Ethereum Community Calls for Gas Limit Increase to Reduce Transaction Fees
Ethereum angel investor Eric Conner and former head of smart contracts at MakerDAO, Mariano Conti, are advocating for an increase in the gas limit on Ethereum. They believe that raising the gas limit could reduce transaction fees by 15-33%, offering significant benefits to users on the network.
The Call for Help
Conner took to Twitter to call on solo stakers, client teams, pools, and community members to support the initiative. He emphasized that it is a simple process for stakers to set flags in their execution and consensus clients to help increase the gas limit.
Conner also shared a link to a website called “Pump The Gas,” which provides information on how solo stakers can take action and increase the gas limit immediately.
The Proposed Increase
The website advocates for raising the gas limit from 30 million to 40 million, stating that this increase of 33% would enable Layer 1 Ethereum to process 33% more transaction load in a day. The goal is to lower gas fees on L1 and improve the overall user experience.
Support from Vitalik Buterin and Coinbase
Ethereum co-founder Vitalik Buterin previously suggested this level of increase during an Ask-Me-Anything session on Reddit in January. Jesse Pollak, Coinbase protocols lead, also expressed strong support for the change.
Skepticism and Concerns
While there is enthusiasm for increasing the gas limit, some community members have raised concerns about potential drawbacks:
- Marc Zeller, founder of the Aave Chan Initiative, believes that increasing the gas limit may not effectively reduce transaction fees or staker revenue. He suggests that it could lead to network bloat and potentially more burned ETH.
Hot Take: Balancing Efficiency and Security
As the Ethereum community discusses the potential increase in the gas limit, it is essential to strike a balance between efficiency and security. While reducing transaction fees is a priority, it is crucial to consider the long-term implications for the network. By carefully weighing the benefits and drawbacks, the community can make an informed decision that optimizes both user experience and network stability.
Source: TheBlock
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