The co-founder of Ethereum (ETH), Vitalik Buterinsaid Layer 2 (L2) transaction fees must be less than $0.05 to be “acceptable”.
This statement was made in response to a message Twitter of Ryan Sean Adamsco-founder of Web3 Bankless and host of the podcast of the same name, who shared a screenshot of average transaction fees for some popular Ethereum Layer 2 solutions.
Layer 2s are separate blockchains that extend and scale Ethereum by processing transactions outside of the mainnet (Layer 1) while aiming to maintain mainnet security measures and decentralization.
While some Layer 2s meet Buterin’s recommended transaction fees, others remain relatively high. For example, transaction fees on Aztec Network were around $1.98.
“You have to go below 0.05 USD to be really acceptable,” said declared Mr Buterin. “But we’re definitely making great strides, and even proto-dankharding may be enough to get us there for a while!”
It is possible that Adams shared the screenshot to counter growing criticism of Ethereum. Gas fees on Ethereum have become a hot topic once again, especially since the network saw a massive increase in gas fees during the land mint of the “Otherside” metaverse, the latest highly anticipated project. of Yuga Labbaptized Otherdeed non-fungible tokens (NFTs).
In total, over $150 million were spent on gas fees during this operation, with users trying to secure space in the upcoming block by taking part in a priority gas auction, a process also known as “war gas”.
While it’s nearly impossible to completely avoid gas wars during the creation of highly anticipated NFTs, Yuga Labs could have taken some steps to drastically reduce the potential for a massive gas one-upmanship, the company said. cryptocurrency research CoinMetricsin a recent report.
The document notes that Yuga Labs should have devised a mechanism for the market to decide the fair price of the operation instead of setting a fixed price. Some potential solutions included smart batch auctions or sweepstakes.
Furthermore, the company could have potentially saved millions of cryptocurrencies in transaction fees by optimizing the smart contract. Sharing this point of view, Will Papperco-founder of the decentralized investment project Syndicate Protocolargued that the “contract involved virtually no gas optimization.”
Nevertheless, this operation benefited Ethereum by burning a considerable part of its supply. “A bright spot is that a historic amount of ETH was burned during the event, which lowered the overall supply of ETH,” the aforementioned report noted.
Follow our affiliate links:
- To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
- To buy cryptocurrency in Canadavisit Bitbuy
- To generate interest with your bitcoinsgo to the BlockFi website
- To secure or store your cryptocurrenciesget Ledger or Trezor wallets
- To trade your cryptos anonymouslyinstall the NordVPN app
To invest in cryptocurrency mining or masternodes:
To accumulate coins while playing:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
Stay informed with our free weekly newsletter and to our social networks: