Term for an approximation that becomes better as the problem grows
You can say your algorithm is asymptotically optimal. One example is universal codes, which are a certain type of codes for the natural numbers. They satisfy the following property. Let $D$ be a monotone probability distribution over the natural numbers, that is $\Pr[D=n] &gt; \Pr[D=n+1]$. The average codeword length under a universal code is $H(D)(1 + o(1))$. Since $H(D)$ is the optimal length, universal codes are asymptotically optimal, in exactly the same sense as the one you're after.