Vitalik Buterin Says Layer 2 Transactions Need to Be Under $0.05

by in Blockchain News

Vitalik Buterin Ethereum fees

Ethereum co-founder Vitalik Buterin, finds that Layer 2 transactions need to be lower than $0.05 to be totally acceptable.

Related: Ethereum Merge Is Likely to Happen After June

Recently, the Bankless podcast host, Ryan Sean Adams, tweeted a screenshot of the average costs of transactions for some L2 protocols. Adams wrote that fees wrote that Ethereum isn't expensive.

Responding to the tweet, Buterin said fees need to be lower than $0.05 to be tolerable. Buterin said the blockchain is progressing, and even proto-danksharding can be sufficient to realize the goal.

Ethereum’s new design danksharding presents essential simplifications compared to previous designs. As for proto-danksharding it is a proposal to increase the efficiency of the sharding technique.

The goal is that Ethereum will scale essentially sooner, decreasing congestion and gas fees.

Meanwhile, Ethereum's major upgrade Etherem 2.0 is supposed to complete sometime in 2023.