- A Rocket Pool validator agrees to propose a block with a gas limit of 40 million.
- Updates such as “data blobs” could offer solutions to lower costs in Ethereum Layers 1 and 2.
To alleviate lingering concerns about transaction costs, the engineers behind Ethereum are implementing a strategy to expand the network’s processing capacity.
The initiative, dubbed “Pump the Gas” by its creators Eric Connor, a key Ethereum engineer, and Mariano Conti, formerly in charge of smart contracts at MakerDAO, proposes an increase in the gas limit from 30 million to 40 million.
Today, @nanexcool and I are launching an effort to help raise the Ethereum gas limit from 30mn to 40mn
This can result in a 15-33% reduction in L1 tx fees
We are calling on solo stakers, client teams, pools and community members to help#pumpthegas https://t.co/TYoyI35cle
— eric.eth (@econoar) March 19, 2024
This change promises to mitigate transaction fees on Ethereum’s first layer, with estimates suggesting a 15% to 33% reduction. The campaign seeks not only technical support, but also consensus from the broader Ethereum community, including customer teams, miners, and individual stakeholders, in a collective effort to implement this improvement, a good initiative as we have written about on ETHNews, previously .
Initial response to the #pumpthegascampaign has been positive, with the Ethereum community expressing support. Of particular note is the participation of a Rocket Pool validator, who has offered to propose a block that runs on a gas limit set to 40 million, a sign that the proposal is gaining traction.
I'm not in favor of raising mainnet gas limit *today* as 4844 just raised the block size
But I see attacks on two Ethereum heroes @nanexcool and @econoar
That's not cool. You can disagree without making it personal https://t.co/6J0bOik3Sb
— Evan Van Ness 🧉 (@evan_van_ness) March 20, 2024
The gas limit is usually limiting on the Ethereum network, dictating the maximum number of transactions that can be processed in a specific block. By raising this limit by 33%, we anticipate not only an increase in the volume of transactions the network can handle, but also an overall improvement in the efficiency and security of the system.
Additionally, other updates are being explored, such as “data blobs,” which promise to offer long-term solutions to transaction costs in both Ethereum’s first and second layers.
