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Ethereum Improvement Proposal 1153 is set to change the way Ethereum (ETH) blockchain processes the data. As a more advanced storage function, it will make the second largest blockchain more gas efficient than ever before.
Here's how Ethereum (ETH) becomes more gas efficient with EIP-1153
Uniswap v4, a much-anticipated release by the world's most popular DEX Uniswap, will rely on EIP-1153 "Transient Storage Opcodes," the new thread says. Therefore, it will allow traders and liquidity providers to save on gas fees.
1/ EIP-1153 will be a huge step forward for Ethereum and we hope to see in the next hard fork 🌴
— Uniswap Labs 🦄 (@Uniswap) July 11, 2023
Among other things, it saves gas on transactions — making it better for all dapps, including v4.
Let’s dive into it:
The upgrade is designed to change the manner in which the blockchain writes and erases data about transactions happening between accounts. Instead of writing to storage and clearing it before the transaction is over, smart contracts will now be able to leverage "transient storage," a completely new data mechanism. Its activation will take place with the addition of some new opcodes.
Transient storage is a cheaper and more streamlined instrument for data management. It also enables a couple of new use cases for Ethereum (ETH) and EVM ecosystem dApps.
For instance, in Uniswap v4, all liquidity pools will be held in one smart contract. This will make liquidity logistics between various pools faster and cheaper.
Instead of transferring assets between pools, the system will only change net balances with cross-asset swaps.
EIP-1153 to be activated after Cancun upgrade
As covered by U.Today previously, "Transient Storage Opcodes" are among the most anticipated additions to Ethereum's (ETH) network design.
The Ethereum Cancun upgrade that features major improvements to Ethereum's (ETH) design is expected to be activated in Q4, 2023. Besides EIP-1153, it will include a new "pay" opcode, advance memory efficiency, re-camp call instructions and so on.
With EIP-4844, Ethereum (ETH) fees are expected to drop by 100x, per the estimations of long-term Ethereum (ETH) ecosystem enthusiasts.