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Ethereum's network throughput has significantly improved as validators signal strong support for increasing the gas limit. This collective effort, driven by a "pump the gas" campaign, aims to reduce transaction fees and enhance the network's overall scalability, pushing towards a target gas limit of 45 million units.
Ethereum's Throughput Soars: Validators Back Major Gas Limit Hike
Ethereum's network experienced a notable increase in throughput on Sunday, as a growing number of validators signaled their support for raising the network's gas limit. This move is poised to reduce transaction fees and bolster the network's scaling capabilities. The gas limit, which dictates the maximum amount of gas spent on transactions or smart contracts per block, rose to over 37.3 million units, marking a nearly 3% increase from late last week. This represents the first significant climb since February, when the limit was raised from 30 million to 36 million.
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The gas limit increase directly translates to improved transaction throughput on Ethereum's layer-1 network.
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Validators can automatically adjust the limit by approximately 0.1% per block by signaling their support.
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Transaction per second (TPS) rates on Ethereum reached just under 18 over the weekend, up from around 15 TPS after the last gas limit increase.
The "Pump The Gas" Campaign Gains Momentum
The recent surge in the gas limit is largely attributed to a grassroots "pump the gas" campaign, which has garnered substantial support from staked Ether (ETH) validators. Nearly half of all staked ETH is now signaling in favor of raising the gas limit to 45 million or higher. Vitalik Buterin, co-founder of Ethereum, noted on Sunday that "Almost exactly 50% of stake are voting to increase the L1 gas limit to 45 million." Currently, 47.2% of staked validators are in favor of higher gas limits, according to GasLimits.pics.
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The campaign, initiated by Ethereum developers in March 2024, initially aimed to raise the gas limit from 30 million to 40 million.
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The primary goal of the campaign is to reduce transaction fees on layer 1.
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Buterin highlighted that recent improvements by the Geth team, the most popular Ethereum node client, including new archive node optimizations, make these scale increases safer.
Network Activity and Price Correlation
The increased network activity on Ethereum has coincided with a rise in the asset's price. Daily transactions have climbed from approximately 1.1 million in April to current levels around 1.4 million. This uptick in activity has correlated with a significant price increase, with Ether gaining a remarkable 54% over the past month. On Sunday, Ether briefly topped $3,800, reaching a seven-month high, as corporate treasuries and exchange-traded funds continue to accumulate the cryptocurrency.
Sources
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Ethereum Gas Limit Increases As Validators Back Network Expansion, Cointelegraph.
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