Vitalik Buterin, co-founder of Ethereum (ETH), believes that Layer-2 transaction fees must be below $0.05 to be “truly acceptable.”
This is Ethereum and it’s not expensive. pic.twitter.com/6xUpapFbY1
— RYAN SΞAN ADAMS – rsa.eth
(@RyanSAdams) May 3, 2022
Buterin recently commented on a Twitter post from Ryan Sean Adams, owner of the Bankless podcast, which shared a screenshot of the average transaction fees for 8 Ethereum Layer-2 platforms.
According to data from L2fees.info, a website that compares the cost of Ether’s Layer-1 network against Layer-2, the only Layer-2 collecting transaction fees below $0.05 is Metis Network, which $0.02 However, token swaps on the platform still cost $0.14, while on Loopring it is $0.12 and goes all the way up to $1.98 per transaction on the Aztec network.
Ethereum’s Layer-1 is currently relatively inexpensive at $3.26 per transaction and $16.31 per token swap.
Adams emphasized the importance of Layer-2s in keeping Ethereum affordable, noting that “this is Ethereum and not expensive,” but Buterin suggested that it “needs below $0.05 to be truly acceptable. But we are definitely making great progress! and EIP-4844 might be enough to get us there.”
Buterin’s affordable transaction goal was a long-standing goal that he used tostatedDuring the first interview in 2017, “internet of money should not cost more than 5 cents per transaction.”
“That was the goal for 2017 and it is still a target now. And that’s why we spent so much time on scalability,” Buterin said in January.
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