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Vitalik Buterin has suggested raising the gas limit on the Ethereum network by one-third, believing this adjustment will enhance its throughput. However, this view is not universally shared among developers, particularly as the network is on the verge of updating its account abstraction standard to decrease gas usage.
In an AMA session on Reddit, Vitalik Buterin, Co-Founder of Ethereum, noted that the gas limit has not been raised for nearly three years, marking the longest duration in the protocol’s history without an increase.
Vitalik asserted that an increase in the gas limit would lead to a considerable enhancement in network capacity. After conducting calculations, he indicated that the ideal gas limit at present is 40 million. According to Etherscan data, the existing gas limit stands at 30 million, meaning Vitalik’s proposal entails a 33% increase.
The gas limit on Ethereum dictates the maximum gas that can be consumed for executing transactions or smart contracts within each block. At the inception of the blockchain network in 2015, the average gas limit was approximately 3 million and has steadily risen since then.
Some developers within the blockchain community have labeled Vitalik’s proposal as excessive and imprudent. Marius Van Der Wijden, a member of the Ethereum core development team, elaborated on why the suggested increase in the gas limit could adversely impact the blockchain’s performance. He mentioned that it would enlarge the size of the blockchain’s full version, which includes account balances and smart contract information, thereby prolonging synchronization times and diminishing client diversity.
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Another Ethereum developer, Peter Szilagyi, concurs with Marius, stating that while increasing the gas limit theoretically enhances the overall throughput and capacity of the network by permitting more transactions in each block, it also places additional strain on equipment and raises the risk of DDoS attacks on the network.
Importantly, Buterin’s proposal arises during the Ethereum Foundation’s preparations for modifications to the blockchain network’s account abstraction standard (ERC-4337). The forthcoming update aims to lower gas expenses on the Ethereum network for Layer 2 protocols.
This update will enable users to utilize various types of transaction signatures and pay for gas through multiple methods. This strategy will facilitate more precise estimations of the gas required and lower costs, particularly on Layer 2 networks, as these modifications will reduce the data volume.
The Ethereum Foundation intends to roll out the update at the end of February this year, commencing with a security audit.
As a point of reference, Etherscan data indicates that as of 14:00 (GMT+2) on January 12, the average transaction cost on the Ethereum network is $1.34. Gas fees on the network reached their peak at the end of 2023 due to the excitement surrounding EVM Inscriptions.
The roadmap for the Ethereum blockchain network for 2024 was recently revealed, with Vitalik Buterin discussing Ethereum’s non-financial potentials.
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