Ethereum’s Dev Community Proposes Increased Gas Limit to Ease Congestion and Cut Costs
Ethereum's community has raised yet another suggestion to increase the gas limit or block size following recent challenges in network congestion. 1inch Exchange, an Ethereum builder, is among those advocating for these changes. The firm recently called for a raise in the 10 million gas ceiling by a factor of around 2.5.
According to this theory, such an approach would scale the capacity of Ethereum's network and reduce associated gas costs. Basically, Gas limits are pretty similar to the concept of block size in Bitcoin's network. Increasing them would, therefore, create space for more computations within a given Gas limit; a probable way to drive cost as per the advocates of this move.
Ethereum's Network Challenges
This leading DeFi and DApp host became congested back in April hence the spark in sentiments by stakeholders. Notably, Tether's migration to the ERC-20 network has been highlighted as one of the main factors to this challenge. While the leading USD backed stablecoin is implementing sidechains to fix this shortcoming, its effects on Ethereum's network continue to be felt.
DappRadar stats have now revealed that on-chain gaming activity took a dive in May despite Ethereum's counterparts recording an increase. Currently, sending a simple ETH transaction could cost as much as $0.16 according to EthGasStation.
Vitalik's Response; A More Conservative Approach
Following the 1inch Exchange suggestion, Vitalik took the initiative to respond. The Ethereum Co-founder said that a more conservative increase to around 12-15 million gas would be better. However, this still poses a risk for most Ethereum client developers,
“many client devs are concerned about risks even at those levels.” noted Vitalik.
He went on to propose that some changes could be made in the calculation of gas prices. These include storage operations and base transaction costs in order to scale capacity by around 20%. Though it might be probably better, this approach would require a network hardfork; something Vitalik concurs to be difficult than settling on a new limit.
Nonetheless, 1inch Exchange CTO, Anton Bukov, believes it is time to test new gas limits within the Ethereum network,
“I think in 8 months there has been a sufficient number of client releases with the necessary optimizations, and a 12 million [gas limit] network is certainly ready, and it would be great to test the full 15 million.”