Devconnect recap, All things ZK and much more - The Daily Gwei Refuel #850 - Ethereum Updates

Ian recently returned from DevConnect, describing it as an energizing experience despite jet lag. He emphasized the importance of holding conferences in diverse locations to encourage broader participation, noting the Ethereum Foundation's focus on venues with easier visa access for non-U.S. citizens. At DevConnect, he enjoyed discussions on Ethereum's core protocol, highlighting progress towards Layer 1 scaling and upcoming upgrades like ForSaca on December 3rd and the Glamsterdam upgrade in late Q2 or Q3 next year.

The Ethereum L1 gas limit is set to increase to $60 million, reflecting ongoing developments. This year, the gas limit rose from $30 million to approximately $55 million, with plans to double it to $120 million next year. The Fusaka update will enhance blob capacity, targeting six blobs per block, with expectations to increase to ten on December 9 and fourteen on January 7. Future versions could allow up to 72 blobs per block, but concerns about network participants' capacity to handle such increases were raised.

The introduction of EIP 2780 aims to scale Layer 1 by reducing the base cost of ETH and token transfers from 21,000 gas to 6,000 gas, representing a 71.4% decrease. This reduction will enhance the usability of ETH for low-ticket items and is expected to be included in the upcoming Glamsterdam upgrade. Layer 1 scaling through Zero-Knowledge (ZK) technology was a key focus at DevConnect, with advancements significantly reducing hardware requirements for proving L1 EVM blocks.

Decentralization and liveness in proving are critical, with a need for multiple consumer-grade provers to ensure robust liveness and censorship resistance. Various teams are working on ZK technology, with ZK Cloud leading in proving time and cost efficiency. The long-term vision includes integrating ZKVM into the core protocol to enhance Ethereum's scalability, with projections of reaching a gigagas per second.

Ethereum's current Layer 1 capacity is approximately 15-20 transactions per second (TPS), but advancements could enable it to exceed 10,000 TPS within 3 to 5 years. Layer 2 solutions are highlighted for their role in enhancing scalability and customizability, with dominant L2s including Arbitrum One, Base, and OP Mainnet. Ethereum maintains a strong market position, holding significant market share and leading in stablecoin usage.

The speaker notes that long-term investors are offloading ETH to realize profits, while new buyers are entering the market, which is expected to positively influence ETH's price. The transition to ZK technology is seen as a way for Ethereum to outscale other chains while preserving decentralization. An initiative to create an Ethereum interoperability layer was announced, aimed at enhancing user experience by enabling one-click swaps across different Layer 2s.

The speaker encourages community engagement through the DailyGrid Discord channel and reflects on the importance of creating a cohesive Ethereum ecosystem. They also share their personal project of writing a fiction novel, expressing excitement about the process and aiming to complete the first draft by Christmas. The speaker concludes by wishing listeners a Merry Christmas and Happy New Year, mentioning upcoming appearances on other platforms.