Ethereum

Vitalik Buterin Says That ETH Layer-2 Fees Must Reach $0.05 To Be Considered Acceptable.

The gas fees charged on Layer-2 solutions, according to Ethereum founder Vitalik Buterin, must be significantly reduced to be acceptable to its users.

Vitalik Buterin Says That ETH Layer-2 Fees Must Reach $0.05 To Be Considered Acceptable.

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.

Vitalik Buterin Says That ETH Layer-2 Fees Must Reach $0.05 To Be Considered Acceptable.

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

Victor

Recent Posts

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

32 mins ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

32 mins ago

Top DePIN Crypto Projects With Huge Airdrop Potential

This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…

56 mins ago

Polymarket User ‘Walletmobile’ Risks $10 Million on Trump’s Victory

Polymarket user identified only as "wallet mobile" has just made an astonishing bet of $10…

1 hour ago

Binance CEO Richard Teng: The West Will Still Dominate Finance

Binance CEO Richard Teng stated that Western companies will benefit most due to regulatory influence.

1 hour ago

FTX License Suspension Extended by Cyprus SEC Until May 2025

The Cyprus Securities and Exchange Commission announced that the Cypriot Investment Firm (CIF) FTX license…

2 hours ago

This website uses cookies.