Layer-2 solutions, according to Vitalik Buterin, must have a considerably reduced gas cost before they can be considered “acceptable.”
In response to a tweet from Ryan Sean Adams, a well-known crypto investor, providing a list of gas prices required to link tokens to the Ethereum network via various Layer-2 protocols, Vitalik responded. The costs, according to Adams, are not prohibitively expensive.
The needed gas prices were all less than $1, according to the list, with Metis Network (METIS) having the lowest at $0.02 and Arbitrum One having the most at $0.85.
Despite the fact that Ryan Adams considers these rates to be modest, Buterin believes they are not low enough. He pointed out that these L2 networks’ gas prices must be less than $0.05 to be regarded acceptable.
When the Ethereum network experiences a huge volume of transactions, the network has long been plagued by astronomically high gas prices and poor scalability. One user recently spent $44,000 on gas in an attempt to mint Bored Ape’Otherside’ NFTs.
Gas fees tend to rise during moments of strong demand, limiting many users’ access to the most popular Ethereum-based Defi and NFT protocols. To save cost, a number of network members have turned to Ethereum Layer-2 networks.
These scaling solutions validate transactions alongside the mainchain, lowering the load on the main blockchain.
Buterin recognized that the L2s are making progress in this area, and that proto-danksharding, which was just proposed, will help speed things along. This new sharding system is substantially simpler than previous sharding systems.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire
Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
This website uses cookies.