🔥🔥🔥 #Ethereum co-founder #VitalikButerin calls for 33% increase in gas limit

During a Reddit Ask-Me-Anything (AMA) session organized by the Ethereum Foundation's Research Team on January 10, Ethereum co-founder Vitalik Buterin proposed a "modest" increase in the Ethereum gas limit, aiming to enhance network throughput.

Buterin pointed out that the gas limit had not been raised for almost three years, marking the longest period without an increase in the protocol's history. During the AMA, he suggested that a reasonable adjustment would be to raise the gas limit to approximately 40 million, compared to the current limit of 30 million, as reported by Etherscan. This implies a 33% increase.

The Ethereum gas limit defines the maximum amount of gas that can be utilized for executing transactions or #SmartContracts within each block. Gas serves as the fee required for conducting transactions or executing contracts on the Ethereum #blockchain​ .

The gas limit is crucial for maintaining optimal network performance and synchronization by preventing blocks from becoming overly large. Validators have the ability to dynamically adjust the gas limit within specific parameters as they produce blocks.

Increasing the gas limit theoretically allows more transactions to be included in each block, potentially enhancing the overall throughput and capacity of the network. However, it also raises concerns about increased hardware loads and the potential for network spam and attacks.

As of now, average gas prices on Ethereum are around 35 gwei or $1.89, according to Etherscan. These prices have been on the rise since the beginning of 2024, especially for complex smart contract operations.

Source - cointelegraph.com

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