Ethereum Validators Support Proposal to Increase Block Gas Limit to 60 Million
Approximately 150,000 Ethereum validators, or 15% of the network, support a proposal to increase the blockchain's block gas limit from 36 million to 60 million units. This change aims to enhance Layer-1 transaction throughput.
Implications of Increased Gas Limit
- More data can be processed per block.
- Higher transaction volume capacity.
- No hard fork needed; validators just adjust node configurations.
- Support from over 50% of validators is required for automatic adjustment.
- Concerns exist about potential strain on node operators' hardware.
This would mark the second adjustment in six months; previous increases occurred from 15 million to 30 million and then to 36 million.
Gas Fee Trends
- Ethereum gas fees have fluctuated recently.
- A year ago, fees surged post-Ethereum Dencun upgrade.
- Subsequently, fees dropped to an average of $1.12 per transaction, facilitating user engagement.
- ETH price at $2,638.37, a 2.59% increase in the last 24 hours.
The impact of recent upgrades and spot Ethereum ETFs on ETH valuation remains limited.