Ethereum developers Eric Connor and Mariano Conti have launched the Pump The Gas initiative to advocate for raising Ethereum’s long-static gas limit from 30 million to 40 million. They argue that this adjustment can help scale the Ethereum network and reduce transaction fees on layer 1.
Increasing the gas limit to 40 million could lead to a significant reduction in layer-1 transaction fees, estimated to be between 15% to 33%. This initiative aims to garner support from solo stakers, client teams, pools, and community members to implement the change.
The #pumpthegas hashtag has gained traction among Ethereum users, stakers, and DeFi investors, with some validators already proposing blocks with a 40-million gas limit. Ethereum co-founder Vitalik Buterin and other community members have expressed support for the gas limit increase.
The Ethereum gas limit determines the maximum amount of gas spent on executing transactions or smart contracts in each block. Gas is the fee required to conduct transactions or execute smart contracts on the network. Increasing the gas limit would enhance the network’s capacity to process transactions.
Some members of the Ethereum community, such as venture investor Evan Van Ness and developer Marius van der Wijden, have raised concerns about increasing the gas limit. These concerns include potential blockchain state size growth, slower access and modification of data, increased hardware loads, and the risk of network spam and attacks.
The Pump The Gas initiative seeks to raise Ethereum’s gas limit to 40 million to improve scalability and reduce transaction fees. While it has garnered support from various stakeholders, there are concerns within the community regarding the potential drawbacks of this adjustment. Ongoing discussions and evaluations are essential to assess the feasibility and implications of increasing the gas limit on the Ethereum network.
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