Ethereum developers launch “pump the gas” campaign to raise gas limit
@sanor016
Core Ethereum developers have started the “pump the gas” campaign to raise the blockchain’s gas limit from 30 million to 40 million.
The initiative aims to reduce transaction fees on its primary layer by 15% to 33%, as announced on March 20. The idea stems from Eric Connor, a key Ethereum developer, and Mariano Conti, former head of smart contracts at MakerDAO, via a newly established website for the initiative.
Their objective is to accommodate a 33% greater transaction volume daily on Ethereum, potentially reducing layer-1 transaction fees significantly.
Central to the campaign is the conern that while data blobs introduced in the Dencun update via EIP-4844 have successfully reduced layer-2 transaction prices, layer-1 fees have remained unchanged.
The developers are of the opinion that by increasing the gas limit and utilizing data blobs, scaling for both layer-1 and layer-2 networks might be greatly improved.
Crypto.news reached out to Connors for further insights but didnot hear back.
Gas, measured in gwei (a fraction of Ether), is used to complete transactions or execute smart contracts. As such, the gas limit is a crucial parameter for the Ethereum network.
It determines the maximum amount of gas that can be used for transactions or smart contracts in a block. Since August 2021, the limit has been set at 30 million.
Gas limit standardization guarantees that block sizes are kept at a manageable level, thus maintaining network speed and synchronization.
When new blocks are formed, validators can dynamically modify these limits depending on certain criteria.
The idea behind raising the gas limit is that it allows for more transactions per block, which will make the network faster and more capable.
However, this also means an increased demand for hardware resources, leading to greater risks of network spam and vulnerability to attacks.
