Vitalik Buterin: Layer 2 transaction fees need to be ‘under 5 cents’ to be reasonable

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Vitalik Buterin: Layer 2 transaction fees need to be 'under 5 cents' to be reasonable
Blockonomics



The Layer 2 expansion solution (Layer 2) has gradually attracted attention in recent years because it can achieve low cost and high efficiency. In the spirit of excellence, Ethereum co-founder Vitalik Buterin believes that Layer 2 transaction fees need to be kept under 5 cents to be considered an “acceptable” range.

Vitalik Buterin made the remarks in response to a Twitter post by podcast host Ryan Sean Adams, who shared a screenshot of the average transaction fee for eight Ethereum Layer 2 solutions.

At press time, the average transaction fee on the Ethereum mainnet is $2.71 per transaction, and the swap fee is as high as $16.31.

According to L2fees data, Metis Network is by far the most cost-effective platform, with a transaction fee of only $0.02 to send ETH. Although it is the only Layer 2 solution with a fee of less than $0.05, it is still possible to exchange coins on this platform. It costs $0.14; while Loopring has a transaction cost of $0.08; Aztec Network has the highest cost of about $1.98.

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In the post, Ryan Sean Adams emphasized that Layer 2 is used to provide low transaction fees, stating that “it’s Ethereum and it’s not expensive”, but Vitalik Buterin doesn’t think so, he responded:

In my opinion, it needs to be below $0.05 to be reasonable. But we’ve definitely come a long way, and maybe in the near future, proto-danksharding will help us get there.

For many years, Vitalik Buterin’s long-term goal has been to keep transaction fees as low as possible. As early as 2017, he said that “Internet money should not cost more than 5 cents per transaction”,

Until January of this year, Vitalik Buterin agreed with what he said in the past, adding that he is still moving towards that goal, writing: “I am still 100% on my point, which is exactly what we spend a lot of time on. Study the reasons for scalability.”

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