|

Ethereum co-founder Vitalik Buterin calls for 33% increase in Gas limit

Ethereum co-founder Vitalik Buterin has advocated for a “modest” gas limit increase to potentially improve network throughput.

During a Reddit ask-me-anything (AMA) organized by the Ethereum Foundation’s research team on Jan. 10, Buterin noted that the gas limit has not been increased for nearly three years, the longest time ever in the protocol’s history.

“Honestly, I think doing a modest gas limit increase even today is reasonable,” said Buterin during the research team’s 11th AMA.

Buterin also made some brief calculations, saying this would imply an increase to around 40 million. The current gas limit is 30 million, according to Etherscan, so Buterin suggests an increase of 33%.

Chart

Ethereum average gas limit over time. Source: Etherscan

The average gas limit just after Ethereum’s genesis in 2015 was around 3 million, which has increased over time along with network usage and adoption.

The Ethereum gas limit refers to the maximum amount of gas spent on executing transactions or smart contracts in each block. Gas is the fee required to conduct a transaction or execute a contract on the blockchain.

A gas limit is set to ensure that blocks are not too large, which would impact network performance and synchronization. Validators can also adjust the gas limit dynamically within specific parameters as they produce blocks.

Increasing the gas limit allows more transactions into each block, which theoretically increases the overall throughput and capacity of the network. However, it also increases loads on hardware and the potential risk of network spam and attacks.

Average gas prices, or the cost of transacting on Ethereum, are currently around 35 gwei or $1.89, according to Etherscan. However, they have increased since the beginning of 2024 and are much higher for complex smart contract operations.

Network gas fees spiked to a 2023 high of 150 gwei in May due to the inscriptions craze. A gwei is a denomination of Ethereum that represents one billionth of a single Ether (ETH $2,642). In November 2023, Ethereum and Bitcoin users reignited the scalability debate as fees surged amid another round of inscriptions hype. 

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.