2024-01-11 18:16:48
Ethereum co-founder Vitalik Buterin recently spoke in an open discussion on Reddit that the upper limit of the gas fee should be raised somewhat in order to improve the performance of the network. Reddites opened the conversation on January 10th was held organized by the Ethereum Foundation. Buterin spoke regarding the fact that the gas price limit has not been increased for three yearsto which there has never been a period without an increase of similar length.
A gas price increase of this magnitude can be good, but it can also be dangerous
Buterin quickly even made a calculation, according to which the gas fee limit should be increased to 40 million units, which would mean a 33% increase compared to the current limit of 30 million. It’s pretty rough that when Ethereum was born in 2015, this limit was only 3 million, since then it has increased continuously in parallel with the increase in the use of the network. The Ethereum gas fee limit refers to the maximum amount of gas that can be paid for executing transactions in a given block. The gas itself is the fee to be paid for the execution of the transaction or smart contract. Consequently, the gas fee limit is the maximum amount of gas, which ensures that there are no excessively large blocks. Because if they were too large, it would seriously affect the performance of the network.
The validators themselves can set this limit dynamically along certain parameters when producing the blocks. Increasing the gas limit would therefore allow more transactions into the blocks, which would overall increase the capacity and throughput of the network. However, it would increase the load on the hardware and increase the risk of spam/attacks. The average gas fees on Ethereum are around 35 gwei, which is approx. It is equivalent to $2. This can also be called friendly, since in May 2023 the fee was over 150 gwei. A gwei is one billionth of an Ethereum.
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