The developers claim that by increasing the gas cap to 40 million, layer-1 transaction prices on Ethereum would be reduced by 15%–33%. To increase the long-static gas limit on the blockchain network, Ethereum developers have started a new project, claiming that this modification will allow ETH to grow. The goal of Pump The Gas, a new website launched on March 20 by former MakerDAO head of smart contracts Mariano Conti and core ETH developer Eric Connor, is to raise the Ethereum gas cap from 30 million to 40 million, which they claim would lower layer 1 transaction costs.
Ethereum Co-Founder’s Decision To Of Rising Gas Cap To $40M Marks Almost A Year
In a post on March 19, Connor stated, “This can result in a 15% to 33% reduction in layer-1 transaction fees.” He continued, “We are calling on solo stalkers, client teams, pools, and community members to help.”
Support for the #pumpthegas hashtag is already beginning to come in from Ethereum users, clients, and investors in decentralized finance (DeFi) on X. Additionally, Conti said that on March 20, a Rocket Pool validator had suggested a block with a 40 million gas restriction. Over the past several months, there has been an increasing push to raise the Ethereum gas cap. Co-founder Vitalik Buterin proposed in January raising the gas cap to 40 million from 30 million, which has been in place since August 2021. In response, Jesse Pollak, a contributor to Base, declared that he “strongly supports” raising the ETH gas cap to 40 or 45 million.
