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Layer-2 and multi-chain DeFi platforms see record inflows as Ethereum fees soar
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High transaction fees have been a persistent thorn in the side of investors and blockchain projects since at least 2014 when Ethereum Network co-creator Vitalik Buterin stated in reference to Bitcoin, “The ‘Internet of Money’ should not cost $0.05 per transaction. It's kind of absurd.”
Fast forward to November 2021 and the simple act of approving a token so that it can be transacted on Uniswap can cost as much as $50 worth in Ether (ETH) depending on the time of day.
Even layer-2 solutions, which were billed as the protocols that would help solve the fee issue, have been unable to escape the high-fee curse of congested networks as new users onboard into the cryptocurrency ecosystem by the day.
isnt arbitrum supposed to be cheap lol what a
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