Vitalik Buterin sings at Token2049, highlighting low L2 fees as ETH milestone.
Vitalik Buterin emphasized the importance of declining transaction fees in the Ethereum ecosystem, before reflecting on some of the most popular crypto-themed songs from the past.
Speaking about the evolution of the crypto industry, Buterin pointed out that high transaction fees in the past were among the main challenges to mainstream adoption.
However, transaction fees on Ethereum layer-2 (L2) networks have dropped to “basically zero”, marking a significant milestone for crypto, according to Buterin, who said during a speech at Token 2049 in Singapore:
From being between $10 and $0.50 to less than $0.01, basically zero. At the same time, Optimism and Arbitrum, two major Ethereum layer two, have reached this important security milestone… so scrolls are quickly becoming safe and scrolls are finally affordable.
Vitalik Buterin, token 2049, Singapore. Source: Cointelegraph
Ethereum gas fees, or transaction fees, have previously risen above $200 for high-priority transactions during peak network congestion. L2 networks are essential to making the Ethereum mainnet cheaper and more scalable by offloading some transactions from the mainnet to a secondary chain.
In the past, Buterin said he was forced to pay more than $800 in gas bills for a single privacy transaction.
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Buterin highlights improved Ethereum validation times, retells crypto theme songs
Apart from the decrease in L2 transaction fees that make crypto more usable for day-to-day transactions, Ethereum's confirmation time has also seen a significant improvement.
Thanks to the September 2022 integration of Ethereum's move to the Proof-of-Stake Network, Ethereum's transaction confirmation time has seen a significant improvement.
Buterin explained:
“One of the things the integration has done is cut the average wait time until the next block in half. And with both of those things, I've actually quietly confirmed my transactions in 5 to 15 seconds these days.”
To the delight of crypto enthusiasts, Buterin also took a moment to reflect on some of the most popular songs from past crypto projects.
To entertain the audience, Buterin sang some “exciting” songs for crypto projects: pic.twitter.com/9FEcyvzLJc
— Cointelegraph (@Cointelegraph) September 18, 2024
Vitalik Buterin, crypto songs, Token 2049. Source: Cointelegraph
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The crypto industry must meet the core needs and maintain decentralization.
Looking forward, Buterin pointed out that the industry must meet the needs of end users by maintaining a decentralized system.
Buterin says we should strive for both industrial viability while maintaining decentralization.
“We need to satisfy the needs of mainstream adoption, and we need to hold open source and decentralized values at the same time.”
Finally, Buterin urged industry participants to find practical solutions that facilitate the next wave of mass adoption without decentralizing the industry.
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