Ethereum developers are looking to ease transaction congestion and lower fees on the network through a proposed increase in the gas limit.
On March 20th, core Ethereum developer Eric Conner and MakerDAO’s former smart contracts lead, Mariano Conti, launched the “Pump the Gas” initiative. This website advocates for raising the gas limit on the Ethereum blockchain from 30 million to 40 million. Proponents believe this change could lead to a 15% to 33% reduction in layer-1 transaction fees.
The initiative has gained some early traction within the Ethereum community. The #pumpthegas hashtag is gaining momentum on social media, with Ethereum users, stakers, and DeFi investors showing their support. Additionally, a validator on the Rocket Pool staking platform even proposed a block with the proposed 40 million gas limit on March 20th.
The “Pump the Gas” effort builds upon earlier suggestions from Ethereum co-founder Vitalik Buterin. Back in January, Buterin proposed raising the gas limit from its current level, unchanged since August 2021, to 40 million. This proposal received backing from Ethereum developer Jesse Pollak, who emphasized the network’s capacity for such a change and the potential benefits for all users.
The gas limit on the Ethereum blockchain acts as a ceiling for the amount of “gas” used to execute transactions or smart contracts within a block. Gas itself represents the fee, paid in ETH, required to conduct these actions on the network. Each operation has a predetermined gas cost, and smart contracts have a set gas limit to prevent them from exceeding resource usage or creating infinite loops that could overload the network.
Scaling Through Limits and Blobs
The “Pump the Gas” website explains that raising the gas limit by 33% would allow the Ethereum layer-1 network to process a significantly higher transaction volume daily. While the Dencun upgrade’s EIP-4844 introduced “data blobs” to significantly reduce layer-2 transaction fees, layer-1 fees remain a concern. The website suggests that a combined approach of increasing the gas limit and utilizing data blobs could be the key to scaling both layer-1 and layer-2 solutions on Ethereum.
Not everyone is convinced by the proposed gas limit increase. Some, like venture investor Evan Van Ness, argue that raising the limit right after the block size increase through EIP-4844 might not be the best course of action. Additionally, Ethereum developer Marius van der Wijden previously expressed concerns about the potential impact on the blockchain state, which stores account balances and smart contract data. He cautioned that increasing the state size could lead to slower access and modification times, and there are currently no definitive solutions for managing state growth. Expanding the gas limit could also put additional strain on hardware and potentially increase the risk of network spam or attacks.
The proposal to raise the Ethereum gas limit presents a potential solution to the network’s congestion and high transaction fees. However, the debate highlights the need to carefully consider potential drawbacks before implementing such a change. The Ethereum community will likely engage in further discussions to weigh the benefits against the risks before reaching a consensus.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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