Move to Increase Ethereum's Attraction: First Time Since 2021! - Coin Bulletin

The Ethereum network has expanded its transaction capacity by increasing the gas limit with the approval of more than 50% of validators, taking a significant step towards scalability issues.

The Ethereum network has made a significant update to the transaction fee limit in order to increase transaction capacity. Approved with the consent of more than 50% of validators, this change aims to improve the scalability of the network.

The transaction fee limit, previously set at 30 million, has been raised above 31 million. At least half of the validators had to approve the change of this parameter, which directly affects Ethereum's transaction volume.

As of yesterday, the necessary majority was achieved and the transaction fee limit was automatically updated. This change was implemented for the first time under Ethereum's proof of stake consensus mechanism. Finally, in 2021, the transaction fee limit was increased from 15 million to 30 million units with a similar update.

(# The capacity on the Ethereum network is increasing

Transaction fee on the Ethereum network refers to the computational cost required for the execution of transactions and smart contracts, while the transaction fee limit determines the total capacity of transactions that can be performed within a block. Increasing the transaction fee limit enables the network to handle more transactions simultaneously, providing a solution to scalability issues.

Based on the last 24 hours of data, the average transaction fee limit is 31.5 million and is expected to increase to 36 million transaction fee units in the coming period. Despite recent scalability enhancements such as the Dencun upgrade and proto-dank sharding, this update is stated to be necessary to further increase the network's transaction capacity.