04 May 2022 06:17, UTC.
Reading time: ~2 m
Ethereum co-founder Vitalik Buterin stated that transactions in Layer-2 should be a maximum of 5 cents for them to be acceptable to each of the participants. This is despite the fact that transactions in Layer-2 are very cheap.
Buterin said this in his Twitter thread in response to Sean Adams pointing out the average transfer fees for several Ethereum venues. He got all the information from L2fees.info, a resource that compares the price of a tier one ETH network to a tier two network.
At the moment, the only Tier 2 network that matches the commission that Vitalik Buterin wants to see is the Metis network, where the transaction is 2 cents. At the same time, it costs $0.14 to exchange coins on the site.
Recall that Ethereum Layer-1 fixes a cost of $3, 26 per transfer and $16 per asset exchange. Vitalik Buterin stated his goal of low transfers in an interview a few years ago, where he said that “money on the Internet should not cost more than 5 cents per transaction.”
A few months ago, he reiterated that he adheres to such a goal completely, which is why he has to spend a lot of resources to increase scalability. It is worth recalling that proto-dunksharing or EIP-4844 is one of the network upgrades where several key components are made.
Proto-danksharding enables new types of transactions, which have been labeled “transaction carrying large binary objects.” They should help increase network scalability as well as lower gas charges. Buterin points out that since validators and clients are required to download all the content of binary objects, the information throughput in proto-danksharding is targeted at 1 MB. However, there is significant progress in scalability, since the information does not compete with the application of gas of already existing transactions on the network.
Perhaps because chains of segments allow information to be stored on the network, it reduces the load on the network, increasing the speed of transactions. This should help Layer-2 become cheaper.
Author: Vadim Gruzdev, analyst at Freedman Club Crypto News