Ethereum Gas limit significantly increased! Transaction fees may plummet by 30%!
The future of Ethereum is on fire! As more and more validators join the ranks of those advocating for an 'increase in Gas limit', the Ethereum network is facing a major adjustment. According to the latest data, the proportion of validators supporting the increase in Gas limit has soared to 10%, a remarkable jump from just 1% at the beginning of December. You read that right, the Gas limit once broke 30 million, and everything is moving towards a higher target—36 million, or even higher!
Why increase the Gas limit?
Ethereum core developer Eric Connor and former smart contract lead of MakerDAO Mariano Conti have been pushing this issue, believing that raising the Gas limit could reduce transaction fees by 15% to 33%, which is undoubtedly an important optimization for high-demand applications on Ethereum. Meanwhile, Emmanuel Awosika, the creative director of 2077 Collective, also stated that increasing the Gas limit is an important signal to attract developers, especially when high-demand applications require substantial computation, as the current Gas limit can no longer support this.
But what are the hidden risks behind this?
Although the benefits of increasing the Gas limit are apparent, there have also been many warnings. Toni Wahrstätter from the Ethereum Foundation stated that an overly rapid increase could seriously threaten the network's stability and security. The website “Pump The Gas” itself also admits that if the Gas limit is too high, it may prevent individual node operators from validating data, thus impacting the goal of decentralization. Therefore, while raising the Gas limit is part of technological advancement, it needs to be approached with caution to avoid the risk of 'over-expansion' of the network.
This increase in the Gas limit, although it may bring about lower transaction fees and excitement among developers in the short term, will pose a long-term challenge for the Ethereum community on how to optimize performance while ensuring network decentralization. For investors and developers, closely monitoring this change and adjusting strategies in a timely manner is undoubtedly key to seizing future opportunities!
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