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The London Update Increases The Capacity Of The Ethereum Blockchain By 9%.

The network’s capacity has increased by around 9% as a result of Ethereum’s recent London upgrade.

 

According to Etherscan’s historical average daily gas used data, Etherum’s average daily gas usage has increased by about 9% since the upgrade went live on August 5th. The daily gas consumed, which represents the network’s overall capacity, increased from roughly 92 billion to more than 100 billion. This is the biggest significant change since it increased by 17 percent on April 21.

 

In a Reddit study, Ethereum co-founder Vitalik Buterin, who had previously praised the upgrade as a game-changer, provided three reasons why Ethereum’s network bandwidth increased following the London upgrade.

 

Buterin stated that the London update, which pushed back the ‘Ethereum Ice Age,’ increased the complexity of the proof-of-work mining algorithm, resulting in longer block execution times.

 

This is a nearly 3% change in block speed, which accounts for 3% of the 9% increase in on-chain gas usage.

 

He further said that prior to the London upgrade, there was more vacant block space because the maximum amount of gas allowed was set at 15 million. However, as a result of the modification, this value is now a target rather than a limit.

 

Finally, Buterin pointed out that the EIP-1559 methodology falls short of its goal of burning 50% of the base price.