The Ethereum [ETH] network is one of the earliest crypto projects that entered the financial world. The fact that it was nothing like Bitcoin [BTC] was its USP. It emerged as a platform that allowed other projects to build on it. However, the scalability issues and exorbitant gas fees stood in the way of the network’s progress. With immense backlash about the same, the devs decided to formulate a Layer-2 solution to the aforementioned issues. While Layer-2 payments are carried out much easier and cheaper, the co-founder of the network wanted to once again lower the transaction fee.
Ryan Sean Adams, the host of the Bankless podcast took to Twitter and pointed out that Ethereum was no longer expensive. The post highlights a total of seven Ethereum layer-2 transactions. The transaction fee for these was well under $1. Metis Network employed a transaction fee of just $0.02. However, the highest went up to $0.85.
Source – Twitter
Replying to the same Twitter thread, the Ethereum co-founder suggested that he wanted to push the transaction fee below $0.05 in order to be entirely acceptable.
The Ethereum co-founder said,
“Needs to get under $0.05 to be truly acceptable imo. But we’re definitely making great progress, and even proto-danksharding may be enough to get us there for a while!”
Cheaper transactions with Ethereum’s Proto-Danksharding?
Proto-Danksharding emerged as a newer version or concept of sharding. Instead of making more room for transactions, this process allows space for blobs of data. This protocol would process blob-carrying transactions and as per Vitalik Buterin, it would aid in pushing the transaction cost below 5c.
This Ethereum improvement proposal or EIP-4844 could be the ticket to cheaper transactions for the time being.
Meanwhile, the native token of the Ethereum network, Ether [ETH] was in a slight slump. At press time, the asset was trading for $2,797 with a nearly 2 percent daily drop.