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