Ethereum co-founder, Vitalik Buterin, suggests a modest 33% increase in the gas limit during a Reddit AMA hosted by the Ethereum Foundation's Research Team. The current gas limit of 30 million, unchanged for almost three years, prompts Buterin to advocate for a timely adjustment to around 40 million.
Ethereum average gas limit over time. Source: Etherscan
The Ethereum gas limit, crucial for transaction and contract execution, has evolved since the network's genesis in 2015. Initially set at 3 million, it has adapted to network growth. This limit defines the maximum gas allowable per block, ensuring optimal network performance and synchronization. Validators have the flexibility to dynamically adjust it within defined parameters while producing blocks.
Buterin's proposal aims to enhance network throughput by accommodating more transactions in each block. However, this move introduces potential challenges, including increased hardware loads and susceptibility to network spam and attacks. Average gas prices currently hover around 35 gwei or $1.89, with a noticeable surge since the beginning of 2024, particularly for complex smart contract operations.
Gas fees experienced a notable spike in May 2023, reaching a high of 150 gwei due to inscriptions hype. The Ethereum community reignited the scalability debate in November, driven by soaring gas fees amid renewed inscriptions enthusiasm.
In summary, Vitalik Buterin's call for a 33% gas limit increase reflects a nuanced attempt to balance enhanced throughput against potential challenges. Ethereum users continue to grapple with fluctuating gas fees, emphasizing the ongoing importance of scalability discussions.
Cryptocurrency valuations fell in early August amid concerns about the outlook for the U.S. economy and broader financial market volatility. Ethereum underperformed, likely due to increased positioning in the futures market and selling by a few large holders.
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JinseFinanceFor nearly two years, between Jan. 2021 and May 2022, the average gas fee required by the Ethereum network was roughly $40, with May 1, 2022 recording the highest average daily gas cost of $196.638.
CointelegraphInterestingly, Ethereum has not reclaimed its all-time high against Bitcoin since June 2017 despite the NFT craze.
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