TL;DR
- Ethereum core developers drive “Pump the Gas” campaign to increase gas limit to 40 million.
- The goal is to reduce transaction fees on Ethereum layer 1 by 15% to 33%.
- As Ethereum seeks to improve scalability, some critics are raising concerns about potential negative impacts on network performance.
The Ethereum community is tackling a major initiative to boost scalability and reduce transaction fees on the blockchain network.
Led by key developers such as Eric Connor and Mariano Conti, the “Pump the Gas” campaign has been launched, seeking to increase Ethereum’s gas limit from 30 million to 40 million.
The gas limit in Ethereum is crucial as it determines the maximum amount of gas that can be spent executing transactions or smart contracts in each block of the chain.
With the proposal to increase this limit, it is expected to be able to process a greater volume of transactions on Ethereum layer 1, which could result in a significant reduction in transaction fees, estimated between 15% and 33%.
The “Pump the Gas” campaign has gained momentum with support from prominent figures such as Vitalik Buterin, co-founder of Ethereum, who previously suggested increasing the gas limit to 40 million in January.
Interestingly, not everyone on Ethereum is completely in favor of this proposal
Some critics, including developers such as Marius van der Wijden and Evan Van Ness, have raised concerns about possible negative consequences, such as the impact on network performance and the growth of the state of the blockchain.
Increasing the gas limit also poses technical challenges, such as increasing the load on network hardware and the potential risk of spam and external attacks.
However, campaigners argue that overall, this change could be beneficial in improving Ethereum’s scalability and reducing transaction fees for users.
The “Pump the Gas” campaign represents a significant effort within the Ethereum community to address scalability challenges and improve network efficiency.
Although facing some criticism and concerns, the push towards a gas limit increase reflects the community’s continued commitment to the growth and evolution of Ethereum as a leading platform in blockchain technology.
