- Ethereum L2 fees reduced to near zero, enhancing affordability.
- Ethereum’s transaction confirmation times significantly improved post-Merge.
At Token2049 in Singapore, Ethereum co-founder Vitalik Buterin emphasized Ethereum’s progress, notably highlighting reduced transaction fees and enhanced scalability through layer-2 (L2) networks. He celebrated the significant decrease in fees on L2s like Optimism and Arbitrum, which now stand at “basically zero,” a vital development for mainstream adoption.
“From being somewhere between $10 and $0.50 to under $0.01. Rollups are finally affordable and becoming safer,” Buterin remarked. Ethereum’s gas fees, once exceeding $200 during peak congestion, have significantly reduced thanks to L2 solutions. These networks help scale Ethereum by moving transactions off the mainnet.
Reflecting on his past experience of paying over $800 in gas fees for a single transaction, Buterin noted how L2 advancements have made Ethereum more accessible for day-to-day use. He also praised Ethereum’s transition to proof-of-stake, known as “The Merge,” which reduced confirmation times. It allows transactions to be processed in as little as 5 to 15 seconds.
“Crypto Is Entering A New Phase”
Buterin urged the crypto industry to balance mainstream usability with maintaining its core decentralization ethos. “We need to satisfy the needs of mainstream adoption, and we need to hold on to open-source and decentralization values,” he said.
Meanwhile, the conference also saw Vitalik Buterin challenge the belief that the crypto industry is still in its infancy. He argued that crypto, much like the internet, has moved past its foundational stage, entering a new phase where it is becoming more usable and poised for mass adoption.
Despite regulatory challenges and price volatility, Vitalik Buterin’s speech expressed optimism about crypto’s future, emphasizing the industry’s readiness for mainstream integration. The TOKEN2049 conference, which commenced on September 18, 2024, attracted global crypto enthusiasts, with Buterin’s keynote being a key highlight.
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