according to the website - By crypto.news
The proposal for on-chain gas futures aims to make transaction fees on Ethereum predictable for large users and enterprises by locking in gas prices in advance.
According to a recent statement, Ethereum co-founder Vitalik Buterin proposed a new on-chain gas futures market designed to address the problem of unpredictable transaction fees in the network.
The proposal is based on allowing users to purchase a certain amount of gas at a fixed price for future use, rather than paying variable fees that depend on real-time network congestion. According to the details of the proposal, the system will allow users to lock in transaction costs in advance.
According to the proposed scheme, futures contracts will be traded directly on the network, and prices will reflect market expectations regarding future demand on the network. The proposal states that with expected growth in demand, futures prices will rise, and with a decrease in demand, they will fall, creating a market indicator of upcoming activity on the network.
The structure is based on the foundation laid in EIP-1559, which introduced the Ethereum base fee mechanism. According to the proposal, the futures market will expand this system rather than replace it.
The goal of the mechanism is to provide cost certainty for large network users, including exchanges, custodians, wallets, and automation services. According to industry observers, these organizations often face disruptions due to sudden spikes in gas fees.
The proposal states that for developers, the system will provide a stable environment for planning upgrades and managing deployments, unaffected by sudden spikes in fees. Predictability may also eliminate barriers for businesses integrating Ethereum into payments, verification, or data processing workflows.
At the network level, the futures market will send economic signals for decision-making regarding scaling and resource allocation. According to the proposal, rising futures prices will indicate increased demand for the blockchain, while falling prices will indicate decreased demand.
Buterin stated that the proposal is not aimed at reducing gas fees but at increasing their predictability by converting variable costs into manageable, predictable expenses. This change represents a shift in the economic structure of Ethereum, moving from short-term fee volatility to stable, forward-looking pricing mechanisms.
The proposal has not yet been officially presented as an Ethereum improvement proposal, and the timeline for its implementation has not been announced.
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