Ethereum prioritizing increase to 100,000 transactions per second, as stated by co-founder Vitalik Buterin.

In a significant development, Vitalik Buterin, co-founder of Ethereum, has proposed strategies to scale the Ethereum network on both Layer 1 (L1) and Layer 2 (L2). The focus is on enhancing Ethereum's capacity to process 100,000 transactions per second (TPS) while maintaining decentralization.

Buterin's proposals aim to streamline L2 operations by reintegrating trust assumptions, standardizing chain-specific payment requests, cross-chain swaps, and gas payments. To achieve scalability on L1, he has suggested strategies such as increasing the gas limit, introducing new features like the Ethereum Object Format (EOF) bytecode to reduce gas costs, and implementing multidimensional gas pricing.

Scaling L2 solutions could be achieved through data compression, generalized plasma, and improving proof systems, according to Buterin. He has also proposed running multiple instances of the Ethereum Virtual Machine (EVM) in parallel to create "native rollups."

However, Buterin has warned about the potential risks to Ethereum's economic stability and network security if L1 transaction processing capabilities remain limited while L2 scales rapidly. He emphasized the importance of addressing key issues like MEV (Miner Extractable Value) to ensure that Ethereum's growth benefits both L1 and L2.

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The Ethereum Foundation, Vitalik Buterin himself, and development teams are providing further details and concrete specifications for implementing Buterin's scaling proposals. These specifications are formalized through Ethereum Improvement Proposals (EIPs) and deployed in network upgrades. The upcoming phase for Ethereum's development is called "The Surge," with a focus on enhancing scalability.

The Ethereum L2 ecosystem has experienced a 227% increase in Total Value Locked (TVL), reaching $37.5 billion. Buterin underscored the need for integration, aiming for Ethereum to feel like one ecosystem, not 34 different blockchains. He also emphasized the importance of L2 solutions embodying Ethereum's principles of trustlessness, openness, and resistance to censorship, while promoting maximal cross-chain interoperability.

The blog post outlining these development plans was dated October 17th. The specific details about the implementation of these proposed strategies and the timeline for their deployment are yet to be announced.

Ethereum prioritizing increase to 100,000 transactions per second, as stated by co-founder Vitalik Buterin.