Ethereum 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 eight Ethereum layer-2 platforms.
The data is from L2fees.info, a website that compares the cost of Ethereum’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 nonfungible tokens (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!