Core developers of the Ethereum blockchain have launched the “pump the gas” campaign with the goal of increasing the gas limit from 30 million to 40 million. This initiative, announced on March 20, aims to reduce transaction fees on the primary layer of Ethereum by 15% to 33%. Eric Connor, a prominent Ethereum developer, along with Mariano Conti, former head of smart contracts at MakerDAO, introduced the campaign through a dedicated website. Their objective is to accommodate a 33% greater transaction volume daily on Ethereum, potentially leading to significant reductions in layer-1 transaction fees.
The campaign underscores concerns that while recent updates like the Dencun upgrade through EIP-4844 have lowered layer-2 transaction costs, layer-1 fees have remained unchanged. By raising the gas limit and leveraging data blobs, developers believe scalability for both layer-1 and layer-2 networks could be substantially improved.
Gas, measured in gwei (a fraction of Ether), is crucial for completing transactions and executing smart contracts on Ethereum. The gas limit, set at 30 million since August 2021, determines the maximum gas usage per block. Raising this limit allows for more transactions per block, potentially enhancing network speed and capability. However, it also poses challenges such as increased hardware resource demands and vulnerability to network spam and attacks.
The proposal to increase the gas limit to 40 million has garnered support within the Ethereum community, evidenced by discussions and endorsements on social media platforms. A Rocket Pool validator has already proposed a block reflecting the new gas limit on March 20.
Despite optimism within the community, concerns have been raised. Some, like venture investor Evan Van Ness, are skeptical about the impact of increasing the gas limit, especially considering the effects of recent upgrades on block size. Ethereum engineer Marius van der Wijden has also expressed concerns about the potential impact on blockchain state, including smart contract data and account balances, which could lead to slower data access and alteration.
The Ethereum network has long grappled with scalability issues, resulting in high gas fees during periods of heavy usage. It remains to be seen whether the “pump the gas” campaign will effectively address these challenges.