Galaxy Research, a subsidiary of Galaxy Digital Holdings has waded into the conversations around increasing the Ethereum gas limit. From as early as January this year, developers have hinted at the need to implement this changes to the mainnet. Even Ethereum co-founder Vitalik Buterin is in support of a 33% limit. To Galaxy Digital, there is more to consider in quest to make this move.
Ethereum Gas Limit: Is The Time Right?
As discussed by Galaxy Researcher Christine Kim, at the latest Ethereum all developers’ conference also witnessed arguments in support. Nethermind developer Marek Moraczyński presented data-driven research on why an increase is justified and safe for the protocol.
In comment, Kim highlighted there are factors that need analyzing on why this proposal is worth considering. First, the block gas limit will not impact the blockchain. Several researches have pointed at this, invalidating claims that increment above 25% might overload the network.
tldr; there’s enough data and research to suggest that a gas limit increase won’t hurt Ethereum. but in light of the network’s scaling roadmap, it likely won’t help either in terms of fees, activity, or overall network value. so why push for it at all?
https://t.co/bx56kSvDS4
— Christine Kim (@christine_dkim) December 6, 2024
On the other hand, Christine Kim said “it is also likely that it won’t materially help Ethereum in any way either.”
With the broad uncertainty, the researcher noted that the timing is not right for the major validators to get behind the proposal. Naming Coinbase and Kraken Exchanges, she said the speculations surrounding the Ethereum block gas limit increase might cause some drawbacks.
Increasing the gas limt will help scale the Ethereum protocol by a considerable measure. If ongoing considerations around the limit increase passes, the developers have plans to EIPs to implement it in the Pectra Upgrade.
Whether or not the protocol will inplement Ethereum gas limits as a temporary scalability fix, Galaxy Research hinted that now is not the time.
Growing Layer 1 Competition
Over the past year, different Layer 1 blockchain networks have hinted at plans to upgrade their chains. Vitalik Buterin has stayed at the top of the conversation, hinting in series his visions for scaling ETH in the coming decade.
While Ethereum is leveraging the strength of its layer-2 scaling solutions to command the majority of traction in the industry, other chains are also stepping up.
As revealed recently, the Cardano Hydra protocol recorded a 1 million transaction per second milestone in test mode. As Cardano’s scaling tool, this figures, if transferred to real world will make the protocol the fastest in the industry.
Other chains like Solana, SUI Network and XRP Ledger also have their inherent strengths amid growing competition.
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