Vitalik: L2 transaction fees need to be under 5c to be 'truly acceptable'
Ethereum (ETH) co-founder Vitalik Buterin believes that Layer-2 transaction fees need to be under $0.05 to be “truly acceptable.”
Buterin made the latest comments in response to a Twitter post from the Bankless podcast host Ryan Sean Adams, who shared a screenshot of the average transaction fees for eight Ethereum Layer-2 platforms.
The data is from L2fees.info, a website that compares the cost of Ether’s Layer-1 network in comparison to Layer-2s built on top of it.
The only Layer-2 to meet Buterin’s desired transaction fee under $0.05 is the Metis Network at $0.02, however a token swap on the platform still costs $0.14. Fees sharply increase from there, at $0.12 per transaction on Loopring and going all the way to $1.98 per transaction on the Aztec Network.
Ethereum’s Layer-1 is relatively affordable at present at $3.26 per transaction and a whopping $16.31 per token swap, however that only lasts until Yuga Lab’s releases another collection of NFTs where fees can skyrocket to $14,000 per mint.
Adams emphasized the importance of Layer-2s for keeping Ethereum affordable, noting that “this is Ethereum and it's not expensive,” but Buterin suggested it wasn’t there yet:
“Needs to get under $0.05 to be truly acceptable imo. But we're definitely making great progress, and even proto-danksharding may be enough to get us there for a while!”
Needs to get under $0.05 to be truly acceptable imo. But we're definitely making great progress, and even proto-danksharding may be enough to get us there for a while!
Buterin’s affordable transaction goal is a long held one that he first stated during an interview in 2017 that “the internet of money should not cost more than 5 cents per transaction."
In January, Buterin said he still stood by this
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