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Ethereum’s longest gas limit freeze prompts Buterin’s call for change

Ethereum

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TL;DR

  • Vitalik Buterin suggests a 33% gas limit increase to tackle Ethereum congestion.
  • The rise in the gas limit can boost Ethereum throughput but also poses security concerns.
  • High gas fees prompt the Ethereum community to address scalability challenges.

In an Ask-Me-Anything (AMA) session held on Reddit, Ethereum co-founder Vitalik Buterin advocated for a 33% increase in the Ethereum gas limit to enhance network throughput. 

Buterin’s proposal comes after nearly three years of the gas limit remaining unchanged, marking the longest period of stability in the protocol’s history.

Buterin’s Gas Limit Increase Proposal

During the 11th AMA organized by the Ethereum Foundation’s Research Team, Vitalik Buterin proposed a “modest” gas limit increase. He calculated that this adjustment should raise the current gas limit of 30 million to around 40 million. While seemingly moderate, this increase carries significant implications for Ethereum’s network performance.

The significance of the gas limit

The Ethereum gas limit refers to the maximum amount of gas that can be expended on executing transactions or smart contracts within each block. Gas is the fee required for conducting any transaction or executing a contract on the Ethereum blockchain

Setting a gas limit ensures that blocks do not become excessively large, which could negatively impact network performance and synchronization. Validators can dynamically adjust the gas limit within predefined parameters as they produce new blocks.

Impact on Ethereum  network throughput and capacity

The proposed gas limit increase of 33% holds the potential to significantly enhance Ethereum’s network throughput and capacity. By allowing more transactions to be included in each block, the network can theoretically process more transactions per unit of time. 

This change could address the ongoing congestion and high gas fees that users have been facing.

However, it’s crucial to acknowledge the potential challenges associated with increasing the gas limit. While this move can enhance transaction throughput, it also imposes heavier loads on network hardware.

 Additionally, there is an increased risk of network spam and potential security vulnerabilities, as attackers may exploit the larger block size to mount various attacks.

Current gas fees and trends

Currently, average gas prices on the Ethereum network stand at approximately 35 gwei or $1.89, according to Etherscan. Gas fees have been on the rise since the beginning of 2024, particularly for complex smart contract operations.

 In May 2023, during the inscriptions craze, network gas fees reached a high of 150 gwei, underscoring the importance of addressing scalability issues and gas limitations.

Ethereum’s scalability challenges have been a recurring topic of discussion within the cryptocurrency community. High gas fees and network congestion have raised concerns among users and developers alike. 

November 2023 witnessed another surge in gas fees, reigniting the scalability debate as users grappled with the impact on transaction costs and overall network performance.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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