To expand the blockchain network’s capacity, Ethereum’s engineers are increasing the gas limit.
According to Connor, this adjustment would dramatically cut layer-1 transaction fees, ranging from 15% to 33%. They are inviting individual stakeholder, client teams, pools, and the greater Ethereum community to work together on this initiative.
In an effort to reduce transaction fees on Ethereum’s main layer, key Ethereum engineer Eric Connor and former MakerDAO head of smart contracts Mariano Conti launched the “Pump the Gas” campaign, which wants to boost the gas limit from 30 million to 40 million.
The gas limit, which is critical for maintaining network security and efficiency, determines the maximum amount of transaction processing in each block. Ethereum’s capacity might be boosted by 33%, hence boosting transaction throughput.
Ethereum users, stakeholders, and DeFi investors have all reacted positively to the #pumpthegas rallying cry. Significantly, a Rocket Pool validator has already offered to propose a block with a gas cap of 40 million, indicating that the idea is gathering steam.
Furthermore, additional features such as data blobs provide plausible solutions to reduce layer-1 and layer-2 transaction costs, hence boosting Ethereum’s scalability and usability.
Read also: Ethereum’s Main Challenge is Misdirected Layer 2 Competition: Marc Boiron
