In the past it was possible to reach call stack depth 1024 in EVM. However I heard that now it is impossible due to gas costs.
Is this true?
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It is not possible to reach callstack depth 1024, because the max forwarded gas is always 63/64 of the total available gas. The block gas limits need to be of the order of 1e8 ((63/64)^1024) in order to reach this depth.