Row 38084

Row ID: 38084 | Dataset Entry | Axioma AXP Content Repository

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I'm sorry, your English is not the best and I'm an idiot. I still might not understand.

Issuance has nothing to do with gas fees. These are all very seperate issues to be worked on, and they are all being worked on in parallel by different people. Each problem requires totally different solutions.

People are working on expanding L1 capacity now. Once 66.67% of validators manually agree to it, the Ethereum gas limit (block size) will increase by 33%. But most people don't manually do anything.. This might happen during the next Ethereum upgrade, because the 33% increase will be the default in their updated validator software unless they manually opt-out for some reason. https://pumpthegas.org/

Every time the gas limit is increased, always, people just end up making more transactions. The term is called 'induced demand', where an increase of supply naturally leads to an increase of demand... The gas limit could increase by 100x tomorrow and still have zero effect on gas fees because people (and bots) will just make 100x the amount of transactions.

Induced demand is why L2's are the best solution for scaling. L2's are the result of many years of trial and error and research. Increasing the L1 blocksize again and again will only lead to centralization (once only large data centers can maintain the blockchain) yet still doing nothing to reduce end-user fees. Scaling the L1 is a trap. So many other blockchains (the so called ETH killers) have shut down permanently or become irrelevant because of this very appealing trap. While it doesn't matter if an L2 is run on a data center or even if it goes offline, because your assets always stay inside of the L1.

The Verge is being worked on right now too, it basically compresses all the data going onto L1. It might be a few years out now. Ethereum can process around 15 transactions per second today. After the Verge maybe 1500 or 4500 transactions per second. But, by then L2's will be able to process 100,000 or more transactions per second, so most people will still be using L2's regardless. Today L2's can already process over 1500-4500 transactions per second for reference.

In short; We're reducing ETH issuance to maintain minimum viable issuance.. Gas fees are being fixed with L2's already.. L1 capacity is being increased with the Verge.

Seperate problems, different solutions. Tons of people are already working on it so don't worry. :)

FieldValue
text I'm sorry, your English is not the best and I'm an idiot. I still might not understand. Issuance has nothing to do with gas fees. These are all very seperate issues to be worked on, and they are all being worked on in parallel by different people. Each problem requires totally different solutions. People are working on expanding L1 capacity now. Once 66.67% of validators manually agree to it, the Ethereum gas limit (block size) will increase by 33%. But most people don't manually do anything..…
label r/ethereum
dataType comment
communityName r/ethereum
datetime 2024-05-22
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Raw Record

{
  "text": "I'm sorry, your English is not the best and I'm an idiot. I still might not understand.\n\nIssuance has nothing to do with gas fees. These are all very seperate issues to be worked on, and they are all being worked on in parallel by different people. Each problem requires totally different solutions.\n\nPeople are working on expanding L1 capacity now. Once 66.67% of validators manually agree to it, the Ethereum gas limit (block size) will increase by 33%. But most people don't manually do anything.. This might happen during the next Ethereum upgrade, because the 33% increase will be the default in their updated validator software unless they manually opt-out for some reason. https://pumpthegas.org/\n\nEvery time the gas limit is increased, always, people just end up making more transactions. The term is called 'induced demand', where an increase of supply naturally leads to an increase of demand... The gas limit could increase by 100x tomorrow and still have zero effect on gas fees because people (and bots) will just make 100x the amount of transactions.\n\nInduced demand is why L2's are the best solution for scaling. L2's are the result of many years of trial and error and research. Increasing the L1 blocksize again and again will only lead to centralization (once only large data centers can maintain the blockchain) yet still doing nothing to reduce end-user fees. Scaling the L1 is a trap. So many other blockchains (the so called ETH killers) have shut down permanently or become irrelevant because of this very appealing trap. While it doesn't matter if an L2 is run on a data center or even if it goes offline, because your assets always stay inside of the L1.\n\nThe Verge is being worked on right now too, it basically compresses all the data going onto L1. It might be a few years out now. Ethereum can process around 15 transactions per second today. After the Verge maybe 1500 or 4500 transactions per second. But, by then L2's will be able to process 100,000 or more transactions per second, so most people will still be using L2's regardless. Today L2's can already process over 1500-4500 transactions per second for reference.\n\nIn short; We're reducing ETH issuance to maintain minimum viable issuance.. Gas fees are being fixed with L2's already.. L1 capacity is being increased with the Verge.\n\nSeperate problems, different solutions. Tons of people are already working on it so don't worry. :)",
  "label": "r/ethereum",
  "dataType": "comment",
  "communityName": "r/ethereum",
  "datetime": "2024-05-22",
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}
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