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With new updates rolling out on many blockchains, Ethereum’s community members are proposing an update within the network.

A new Ethereum Improvement Proposal (EIP-7781) was recently proposed by IllyriadGames’ CTO, Ben Adams, which will reduce the networks slot time from 12 seconds to eight seconds.

Additionally, the new EIP will increase transaction throughput by approximately 33% without increasing individual block or blob counts. To maintain network efficiency, the newly proposed EIP will distribute bandwidth usage over time to lower peak bandwidth requirements and maintain network efficiency.

The proposal by Adams caught the attention of Ethereum Foundation members, including Justin Drake. The Ethereum Foundation researcher supported the proposal, claiming it will increase the throughput by half, which is an effective increase to a 45M gas limit and 9 blob limit. 

The new proposal was commended by Drake claiming it roughly aligns “the proposed 40M gas limit by pumpthegas.org and the 8 blob limit by Vitalik and others.”

By reducing the slot time, Drake stated the new proposal will make decentralized exchanges (DEXes) like Uniswap 1.22x more efficient, which will save roughly $100 million in CEX-DEX arbitrage per year. 

Despite highlighting the benefits of the new EIP, Drake also warned about potential risks. He stated: “One downside of reducing slot times is that it will make timing games slightly more acute because of the slot-to-ping ratio decrease.”