Ethereum developers are claiming that increasing the gas limit to 40 million will reduce layer-1 transaction fees on Ethereum by 15-33%.
In an effort to boost Ethereum’s growth, Ethereum developers launched a new project. That proposes increasing the long-static gas limit on the blockchain network. They claim this modification will allow Ethereum to grow.
To lower layer 1 transaction costs, Eric Connor (main Ethereum developer) and Mariano Conti (former head of smart contracts at MakerDAO) introduced a new website called “pump the gas” on March 20th. The website’s goal is to raise the Ethereum gas cap from 30 million to 40 million.
In a March 19th post, Connor stated that this change “can result in a 15% to 33% reduction in layer-1 transaction fees.” He continued by calling on solo stakers, client teams, pools, and community members to help.
Users, stakers, and DeFi investors on X have already shown support for the #pumpthegas hashtag. Conti further noted that on March 20th, a Rocket Pool validator proposed a block with a 40 million gas restriction.
Today, @nanexcool and I are launching an effort to help raise the Ethereum gas limit from 30mn to 40mn
This can result in a 15-33% reduction in L1 tx fees
We are calling on solo stakers, client teams, pools and community members to help#pumpthegas https://t.co/TYoyI35cle
— eric.eth (@econoar) March 19, 2024
