fbpx

Vitalik Buterin says ETH Layer-2 fees need to go lower to be “acceptable”

The gas cost levied on Layer-2 solutions, according to Ethereum (ETH) founder Vitalik Buterin, must be significantly lower before they can be considered “acceptable.”

Vitalik responded to a tweet by Ryan Sean Adams, a well-known crypto investor, with a list of gas prices required to connect tokens to the Ethereum network via various Layer-2 protocols. Adams claimed that the fees are not cost-prohibitive.
The needed gas prices were all less than $1 (R16.01), with Metis Network (METIS) having the lowest at $0.02 (R0.32) and Arbitrum One having the highest at $0.85 (R13.60), according to the list.

Although Ryan Adams believes these rates are low, Buterin believes they are insufficiently low. He emphasized that the gas prices imposed by these L2 networks must be less than $0.05 (R0.80) in order to be considered acceptable.

For a long time, the Ethereum network has experienced astronomically high gas prices and limited scalability whenever there is a high volume of transactions. One user recently spent $44,000 (R704K) on gas fees in an attempt to mint Bored Ape ‘Otherside’ NFTs.

Gas fees tend to skyrocket during periods of high demand, limiting many users’ access to some of the most desirable Ethereum-based Defi and NFT protocols. To save money, several network members have resorted to using Ethereum Layer-2 networks. These scaling solutions validate transactions alongside the main chain, reducing the strain on the main blockchain.

Buterin acknowledged that the L2s are making progress in this area and that the recently proposed proto-danksharding will help speed things up. This new sharding system is significantly simpler than previous sharding systems.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

Scroll to top
%d bloggers like this: