Ethereum Devs Finalize Gas Limit at Arctic Summit
Ethereum Foundation researcher Tim Beiko said the Arctic developer summit compressed months of work into a single week, with the team locking in a 200 million gas limit floor and finalizing EIP-8037 gas repricing during the Soldøgn interop event in Svalbard.
Key Takeaway
Ethereum's Arctic sprint delivered technical fixes while treasury sales fund development despite a ₱370.16 billion ($6 billion) unrealized loss at Bitmine.
Over 100 Ethereum core contributors gathered at Longyearbyen in the Svalbard archipelago last week for the Soldøgn interop event.
Ethereum Foundation researcher Tim Beiko told developers Friday that interop weeks at their best can compress a month of asynchronous progress into each day. The team locked in a 200 million gas limit floor post-Glamsterdam and stabilized external block builder implementations. Developers finalized EIP-8037 gas repricing numbers during the week-long sprint at 78 degrees north latitude.
The Foundation funded the Arctic work through treasury diversification that included selling 10,000 ETH to Bitmine Immersion Technologies on Friday at ₱141,400 ($2,292) per coin, totaling roughly ₱1.42 billion ($23 million). The Foundation said the money goes straight back into funding Ethereum's development, including research, grants, and the work that just happened in Svalbard.
Bitmine continues accumulating Ethereum despite a brutal price downturn. The company disclosed a 101,901 ETH purchase worth roughly ₱14.5 billion ($235 million) earlier this week and now holds over 5 million ETH. That position carries an unrealized loss exceeding ₱370.16 billion ($6 billion) as Ether trades at ₱146,643 ($2,377), down more than 50% from its August peak of $4,946.
The Foundation also sold a separate 10,000 ETH to rival treasury firm Sharplink last Friday at $2,387 per coin.
This article was written based on reporting from Dlnews.
