The Ethereum network, a decentralized platform that runs smart contracts, has been facing scalability issues due to its increasing popularity. In response to this, Vitalik Buterin, the co-founder of Ethereum, has proposed a conservative gas limit boost. This article explores the implications of this proposal and its potential impact on the Ethereum network.

Understanding the Gas Limit in Ethereum

Before delving into Buterin’s proposal, it’s crucial to understand the concept of gas in the Ethereum network. Gas is a unit that measures the computational effort required to execute specific operations on the Ethereum network. Each operation has a fixed gas cost, and the total gas cost of a transaction is the sum of the gas costs of all its operations.

The gas limit, on the other hand, is the maximum amount of gas that a user is willing to spend on a transaction. If a transaction exceeds this limit, it fails, and the user loses the gas spent. The gas limit is a crucial factor in the Ethereum network’s scalability, as it determines the number of transactions that can be processed in a block.

Buterin’s Proposal for a Conservative Gas Limit Boost

In response to the scalability issues faced by the Ethereum network, Buterin has proposed a conservative increase in the gas limit. This proposal aims to allow more transactions per block, thereby increasing the network’s capacity without significantly impacting its security or decentralization.

Buterin’s proposal is conservative in the sense that it suggests a gradual increase in the gas limit, rather than a sudden, drastic change. This approach is intended to minimize the risk of unforeseen consequences and allow for adjustments based on the network’s performance.

Implications of the Gas Limit Boost

Increasing the gas limit has several potential implications for the Ethereum network:

• Increased capacity: A higher gas limit would allow more transactions per block, thereby increasing the network’s capacity.
• Improved scalability: By allowing more transactions per block, the gas limit increase could help alleviate the network’s scalability issues.
• Potential risks: However, a higher gas limit could also lead to larger blocks, which could increase the risk of centralization and security issues.

Reactions to Buterin’s Proposal

Buterin’s proposal has received mixed reactions from the Ethereum community. Some users have welcomed the idea, arguing that it could help alleviate the network’s scalability issues. Others, however, have expressed concerns about the potential risks associated with a higher gas limit.

Despite these concerns, Buterin has maintained that a conservative gas limit increase is a necessary step towards improving the Ethereum network’s scalability. He has also emphasized the importance of monitoring the network’s performance and making adjustments as necessary.

Conclusion

In conclusion, Vitalik Buterin’s call for a conservative gas limit boost in the Ethereum network is a response to the platform’s scalability issues. By allowing more transactions per block, this proposal could potentially increase the network’s capacity and improve its scalability. However, it also carries potential risks, including the possibility of larger blocks and associated security issues. As such, it is crucial to approach this proposal with caution and monitor the network’s performance closely.

Regardless of the outcome, Buterin’s proposal highlights the ongoing efforts to improve the Ethereum network and adapt to its growing popularity. It also underscores the importance of balancing scalability with security and decentralization in blockchain technology.

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Ethereum network’s gas fee skyrocketed to a new multi-month high amid a growing memecoin frenzy. The high transaction fee has swelled Ethereum’s daily revenue multifold compared to Bitcoin (BTC). While Ethereum proponents celebrated the growth in revenue, many others were quick to point out the growing congestion on the network and the difficulty in processing transactions.

There was an unusual shift in the top 10 gas-burning altcoins where instead of ETH (ETH), WETH, and USDT (USDT), memecoins such as TROLL, APEDand BOBO were among the top 10 spenders.

A highly unusual shift in top 10 gas burning #altcoins has emerged today. Instead of $ETH, $WETH, and $USDT being at the top of the fee distribution list, we’re seeing new assets like $TROLL, $APED, and $BOBO among them. Read our latest deep dive. https://t.co/7SlmJ59k2m pic.twitter.com/Y2kaLKZTrL

— Santiment (@santimentfeed) April 19, 2023

The average gas price for Ethereum transactions as of April 20 was 81.94 gwei, up from 60.82 gwei on April 19 and 44.42 gwei last year — an increase of 34.74% from April 19 and 84.46% from April 20, 2022. Gwei is a denomination of the Ether and represents one billionth of one ETH.

Independent Ethereum educator Anthony Sassano shared the surge in daily fee revenue of the Ethereum network and said that the second-largest blockchain had brought in 28 times the revenue of Bitcoin. He also cited Ethereum layer-2 platforms like Arbitrum One that have outperformed the BTC network in terms of daily revenue due to the ongoing meme frenzy.

Ethereum proponent’s main argument is that the high gas fee and subsequent higher revenue highlight the network’s growing usability. However, many on Crypto Twitter were quick to point out that the extensive usage they are referring to is just a few thousand users gambling on memecoins.

The extensive usage you’re talking about are a few thousand users gambling meme coins. I thought (and hoped) eth was supposed to be the future of finance

— nap.BasicallyRiskFree (@CryptoPannella) April 20, 2023

A few users reportedly paid gas fees as high as a few hundred dollars, while others complained about having to pay a higher gas fee than the actual transaction.

try to buy a ~$20 NFT on eth, and the gas is ~$40.
some ppl say the infra operators deserve to be paid. sure, but imaging paying visa $40 fee for buying a $20 digital good.. infra should be affordable. pic.twitter.com/5L4SYjT5af

— 0xMQQ (@0xMQQ) April 18, 2023

Another prominent reason for the soaring gas fees was blamed on a Maximal Extractable Value (MEV) trading bot that is front-running memecoin trades on a massive scale. The bot in question jaredfromsubway.eth has been the top gas spender in the last 24 hours, spending 455 ETH ($950,000) and using 7% of the total gas of the network.

Related: Tether blacklists validator address that drained MEV bots for $25M

In the last two months, it spent more than 3,720 ETH ($7 million) in gas fees and performed more than 180,000 transactions.

bro has used 7% of the total gas on ethereum over the past 24hrs (455 ETH) just feasting away on $pepe

data from the legendary @hildobby_ https://t.co/j3SqtQnkKJ pic.twitter.com/hWavtdO1D5

— beetle (@1kbeetlejuice) April 18, 2023

The Subway-themed bot is using the sandwich trading technique to pocket millions of dollars while congesting the network at the same time.

Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide