{"id":441565,"date":"2022-05-04T05:08:58","date_gmt":"2022-05-04T02:08:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/vitalik-l2-transaction-fees-need-to-be-under-5c-to-be-truly-acceptable\/"},"modified":"2022-05-04T05:08:58","modified_gmt":"2022-05-04T02:08:58","slug":"vitalik-l2-transaction-fees-need-to-be-under-5c-to-be-truly-acceptable","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/vitalik-l2-transaction-fees-need-to-be-under-5c-to-be-truly-acceptable\/","title":{"rendered":"# Vitalik: L2 transaction fees need to be under 5c to be &#8216;truly acceptable&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41364f3ed13\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41364f3ed13\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/vitalik-l2-transaction-fees-need-to-be-under-5c-to-be-truly-acceptable\/#%E2%80%9D_Vitalik_L2_transaction_fees_need_to_be_under_5c_to_be_%E2%80%98truly_acceptable_%E2%80%9C\" >&#8221; Vitalik: L2 transaction fees need to be under 5c to be &#8216;truly acceptable&#8217; &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/vitalik-l2-transaction-fees-need-to-be-under-5c-to-be-truly-acceptable\/#Short_term_gas_fee_reduction\" >Short term gas fee reduction<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Vitalik_L2_transaction_fees_need_to_be_under_5c_to_be_%E2%80%98truly_acceptable_%E2%80%9C\"><\/span>&#8221; Vitalik: L2 transaction fees need to be under 5c to be &#8216;truly acceptable&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMGIxNjUzMmQtNTNlZC00ZWMzLWFmYzYtYzg1MWU5ZmQ2ZTk1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Ethereum (ETH) co-founder Vitalik Buterin believes that Layer-2 transaction fees need to be under $0.05 to be \u201ctruly acceptable.\u201d<\/p>\n<p>Buterin made the latest comments in response to a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> post from the Bankless podcast host Ryan Sean Adams, who shared a screenshot of the average transaction fees for eight Ethereum Layer-2 platforms. <\/p>\n<p>The data is from L2fees.info, a website that compares the cost of Ether\u2019s Layer-1 network in comparison to Layer-2s built on top of it. <\/p>\n<p>The only Layer-2 to meet Buterin\u2019s 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. <\/p>\n<p>Ethereum\u2019s 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\u2019s releases another collection of NFTs where fees can skyrocket to $14,000 per mint.<\/p>\n<p>Adams emphasized the importance of Layer-2s for keeping Ethereum affordable, noting that \u201cthis is Ethereum and it&#8217;s not expensive,\u201d but Buterin suggested it wasn\u2019t there yet:<\/p>\n<p>\u201cNeeds to get under $0.05 to be truly acceptable imo. But we&#8217;re definitely making great progress, and even proto-danksharding may be enough to get us there for a while!\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Needs to get under $0.05 to be truly acceptable imo. But we&#8217;re definitely making great progress, and even proto-danksharding may be enough to get us there for a while!<\/p>\n<p>\u2014 vitalik.eth (@VitalikButerin) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1521501499410587653?ref_src=twsrc%5Etfw\">May 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nButerin\u2019s affordable transaction goal is a long held one that he first <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/btc\/comments\/5ib3m6\/vitalik_the_internet_of_money_should_not_cost_5\/\">stated<\/a> during an interview in 2017 that \u201cthe internet of money should not cost more than 5 cents per transaction.&#8221;<\/p>\n<p>In January, Buterin said he still <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/vitalikbuterin\/status\/1477402773998247944\">stood<\/a> by this goal \u201c100%\u201d as part of a lengthy Twitter thread going over some of the key things he\u2019s said or written over the past 10 years. <\/p>\n<p>\u201cThat was the goal in 2017, and it&#8217;s still the goal now. It&#8217;s precisely why we&#8217;re spending so much time working on scalability\u201d Buterin said. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Short_term_gas_fee_reduction\"><\/span>Short term gas fee reduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The proto-danksharding or EIP-4844 that Buterin referred to as putting downward pressure on fees in his response to Adams, is a recently proposed upgrade to Ethereum that will see key elements of danksharding \u2014 a new and simplified design of previous sharding designs \u2014 implemented onto the network without any sharding upgrades being initiated. <\/p>\n<p>Proto-danksharding will enable a new type of transaction dubbed the \u201cblob-carrying transaction\u201d that carries an extra 125KB worth of data (blob) that cannot be accessed by the Ethereum Virtual Machine (EVM). The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> idea is that this will help the network scale significantly in the short term while reducing congestion and competition for gas usage, thus lowering gas fees. <\/p>\n<p>\u201cBecause validators and clients still have to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">download<\/a> full blob contents, data bandwidth in proto-danksharding is targeted to 1 MB per slot instead of the full 16 MB. However, there are nevertheless large scalability gains because this data is not competing with the gas usage of existing Ethereum transactions,\u201d Buterin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/notes.ethereum.org\/@vbuterin\/proto_danksharding_faq\">wrote<\/a> in a blog post last month.<\/p>\n<p>While Ethereum\u2019s roadmap is notoriously flexible the shard chains upgrade is slated for sometime in 2023 well after the merge of the Mainnet with the Beacon Chain. <\/p>\n<p>Shard chains provide avenues to horizontally and cheaply store data across the network, which in turn spreads the load, reduces congestion and increases transaction speeds. Both Ethereum and its Layer-2s are expected to benefit from this dramatically. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/vitalik-l2-transaction-fees-need-to-be-under-5c-to-be-truly-acceptable\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Vitalik: L2 transaction fees need to be under 5c to be &#8216;truly acceptable&#8217; &#8220; Ethereum (ETH) co-founder Vitalik Buterin believes that Layer-2 transaction fees need to be under $0.05 to be \u201ctruly acceptable.\u201d Buterin made the latest comments in response to a Twitter post from the Bankless podcast host Ryan Sean Adams, who shared&#8230;<\/p>\n","protected":false},"author":1,"featured_media":441566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMGIxNjUzMmQtNTNlZC00ZWMzLWFmYzYtYzg1MWU5ZmQ2ZTk1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74891,75326,95119,74880,103657,75995,72927],"class_list":["post-441565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-ethereum","tag-ethereum-2-0","tag-layer2","tag-transactions","tag-upgrade","tag-vitalik-buterin","tag-fees"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=441565"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/441566"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=441565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=441565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=441565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}