As a direct response to the prevailing network congestion, Ethereum network participants have decided to attempt to raise the block size of the network.
10 million per block Gas limit target
This week, Vitalik Buterin — the network’s co-founder — together with various parties confirmed the network is under test with the aim of improving performance and minimizing transaction fees.
On Sept. 14, Bitfly mining pool even tweeted as follows:
“Given the current #Ethereum network congestion, we have started to test raising the block gas limit to 10M gas.”
stablecoin Tether (USDT) shifting of reliance from Bitcoin to the Ethereum blockchain via the Omni Layer largely caused a considerable increase in Ethereum network usage.
Ethereum users incurred daily transaction fees that are similar to Bitcoin users: $182,899 versus $185,993, respectively as of Sept. 15, According to research data from Coin Metrics (monitoring resource).
Bitinfocharts even shows that the average Ethereum transaction fee increased from over $0.11 to under $0.39 since Sept. 1.
Ether benefits before Bitcoin break
For Ethereum users to perform any operation on the network, they have to pay a token called Gas. Therefore, A 10 million gas per block shift would significantly translate to a 25% increase in the total capacity.
Following the news about the changes, Ether (ETH) — Ethereum’s native token — market buoyed this week as it recorded impressive gains compared to other cryptocurrencies.
At press time, ETH/USD still held onto above $200 even as the altcoin markets lowered following a sudden dip in Bitcoin.