Ethereum May Raise Gas Fee Limit to 33%

Ethereum May Raise Gas Fee Limit to 33%

According to Vitalik’s perspective, it is deemed necessary to increase the maximum gas limit per block by 33%. With the current figures, this proposal would raise the gas limit from 30 million to 40 million gas.

@VitalikButerin just posted his support for an immediate 33% gas limit increase pic.twitter.com/qBD7vdd9e0

— storm (@notnotstorm) January 10, 2024

This proposal essentially aims to expand the size limit for a block on Ethereum, potentially accommodating more transactions. However, conversely, the network would face the risk of spam transactions, impacting the stability of transaction fees on the network.

The most recent instance of the Ethereum network raising the gas limit in a block was in August 2021, coinciding with the implementation of the EIP-1556 upgrade.

Swiftly, the proposal has sparked numerous noteworthy discussions on social media platform X. Some opinions suggest that this is a necessary proposal to encourage the migration of activities from Layer-2 back to Layer-1.

Ethereum execution layer has been in a weird middle ground imo, should prob either:

– Commit to making it better, increasing gas, more client optimization work, statelessness, etc, or

– Yeet everyone off the L1, low gas, extend 30 second block times, etc, Celestia-style

— Jon Charbonneau (@jon_charb) January 10, 2024

The Settlement Layer of Ethereum is currently at a crossroads. They are weighing the option of bringing activities back to Layer-1 (by raising the gas limit, diversifying clients, going stateless, etc.) or moving everything away from Layer-1 (with lower gas fees, longer block times, and integration akin to Celestia). – Shared by Jon Charbonneau’s account.

However, representatives of current popular Layer-2 solutions argue that expanding this block limit proposal would be a beneficial step for all parties involved.

@VitalikButerin just posted his support for an immediate 33% gas limit increase pic.twitter.com/qBD7vdd9e0

— storm (@notnotstorm) January 10, 2024

The late stages of 2023 and early 2024 witnessed numerous posts and new proposals from Ethereum’s founder, Vitalik. Prior to this, the founder had suggested various approaches for implementing Single-slot Finality and concurrently disclosed the roadmap for Ethereum in 2024.