the development of a standardized decentralized protocol to facilitate smoother asset transfers across Layer 2 (L2) solutions within the Ethereum ecosystem.
In a tweet, Buterin emphasized the importance of integrating this protocol into common wallet interfaces. He argued that prioritizing foundational infrastructure should be a focus before delving into more intricate features. Notably, Buterin highlighted the need to enhance the user experience within the L2 space, aiming to achieve a level of cohesion comparable to Layer 1 (L1).
Buterin proposed a method to identify functionalities that are straightforward on L1 but become more complex on L2s. He suggested prioritizing the standardization and infrastructure development of essential features like token transfers, Ethereum Name Service (ENS) integration, and critical modifications to smart contract wallets.
Furthermore, Buterin acknowledged the disparity in security and decentralization between L1 and L2 solutions. He noted that L1 benefits from established light clients and a proven track record of stability, while L2 solutions are still under development in these areas.
The Ethereum co-founder also advocated for advancements in proof systems, particularly urging the adoption of stage 1 roll-ups. This initiative aims to bolster the security and operational consistency of L2 networks, ultimately leading to a more robust and functional Ethereum ecosystem.
In a separate development, Buterin recently submitted a new Ethereum Improvement Proposal (EIP) known as EIP-770. This proposal focuses on optimizing transaction costs within the Ethereum network. It proposes a new gas class specifically for transaction calldata.
Calldata, in the context of Ethereum, refers to the data transmitted to smart contracts during transaction execution. The introduction of a dedicated gas type for calldata signifies that the Ethereum network would assign distinct costs to the data included in transactions, separate from the costs associated with executing smart contract code or data storage
As of the latest update, the price of Ethereum (ETH) has witnessed a significant uptick, climbing over 17% in the past 24 hours. The current trading price sits at $3,658. This bullish trend is further amplified by a substantial 244% increase in trading volume, suggesting the potential for continued momentum. It’s important to note that during this period, ETH reached a high of $3,719.25 and a low of $3,078.06.
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