Ethereum (ETH) founder Vitalik Buterin said gas costs charged for Layer 2 solutions would have to be significantly lower before they were “acceptable”.

Vitalik commented in response to a tweet by Ryan Sean Adams — a well-known crypto investor — showing a list of gas prices needed to connect tokens to the Ethereum network via various Layer 2 protocols. Adams claimed the fees are not expensive.

According to the list, gas prices needed were all under $1, with Metis Network (METIS) having the lowest at $0.02 and Arbitrum One the highest at $0.85.

Although Ryan Adams thinks those rates are low, Buterin doesn’t think they’re low enough. He pointed out that gas prices imposed by these L2 networks must be less than $0.05 to be considered acceptable.

For a long time, the Ethereum network has occasionally suffered from astronomically high gas prices and limited scalability when the network sees high transaction volume. A user recently spent $44,000 in gas fees trying to mint Bored Ape ‘Otherside’ NFTs.

During periods of high demand, gas fees tend to skyrocket, limiting many users’ access to some of the most desirable Ethereum-based Defi and NFT protocols. Several network members have resorted to using Ethereum Layer 2 networks to save costs. These scaling solutions work alongside the mainchain to validate transactions and reduce stress on the main blockchain.

Buterin acknowledged that the L2s are making progress in this area and that recently proposed proto-thanksharding will help speed up the process. Compared to previous sharding systems, this new one simplifies things significantly.

Posted in: Ethereum, Adoption



What's your reaction?
Happy0
Lol0
Wow0
Wtf0
Sad0
Angry0
Rip0
Leave a Comment