In an effort to enhance the scalability of the Ethereum blockchain network, developers have introduced a new initiative to raise the gas limit. The goal is to increase the limit from 30 million to 40 million, which is expected to reduce transaction fees on layer 1. The initiative, called “pump the gas,” was launched by core Ethereum developer Eric Connor and former head of smart contracts at MakerDAO Mariano Conti. They have called upon solo stakers, client teams, pools, and community members to support this endeavor. The hashtag #pumpthegas has already gained traction among Ethereum users, stakers, and DeFi investors.
This push to increase the gas limit has been gaining momentum in recent months. Ethereum co-founder Vitalik Buterin proposed raising the gas limit from 30 million to 40 million in January. Jesse Pollak, a base contributor, expressed strong support for this increase, stating that it would benefit all parties involved. The gas limit refers to the maximum amount of gas used for executing transactions or smart contracts in each block. Gas is the fee in ETH required for conducting transactions or executing smart contracts on the network.
The website for the initiative explains that each operation has a predefined gas cost, and contracts have a gas limit that cannot be exceeded during execution. This prevents malicious contracts from overwhelming the network with infinite loops or excessive resource consumption. Increasing the gas block limit by 33% would allow Layer 1 Ethereum to process 33% more transaction load in a day. Additionally, the website suggests that the combination of data blobs introduced in the Dencun upgrade with EIP-4844 and the gas limit increase can help scale both Layer 1 and Layer 2 Ethereum.
However, not everyone is in favor of this adjustment to the network. Venture investor and Ethereum advocate Evan Van Ness voiced his opposition, citing concerns about the recent increase in block size. Earlier this year, Ethereum developer Marius van der Wijden also expressed reservations, particularly regarding the potential impact on the size of the blockchain state and the potential risks associated with increased loads on hardware, network spam, and attacks.
Overall, the initiative to raise the Ethereum gas limit aims to improve the scalability and efficiency of the network while reducing transaction fees. It has garnered support from various stakeholders, but there are also valid concerns to consider. As the development and implementation of this initiative progress, it will be crucial to address these concerns and ensure the long-term sustainability of the Ethereum blockchain.