Core Ethereum developers have initiated the “pump the gas” campaign, aiming to raise the blockchain’s gas limit from 30 million to 40 million, in a bid to alleviate transaction fees and enhance scalability.
The campaign, unveiled on March 20, seeks to reduce transaction fees on Ethereum’s primary layer by 15% to 33%. Spearheaded by key Ethereum developer Eric Connor and former head of smart contracts at MakerDAO, Mariano Conti, the initiative is set to accommodate a 33% increase in daily transaction volume on Ethereum, potentially leading to a significant reduction in layer-1 transaction fees.
Central to the campaign is the concern that despite the successful introduction of data blobs in the Dencun update via EIP-4844, which lowered layer-2 transaction prices, layer-1 fees have remained unchanged. By raising the gas limit and leveraging data blobs, developers aim to enhance scaling for both layer-1 and layer-2 networks.
Gas, measured in gwei, serves as a crucial parameter for completing transactions or executing smart contracts on Ethereum. The gas limit determines the maximum amount of gas that can be utilized in a block. Since August 2021, this limit has been set at 30 million.
Standardizing the gas limit ensures manageable block sizes, maintaining network speed and synchronization. Validators can dynamically adjust these limits when forming new blocks based on certain criteria.
Increasing the gas limit allows for more transactions per block, enhancing network speed and capability. However, it also poses challenges, including increased demand for hardware resources and heightened vulnerability to network spam and attacks.
The proposal to raise the gas limit to 40 million has gained traction within the Ethereum community, with active discussions and endorsements on social media platforms. A Rocket Pool validator has already proposed a block reflecting the new gas limit.
Despite optimism within the community, doubts have been raised. Venture investor and Ethereum advocate Evan Van Ness expressed skepticism about the impact of increasing the gas limit, especially considering the effects of EIP-4844 on block size.
Earlier concerns regarding the potential increase in the gas limit were voiced by Ethereum engineer Marius van der Wijden, who highlighted potential impacts on the blockchain’s state and data accessibility.
