Vitalik's Wild Ride: Why Ethereum Needs More Gas Than a Pickup Truck!

Well now, gather ’round, folks, for a tale of our dear friend Vitalik Buterin, co-founder of Ethereum, who seems to think that the gas limit for this here blockchain ought to be cranked up higher than a kite on a windy day. In a blog post dated February 14, he waxed poetic about the necessity of a higher layer-1 (L1) capacity, even as the network dances to the tune of a rollup-centric roadmap. 🎈

Now, you might recall that just recently, the gas limit was raised from a paltry 30 million to a whopping 36 million. But, oh no, that’s not enough for our Vitalik! He’s got his sights set on even loftier heights. It’s like trying to fill a bottomless pit with a thimble! 🕳️

Increasing the gas limit means more transactions per block, which sounds peachy keen until you realize it also speeds up Ethereum’s state growth. This makes running a full node about as easy as herding cats. If the resource requirements get too high, we might find ourselves with fewer folks operating their own nodes, leading to a reliance on centralized node providers. And we all know how well that goes—like trusting a fox to guard the henhouse! 🦊

While Ethereum’s long-term roadmap is all about those fancy L2 solutions for handling transactions, Buterin insists that a higher L1 gas limit is still as crucial as a good pair of boots in a muddy field. It’s all about censorship resistance, L2 interoperability, and keeping the security functions as tight as a drum. 🥁

“The practical value of the censorship resistance guarantee is dependent on (i) L1 fees being sufficiently low, and (ii) L1 having enough space that users can send bypass transactions even if an L2 censors a large number of users en masse,” he declared, as if he were delivering a sermon from the mount. 🙏

Ethereum base layer’s role as a safe zone in disasters

But wait, there’s more! Vitalik also pointed out that L1 serves as a safety net in case L2s go belly up. He warned that if a high-profile L2 with millions of users were to collapse, Ethereum’s current capacity might be about as useful as a chocolate teapot for handling mass withdrawals. He estimated that, without some good ol’ optimizations, Ethereum might need to scale up by nearly 9 times to handle those large-scale exits. Talk about a tall order! 🍫

And let’s not forget the interoperability constraints between L2s. Low-volume assets and NFTs often need to take a detour through L1, making transfers as expensive as a night out in the big city. Vitalik figures Ethereum’s L1 capacity might need to scale by about 5.5 times to bring those costs down to a level that won’t make your wallet weep. 💸

But wait, there’s a security pickle too! If an L2 decides to throw a hostile governance upgrade, it could mint an unlimited number of tokens, wreaking havoc on the ecosystem. By keeping ERC-20 issuance on L1, projects can limit the risk of L2-based shenanigans and keep the damage contained. It’s like putting a leash on a wild dog! 🐕

Ethereum sets Pectra upgrade date

Now, Ethereum has been wrestling with high gas fees and network congestion like a cat in a bathtub, making transactions as expensive as a diamond-studded collar. To tackle this, the network adopted a rollup-centric roadmap, leading to the rise of L2 solutions that process transactions offchain while using Ethereum for security. 🛡️

While this strategy has helped reduce congestion and lower transaction costs, it has also led to a decline in fee revenue for the Ethereum mainnet, which recently fell below $1 million for the first time since September. Oh, how the mighty have fallen! 📉

Mark your calendars, folks! The next major Ethereum upgrade, Pectra, is expected to roll out on April 8. One of its key changes is increasing the target number of “blobs”—those large data packets that enhance scalability—from three to six per block. It’s like adding more seats to a crowded bus! 🚌

Pectra will also

2025-02-14 17:39

Vitalik’s Wild Ride: Why Ethereum Needs More Gas Than a Pickup Truck!

Ethereum base layer’s role as a safe zone in disasters

Ethereum sets Pectra upgrade date

Read More