In what I can only describe as a bit of a surprise to me. Vitalik Buterin is advocating for an increase of Ethereum's gas limit. Let us try and see if we can understand why and how it would impact the network.
Ethereum Gas Fees
It was during a reddit AMA that Vitalik, when asked, said he thinks a moderate gas limit increase would be reasonable. And I for one have to say I was a bit surprised. Because if it is one thing that the Ethereum blockchain is known for is its high gas fees that during congestion make the network unusable for normal people. So hearing him saying it is reasonable I actually did a bubble take.
But what does history have to say about this? Apparently, the last time the gas limit was raised on the Ethereum Network was back in 2021. Then the proposition more or less doubled the gas limit. But according to the stats it only brought with it a 9% increase in gas fees on average. Curently this year gase fees have on average increased as well. And according to the post they have on average been sitting at 35 Gwei. For normal people that is $1.89. And that is a lot. At least if you ask me.
My wallet just thinking about paying more in gas fees
A bit later in the AMA Vitalik actually goes into specifics and lets us know he would like to increase the limit to 40 million. That is an increase of "only" 33%. If we use the same average price increase that would then push the average network fee on Ethereum to almost $2, $1.9467 to be precise. Sure that would be great news if I had a few nodes. Or if I had enough Ethereum that I don't really care what thing costs. Sadly none of those is part of my current reality.
But I would love to hear what you think about Vitalink and his "reasonable" proposition for increasing the gas limit of the Ethereum Network. Do you think it is about time we see an increase, or should they perhaps prioritize other changes? Please let me know what you think about it in the comment section below.
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