Ethereum developers are implementing Ethereum Improvement Proposal (EIP) 7742 to enhance network scalability in the upcoming Pectra fork. This proposal will allow the Ethereum consensus layer to dynamically adjust the blob gas target and maximum values for blob-carrying transactions. Blobs, introduced in the Dencun upgrade earlier this year, reduce costs for layer 2 transactions. EIP-7742 aims to increase the fixed blob count that Ethereum co-founder Vitalik Buterin indicated was reaching full capacity. The upgrade is expected to occur late this year or early 2025. An additional proposal may also reduce the maximum blob size from 2.7MB to around 1MB to free up more space. However, the shift to layer 2 solutions has resulted in Ethereum's mainnet revenue share plummeting, which could impact Ether's price significantly. Recent analysis shows that if the revenue split remains at 10:90 in favor of layer 2s, predictions for Ether's price could drop by 67%. Currently, Ether’s market price is $2,615, reflecting a slight decrease of 0.5% over the last 24 hours.

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