Ethereum is scaling: TPS, gas limit up as validators back 45M target
Ethereum's gas limit rose to over 37.3 million units on Sunday, according to Etherscan, up almost 3% from levels late last week, while several blocks were proposed with higher gas limits.
The latest gas limit increase represents the first significant climb since February, when it was raised from 30 million to 36 million.
Improved transaction throughput
Higher gas limits mean more transaction throughput on Ethereum's layer-1 network, and validators can automatically adjust the limit by about 0.1% per block when they signal support for changes.
Ethereum throughput ticked up to just below 18 transactions per second over the weekend, according to Chainspect. It has also risen since the last gas limit increase when TPS was around 15. Validators agree to 'pump the gas'
The weekend gas limit increase came as nearly half of all staked Ether is now signaling support to raise the gas limit to 45 million or higher through a grassroots 'pump the gas' campaign.
'Almost exactly 50% of stake are voting to increase the L1 gas limit to 45 million,' observed Vitalik Buterin on Sunday.
Currently, 47.2% of staked validators are in favor of higher gas limits, according to GasLimits.pics.
Pump the gas
The gas limit refers to the maximum amount of gas spent on executing transactions or smart contracts in each block. Gas is the Ether fee required to conduct a transaction or execute a smart contract on the network.
Ethereum developers launched the 'pump the gas' campaign in March 2024 to initially raise the Ethereum gas limit from 30 million to 40 million, which they claimed would reduce transaction fees on layer 1.
Buterin noted that recent Geth, the most popular Ethereum node client, team improvements make these scale increases safer with new archive node optimizations. Ether activity and price continue higher
Ethereum network activity has also increased in recent months, with an uptick in daily transactions from around 1.1 million in April to current levels around 1.4 million, according to Etherscan.
The uptick in network activity has correlated with an increase in price, with the asset gaining a whopping 54% over the past month.
Ether topped $3,800 briefly in a seven-month high on Sunday as corporate treasuries and exchange-traded funds continue to load up.
Source: https://cointelegraph.com/news/ethereum-scaling-new-increase-to-gas-and-tps
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
an hour ago
- Khaleej Times
MultiBank Group's $MBG utility token soars on first day of launch
MultiBank Group, one of the world's largest and most regulated financial derivatives institutions, saw its $MBG Utility Token triple in value within hours of launching on major international platforms. Pre-sale buyers had the opportunity to enter at the exclusive price of $0.35, with $MBG surging to $1 shortly after trading opened, underscoring intense demand for the Group's landmark digital asset. The $MBG Utility Token is now listed on leading global exchanges MEXC and and is also available through and Uniswap. The successful pre-sale and strong market debut mark a significant step in the Group's ongoing digital transformation strategy, further enhancing its four-pillar ecosystem. Delivering utility across a range of financial applications, $MBG stands apart from speculative tokens by being anchored in substantial real-world assets (RWA), supported by an average daily trading volume of $35 billion and $29 billion in audited holdings. A $440 million buyback and burn program, scheduled over four years, will contribute to stability and future growth. MultiBank Group Chairman and Founder, Naser Taher, said: 'The remarkable rise in $MBG's value on its first day reflects the confidence investors have in our vision and the fundamentals behind our token. Such a response demonstrates the appetite for digital assets that are backed by transparency and robust regulatory standards across our platforms.' The $MBG Utility Token spans several core areas within MultiBank Group. It is embedded in the Group's flagship CFD business, which generated $362 million in revenue last year. Additionally, the token is incorporated into the forthcoming MEX Exchange, an institutional-grade crypto Electronic Communication Network (ECN) designed for large-scale liquidity aggregation and currently valued at $23.7 billion. $MBG is also integrated with real estate tokenization marketplace, developed in partnership with MAG Lifestyle Development through a $3 billion agreement to introduce premium properties such as the Ritz-Carlton Residences. Finally, it underpins the Group's highly regulated crypto exchange and the main platform for $MBG market activity. The exchange enables spot trading, derivatives, and soon, future DeFi integrations.
Zawya
7 hours ago
- Zawya
Bain & Company announces senior leadership appointments in its Enterprise Technology practice
Middle East — Bain & Company today announced senior leadership changes within its global Enterprise Technology (ET) practice, which supports the firm's clients worldwide in delivering accelerated business transformations by leveraging the most advanced technology platforms and solutions. With the rapidly evolving role of AI and fundamental technology innovations fueling tech-driven change across industries, Bain is continuing to see strong growth in client demand for its deep technology expertise. Tech- and AI-enabled revenue already accounts for more than 30% of the firm's business and is expected to reach half of revenues in coming years. The firm's new Enterprise Technology practice leadership team will play a pivotal role in the continuing development of its ET capabilities and its broader tech-related support for clients. Bain announced today that Pascal Gautheron will take over as the global leader of its Enterprise Technology practice, succeeding Stephen Phillips, who has headed the firm's global ET team for the past seven years. Phillips becomes chairman of the ET practice, working directly with Bain's clients and market-facing forums to raise awareness of enterprise technology's full potential. Gautheron takes over the global leadership position having previously served as head of the ET practice in Asia-Pacific (APAC). He brings to his new role more than 27 years of experience in shaping some of the region's largest technology-enabled business transformations, particularly in the banking and financial services sector. Since joining Bain in 2017, Gautheron has supported multiple clients in developing and implementing successful digital and core systems transformations, next-generation technology architectures, agile at scale, and leading-edge AI deployments. Having previously been based in Sydney, Australia, and having begun his career as an engineer in Stuttgart and Paris, and with an MBA from the HEC Paris Business School, Gautheron will return to those roots to lead Bain's ET practice from the firm's Paris office. In further key changes in Bain's regional ET leadership, the firm also announced today that Damian Stephenson replaces Gautheron as regional leader of the ET practice in APAC. Based in Sydney, Stephenson has spent nearly 20 years at Bain (both in APAC and North America). He specializes in supporting clients in all industries to pursue technology modernization and technology-led strategy and transformation. Stephenson is also a leader in the firm's Financial Services and M&A practices. Laurent Hermoye becomes regional leader for ET in Europe, the Middle East, and Africa (EMEA), succeeding Marc van der Vleugel. Brussels-based Hermoye brings two decades' experience in shaping and delivering large-scale digital transformations, particularly in the consumer brands sector. Major business transformations he has led have involved large-scale initiatives enabled by enterprise resource planning (ERP), digital marketing, commerce, and operations enhancements, as well as post-merger integrations and separations. He has also led multiple technology and AI strategies, operating model redesign programs, and cost transformations. Hermoye also serves as chairman of Enterprise Blueprints, a Bain company providing enterprise and solution architecture services. Denver-based partner Will Poindexter continues to serve as regional leader for ET in the Americas (AMER). Chuck Whitten, partner and global head of Bain's digital practices and capabilities, commented: 'With investment in AI and data now a paramount priority for companies across industries, the new Enterprise Technology leadership announced today will further accelerate our work to bring the power of cutting-edge technologies to help our clients solve some of the most complex business challenges. More than just identifying the best means for technology to benefit a business, today companies need to reinvent entire business models and value chains atop their tech infrastructures. Our new ET leaders will enable our clients to lead the field in grasping these critical business challenges.' Whitten added: 'With today's transition, I want to thank Stephen Phillips and recognize the outstanding contribution to Bain that he has made over more than two decades in leadership roles in our Enterprise Technology team. Stephen has been the guiding hand in the rapid growth of the ET practice through those years, in developing the breadth and depth of its capabilities, its expertise, and its people – and in bringing the very best of Bain to deliver industry-leading results for our clients. I'm delighted that, as ET practice chairman, Stephen will be playing a continuing and central role in the world-class work our ET team are bringing to clients around the globe every day.' Bain & Company's global Enterprise Technology practice consists of a team of more than 1,500 multidisciplinary experts including data scientists, architects, software engineers, innovators and designers. Along with nearly two-dozen focused partnerships with some of today's most renowned technology firms, Bain's ET team equip client businesses with market-leading capabilities to power growth and accelerate value creation. -Ends- Media contacts: Christine Abi Assi – christine@ About Bain & Company Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
Zawya
7 hours ago
- Zawya
Sterling stronger, supported by global market optimism
Sterling firmed against the dollar and the euro on Wednesday helped by the optimism across global markets after the U.S. and Japan struck a trade deal which boosted stocks and currencies, such as the pound, which can move with global growth expectations. The pound was last marginally higher against the dollar at $1.3540, its highest in nearly two weeks, and working its way back towards early July's near four-year top of $1.3787. It strengthened more against the euro, which was down 0.24% at 86.62 pence. The big story for markets on Wednesday was a trade deal between the United States and Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. That boosted stocks globally, and other risk-friendly currencies such as the Australian and New Zealand dollars, as well as the pound. While the pound is still down against both the euro and dollar in July, some analysts see better days for it ahead, as markets look past the volatility in Britain's bond market at the start of the month caused by fiscal concerns, which weighed on the currency. BofA analysts said in a note the third quarter promised to be better for the British economy. "We feel the conditions are now in place for a bounce in GBP through the summer months," they said. "We do not understate the fragile state of UK public finances but continue to be struck by how markets are willing to find the UK guilty of fiscal breaches before being (given) the opportunity of proving innocence." They also flagged that rate differentials were moving in the pound's favour, and that "tariff attrition in other countries will eventually materialise." Thursday's business activity data, and Friday's retail sales data will give the latest indications of the health of the British economy. (Reporting by Alun John Editing by Tomasz Janowski)
