The Ethereum network is advancing by increasing its gas limit. This change aims to reduce transaction costs and improve network scalability.
Enhancing Transaction Capacity
Recently, Ethereum's gas limit surpassed 37.3 million units, marking nearly a 3% increase from the previous week. Raising the gas limit directly impacts transaction capacity on the Ethereum network, allowing validators to automatically adjust the limit by approximately 0.1% per block when there is consensus. Consequently, transactions per second (TPS) have approached 18.
Validator Support for Gas Limit Expansion
Nearly 50% of Ethereum validators support the initiative to increase the gas limit to 45 million units. Vitalik Buterin noted that about 47.2% of validators voted for this change, as evidenced by data from GasLimits.pics.
Trends in Ethereum Activity and Price
Ethereum's network activity continues to grow, with daily transactions climbing from roughly 1.1 million in April to about 1.4 million currently. This increase in activity has coincided with a surge in Ether's price, reaching a seven-month high of over $3,800, driven by rising interest from corporate treasuries and ETFs.
The increase in the gas limit and the rise in network activity highlight the positive momentum and confidence in the Ethereum ecosystem, which may open new opportunities for its users and developers.
