Amazon ElastiCache now supports Graviton3-based M7g and R7g node families. ElastiCache Graviton3 nodes deliver improved price-performance compared to Graviton2. As an example, when running ElastiCache for Redis on an R7g.4xlarge node, you can achieve up to 28% increased throughput (read and write operations per second) and up to 21% improved P99 latency, compared to running on R6g.4xlarge. In addition, these nodes deliver up to 25% higher networking bandwidth.
Source:: Amazon AWS