Ethereum’s Latest Programming Language Update could Potentially Reduce Gas Fees

Solidity Programming Language Updated to Version 0.8.20

The Solidity programming language is responsible for writing smart contracts that power various decentralized applications (DApps) on Ethereum. Ethereum recently underwent an upgrade to version 0.8.20, which includes several code enhancements that analysts believe will significantly reduce gas fees for users who rely on smart contracts for their decentralized finance (DeFi) or non-fungible token (NFT) operations.

Every transaction on Ethereum attracts a fee in ETH, which is measured in “gas” and varies based on the complexity and type of transaction. For example, the more complex a transaction is, the higher its gas fees. Smart contracts have higher gas fees than other transactions because they can be more complex and require more computation to process.

With the tweaks introduced to the Solidity programming language, features and improvements in the code stabilized the blockchain and made its smart contracts cost-effective. Developers released the PUSH0 operation code (opcode) in version 0.8.20, which allows developers to push a zero value onto the Ethereum Virtual Machine (EVM) stack for only two gwei. Previous versions of Solidity required three gwei to push a zero value onto the stack.

Although PUSH0 is a minor change, analysts say it could reduce the cost of contracts that frequently push zero values to the EVM stack, making smart contracts even more cost-efficient. Additionally, the opcode change provides a security advantage as it makes smart contracts less susceptible to “gas exhaustion attacks.”

Over the years, Solidity has become a popular programming language for anchoring smart contracts running on Ethereum. It is Turing complete, which means developers can use the language to create all types of smart contracts. As Ethereum finds widespread adoption, developers continue to refine Solidity to be more efficient in performance and gas consumption.

– Ethereum (GitHub)
– TradingView

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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