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Solidity Ethereum update

Ethereum’s Programming Language Updated, Here’s Why Gas Fees May Drop

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Solidity programming language used to write smart contracts powering various decentralized applications (DApps) on Ethereum was recently upgraded to version 0.8.20.

Solidity Updated To Version 0.8.20

Analysts observe that several code enhancements following this update could significantly help slash gas fees for users relying on smart contracts for their decentralized finance (DeFi) or non-fungible token (NFT) operations.

In Ethereum, every transaction, including simple transfers, attracts a fee in ETH. The fee paid is measured in “gas” and varies depending on the complexity and type of transactions. 

Related Reading: Cardano Founder Charles Hoskinson Slams Ethereum Classic As “A Fraudulent Project With No Vision”

To illustrate, the more complex a transaction is, the higher the gas fees. This is because more computation is required to process a complex transaction. Meanwhile, some transactions, such as those involving smart contracts, have higher gas fees than others. It is because smart contracts can be more complex and require more computation to process.

Ethereum Price on May 22| Source: ETHUSDT On Binance, TradingView
Ethereum Price on May 22| Source: ETHUSDT On Binance, TradingView

Following tweaks to the Solidity programming language, introducing features and improvements in the code further stabilized the blockchain and made its smart contracts cost-effective. Specifically, developers released the PUSH0 operation code (opcode) in version 0.8.20.

PUSH0 Opcode Change To Reduce Gas Fees Over Time

The PUSH0 operation code in Solidity 0.8.20 allows developers to push a zero value onto the Ethereum Virtual Machine (EVM) stack for only two gwei. This is a significant improvement over previous versions of Solidity, which required three gwei to push a zero value onto the stack. 

Analysts say this opcodes change would be helpful for Ethereum developers and even help reduce gas fees over time. Specifically, though analysts say PUSH0 is a minor change, this update could reduce the cost of contracts that frequently push zero values to the EVM stack, making smart contracts even more cost-efficient. 

At the same time, there is a security advantage because it makes smart contracts less susceptible to “gas exhaustion attacks.” In Ethereum, a “gas exhaustion attack” is a denial of service that targets smart contracts. Herein, the attacker repeatedly sends transactions to a smart contract that consumes a large amount of gas until it runs out of gas, rendering it unusable.

Related Reading: Former Paxful Founder: Ethereum Is A Drain And Drag On Bitcoin

Over the years, Solidity, though a new programming language, continues to be popular, anchoring smart contracts running on Ethereum. It is Turing complete, meaning developers can use the language to create all types of smart contracts.

However, as Ethereum finds widespread adoption, developers continue to refine Solidity to be more efficient in performance and gas consumption.

Feature Image From Canva, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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