Increased Transaction Per Second (TPS) Potential for Ethereum with EIP-9698: Essential Insights into the Proposed Enhancement
Rewritten Article:
Revved-Up Ethereum (ETH) Sprinting Towards 2,000 TPS: EIP-9698 Proposal Detailed
Get ready for faster, smoother, and more transactions on Ethereum! Researcher Dankrad Feist has proposed a game-changing move with Ethereum Improvement Proposal (EIP-9698). This bold plan could catapult Ethereum's mainnet to an astounding 2,000 transactions per second (TPS) by exponentially increasing the current gas limit.
Barreling Ahead: How Ethereum's Gas Limit Skyrocket could Net 2,000 TPS
In the fast-paced world of cryptocurrency, standing still isn't an option. Currently, the gas limit on Ethereum is capped at roughly 36 million, according to YCharts' data, supporting a modest 14-20 TPS—with a maximum theoretical potential of 119 TPS. On the other hand, competitors like Solana (SOL) are sailing through with 800 to over 1,000 TPS, and theoretically, Solana could hit an impressive 65,000 TPS.
EIP-9698 aims to shift the balance with a "deterministic gas limit growth strategy," introducing a staggering 100-fold increase in the gas limit over four years. This means Ethereum could soon accommodate approximately 6,000 transactions per block! To implement this growth strategy, Feist introduces a slick, predictable plan for methodically increasing the gas limit.
So, buckle up, Ethereum enthusiasts, because we're about to hit the fast lane!
Going Giga: Upgrading the Gas Limit for Unprecedented Speed
Feist proposes raising the gas limit from its current level of around 36 million to an awe-inspiring 3.6 billion. But don't worry—this won't happen overnight! The gas limit increase will happen gradually, starting from epoch 369017 (expected around June 1, 2025).
This ingenious plan ensures the gas limit will grow based on client-side defaults, making the expansion predictable and controlled. As Feist notes, "Ethereum clients will vote to increase the gas limit according to an exponential schedule unless explicitly configured otherwise by the user."
"The gas limit will increase at each beacon chain epoch, with a factor-of-10 increase occurring approximately every 164,250 epochs (around 2 years). This means the gas limit will grow significantly over time, giving the network more capacity. The increases will continue for 4 years," Feist explained.
Floor it! Four Strategic Shifts with EIP-9698
- Gas Limit Expansion: This move could propel Ethereum to seriously compete with competing blockchain platforms—and maybe even leapfrog them!
- Predictable and Manageable Scalability: Feist's proposed pattern encourages a sustainable and transparent gas limit trajectory, aligned with advancements in hardware and protocol efficiency.
- Swift Adaptation: With ample time to adapt and optimize, node operators and developers will be well-prepared to keep up with the gas limit increases.
- User-Friendly Settings: If you're not keen on the default gas limit setting, manual configuration options will still be available for fine-tuning your preferences.
Whoa, Nelly! EIP-9698 looks set to reshape Ethereum's future and challenge competitors. The proposal could be the missing piece Ethereum needs to exceed the performance of rival networks, bridging the throughput gap with Solana, and other high-performance networks.
The Pace is Picking Up: Pectra Upgrade Around the Corner
As if Ethereum's recent developments weren't exciting enough, the Pectra upgrade is set to go live next week! This enhancement aims to boost Ethereum's scalability by:
- Enhancing blob throughput
- Reducing Layer 1 fees
- Improving validator flexibility
- Optimizing data storage, resulting in higher Layer 2 transaction efficiency
Overall, the Pectra upgrade should promote validator participation, encourage broader network adoption, and support scaling efforts—riding shotgun with EIP-9698.
Now, buckle up, because it's going to be one wild ride!
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[1] https://ycharts.com/indicators/ethereum_gas_price[2] https://web.deecrypt.org/upgrading-ethereum[4] https://medium.com/coinmonks/ethereum-improvement-proposal-eip-9698-enhancing-layers-1-scaling-3ae9e5967ead[5] https://ethereum-magicians.org/t/eip-9698-client-coordination-phase-0/12223/384
- The proposed Ethereum Improvement Proposal (EIP-9698) aims to exponentially increase the gas limit, potentially propelling Ethereum's mainnet to a remarkable 2,000 transactions per second (TPS).
- Currently, Solana (SOL) outperforms Ethereum with transaction speeds of 800 to over 1,000 TPS, while Ethereum supports a modest 14-20 TPS with a maximum theoretical potential of 119 TPS.
- To achieve this growth strategy, EIP-9698 proposes a deterministic gas limit growth strategy, which includes a staggered 100-fold increase in the gas limit over four years.
- By increasing the gas limit from its current level of around 36 million to an awe-inspiring 3.6 billion, Ethereum could accommodate approximately 6,000 transactions per block.
- This gas limit increase will happen gradually, starting from epoch 369017 (expected around June 1, 2025), ensuring predictable and controlled expansion.
- The escalating gas limit will result in faster transactions, making Ethereum more appealing forstaking, trading, and other crypto activities.
- The whispers of a whale in the crypto market lifting gas prices as a result of this scaling proposal are speculation but remain a possibility.
- Meanwhile, the upcoming Pectra upgrade is set to enhance Ethereum's scalability, reducing Layer 1 fees, improving validator flexibility, optimizing data storage, and boosting Layer 2 transaction efficiency.
- As the crypto world races ahead, developers and node operators will have to keep up with these swift technological advancements to remain competitive and elevate their trading profits.
