Vitalik Buterin, the Ethereum founder, has once again commented on the high transaction prices of ETH. Ryan Sean Adams, the co-host of the Bankless podcast and the founder of Mythos Capital, stated on Tuesday that ETH transactions had become more cost-effective.
Ethereum founder Vitalik Buterin responded to the tweet by arguing that ETH gas fees should be reduced for the ecosystem’s good. Layer 2 solutions and zero-knowledge technology (ZK Rollups), according to Vitalik, might be crucial solutions in addressing ETH’s excessive transaction fees.
Vitalik Buterin tweeted on Tuesday “Needs to get under $0.05 to be truly acceptable [in my opinion]. But we’re definitely making great progress, and even proto-danksharding may be enough to get us there for a while!”
Buterin’s tweet alluded to proto-danksharding, a recently proposed Ethereum upgrade (EIP-4844) aimed at assisting the network scale in the short term. The upgrade enables a new type of transaction known as a “blob-carrying transaction,” which carries extra data that the Ethereum Virtual Machine cannot access (EVM).
This isn’t the first time the Ethereum co-founder has brought up the issue of the network’s high gas fees. Buterin proposed a fee market reform in Ethereum in July 2020, claiming that excessive gas costs could make the network less secure.
He also stated earlier this year that he still believes that “the internet of money should not cost more than 5 cents per transaction.”
“That was the goal in 2017 and it is the goal today. It’s precisely why we’re spending so much time working on scalability,” Buterin remarked at the time.
