Highlights
- Vitalik Buterin celebrated the gas limit increase and Ethereum network scalability.
- Ethereum has achieved a significant milestone with 49.5% of blocks signaling support for a gas limit increase.
- Ethereum co-founder Vitalik Buterin revealed that the Pectra upgrade, expected in March, will double Layer 2 capacity by increasing the blob target from 3 to 6.
Ethereum co-founder Vitalik Buterin has finally revealed the timeline for the much-awaited Pectra upgrade while sharing key details regarding future development. Buterin’s comment came while celebrating the surge in the Ethereum gas limit to more than 32 million. The announcement comes just as the ETH price bounces back over 13% shooting past $2,800 levels once again.
Vitalik Buterin Highlights Ethereum Scaling Progress
Ethereum Gas Limit Increase Is a Positive sign
Nearly half (49.5%) of Ethereum blocks are now signaling support for a gas limit increase, marking the potential for the first adjustment since the transition to proof-of-stake (PoS). This milestone highlights the decentralized nature of PoS, which, while more efficient than proof-of-work (PoW), requires longer coordination times to achieve consensus.
The surge in a gas limit is good for Ethereum blockchain scalability as it would allow network validators to process more transactions per block. As per the data from Dune Analytics, Ethereum’s gas limit has already surpassed 32 million.
Vitalik Buterin Reveals Pectra Upgrade Timeline
Ethereum co-founder Vitalik Buterin has expressed optimism about Layer 1 (L1) scaling. He also acknowledged Ethereum developers‘ efforts to enhance the network’s efficiency and decentralization.
The Ethereum co-founder also acknowledged significant strides being made on Ethereum Improvement Proposal (EIP) 4444, aimed at history expiry, and the move toward statelessness with the introduction of a new binary tree proposal.
Vitalik Buterin also revealed that developers are working on client efficiency upgrades to support higher gas limits while maintaining decentralization. In a post on the X platform, Buterin wrote:
“Pectra, expected in March, will increase the blob target from 3 to 6, doubling the capacity of L2s. IMO we should make the blob target also staker-voted, so that it can increase in respose to technology improvements without waiting for hard forks”.
The upcoming Ethereum Pectra upgrade will transform Externally Owned Accounts (EOAs), allowing them to operate like smart contracts. This marks a significant advancement in enhancing user interactions with decentralized applications (dApps).
ETH Price Stages Strong Comeback
Following a brutal correction on Monday, the ETH price has bounced back 13% shooting past $2,800. Prominent crypto analyst Ali Martinez has highlighted a potential head-and-shoulders pattern forming for Ethereum (ETH).
According to Martinez, ETH must stay above the critical $2,700 support level to preserve its bullish structure. “If this pattern holds, Ethereum could have a clear path to rally toward $7,000,” Martinez noted.
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