- Vitalik Buterin highlighted the importance of decreasing Ethereum Layer 2 transaction fees, which have dropped to near zero, marking a significant milestone for crypto adoption.
- Buterin noted that Ethereum’s transaction confirmation time has improved significantly thanks to the Merge, with transactions now being confirmed in 5 to 15 seconds.
- Buterin emphasized the need for the crypto industry to satisfy the needs of mainstream adoption while upholding the values of open source and decentralization.
At the recent Token2049 event in Singapore, Ethereum co-founder Vitalik Buterin gave a speech highlighting the decreasing transaction fees in the Ethereum ecosystem. He also reminisced about some of the most memorable crypto-themed songs.
Lower Fees on Ethereum Layer 2
Buterin emphasized the significance of declining fees on Ethereum Layer 2 (L2) networks. Previously, high transaction fees were a major barrier to mainstream adoption. However, L2 fees have now dropped to “basically zero,” marking a major milestone according to Buterin. Major L2 networks like Optimism and Arbitrum have also achieved important security improvements, making rollups more affordable and secure.
In the past, Buterin paid over $800 in fees for a single privacy-preserving transaction. The development of L2 networks is critical for making Ethereum cheaper and more scalable by moving transactions off the main chain.
Faster Confirmation Times Post-Merge
The recent Ethereum Merge also cut the average confirmation time for transactions in half, to just 5-15 seconds. This is another significant improvement in usability.
Memorable Crypto Songs
Buterin also recalled some of the most iconic crypto-themed songs from past projects, to the amusement of the crypto enthusiasts in attendance.
Balancing Mainstream Adoption and Decentralization
Looking forward, Buterin noted the industry needs to cater to mainstream users while preserving decentralization values. He urged the industry to find practical solutions that drive adoption without sacrificing open-source principles.
Conclusion
Buterin’s speech highlighted the impressive progress in making Ethereum more usable through lower fees and faster confirmation times. However, he reminded the audience that decentralization must remain a priority even as crypto achieves more mainstream success. Finding the right balance will be key as the industry matures.
