Ethereum's Vitalik Buterin Proposes Gas Limit Increase

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Quote from: icalical on January 12, 2024, 07:22:26 AM

This Gas Limit Increase seems like just formality just to continue the 'tradition', because it has been happening before and it hasn't been done again in the last three years Vitalik think that it should be done. I am not an expert in Ethereum blockchain but I think increasing Gas Limit will not help solve the current ethereum biggest issue, which is transaction fee. IMHO, Ethereum should focus on developing a Layer 2 that can reduce the transaction fee significantly.

Not a formality but rather this is a permanent increase on the base fee. You are pertaining to the transaction fee from dapps and not the regular fee for a normal transaction since ETH fee is still can be low. Those dapps like DEX are the one that charge high fee than the average fee suggested on the Eth blockchain that’s why the fee become high. Making this update makes the fee worst for them which probably the intention is to reward more the validators after they convert to PoS protocol.

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Quote from: jrrsparkles on January 11, 2024, 11:38:25 AM

(...)I guess this is a welcome update for the Ethereum users and it may reduce the gas fee further which is good because the high fee is the most criticized factor of the Ethereum network so now my question is how much the gas fee will reduce if the limit increased by 33%?

I don't really believe this will help reduce gas fees to a level that makes everyone happy, given the volume of usage across the ecosystem and especially if there is a large shift towards altcoins. Otherwise, network congestion will occur again, and confirmation fees will become challenging for many people. But in general this is a decentralized environment and acceptance is mandatory, still admitting that ETH's changes are also quite positive, I can ignore fees and accept that the profit that can be achieved is I ponder the reasons for holding ETH.

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Quote from: jrrsparkles on January 11, 2024, 11:38:25 AM

[...]so now my question is how much the gas fee will reduce if the limit increased by 33%?

Nobody can tell I guess. It could decrease under the assumption that network interactions remains constant while the gas limit increases. What would happen then if the network traffic increases too? It will be the same case with what's happening now and prior to the increase nearly three years ago.

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Quote from: jrrsparkles on January 11, 2024, 11:38:25 AM

I guess this is a welcome update for the Ethereum users and it may reduce the gas fee further which is good because the high fee is the most criticized factor of the Ethereum network so now my question is how much the gas fee will reduce if the limit increased by 33%?

Yes very good news ! It is required update because layer2 projects are winning over ETH with respect to fee. Ethereum fee is high and also speed is not which should be required.. for sending Ethereum native token we have to pay more than 2$ fee which is totally non sense because other network charge less than 0.1$ then why we use Ethereum. Solona is best network currently which providing very fast transaction and fee is less than 0.1$. I don't know what will be happy to network when high number of transaction like Ethereum occur but currently working better.

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This Gas Limit Increase seems like just formality just to continue the 'tradition', because it has been happening before and it hasn't been done again in the last three years Vitalik think that it should be done. I am not an expert in Ethereum blockchain but I think increasing Gas Limit will not help solve the current ethereum biggest issue, which is transaction fee. IMHO, Ethereum should focus on developing a Layer 2 that can reduce the transaction fee significantly.

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Ethereum was a great project but there's no way it can improve much from it's current blockchain which is huge and slow. The only way for Ethereum to survive would be to migrate to a brand new blockchain and swap the coins but that too would be difficult considering how decentralized and huge the network is. It's better for Ethereum and the crypto community for the Ethereum ecosystem to die which would relive the congestion on the transaction of ETH itself and keep operating ETH as a decentralized coin like bitcoin. There are other projects that have already taken over the fields of dapps.

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Ethereum's gas limit refers to the maximum amount of gas that can be expended in an individual block. A limit increase could improve network capacity and potentially reduce costs for users.

Ethereum co-founder Vitalik Buterin suggested raising the network's gas limit by 33% on Wednesday – a move that would raise the network's transaction capacity and could reduce fees for end-users, but could increase operational costs for validators.

"The gas limit has not been increased for nearly three years, which is the longest time ever in the protocol's history," Buterin wrote in response to a commenter who asked whether Ethereum could "safely increase" its gas limit. Buterin suggested increasing the gas limit to 40 million gas units – a 33% increase over today's 30 million limit.

A ramp-up in Ethereum's gas limit wouldn't require a big update or "hard fork" of the network's core code. Instead, the validators that operate the network should be able to implement the change by adjusting certain parameters in their node software.

Ethereum's Vitalik Buterin Proposes Gas Limit Increase

I guess this is a welcome update for the Ethereum users and it may reduce the gas fee further which is good because the high fee is the most criticized factor of the Ethereum network so now my question is how much the gas fee will reduce if the limit increased by 33%?

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