This Level of Transaction Fees Would be 'Truly Acceptable' According to Ethereum's Buterin

cryptonews.com:

Ethereum (ETH) co-founder Vitalik Buterin has said layer 2 (L2) transaction fees need to be under USD 0.05 in order to become “truly acceptable.”

The statement came in response to a Twitter post from Ryan Sean Adams, co-founder of Web3 company Bankless and the host of the Bankless podcast, who shared a screenshot of the average transaction fees for some popular Ethereum L2 solutions.

Layer 2s are separate blockchains that extend and scale Ethereum by processing transactions off of the Ethereum Mainnet (layer 1) while aiming to still maintain the security measures and decentralization of the mainnet.

While some layer 2s meet Buterin's recommended transaction fee, some are still relatively expensive. For instance, transaction fees on the Aztec Network were around USD 1.98.

"Needs to get under [USD] 0.05 to be truly acceptable imo," Buterin said. "But we're definitely making great progress, and even proto-danksharding may be enough to get us there for a while!"

Arguably, Adams has shared the screenshot to counter the increasing criticism towards Ethereum. Ethereum gas fees have become a hot topic yet again, particularly since the network experienced a massive surge in gas fees during the mint of Yuga Lab's much-anticipated “Otherside” metaverse land, called Otherdeed non-fungible tokens (NFTs).

In total, over USD 150m was spent in gas fees during the mint as users tried to secure space in the upcoming block by taking part in a priority gas auction, a process also referred to as "gas war."

While it’s next to impossible to completely avoid gas wars during highly-anticipated NFT mints, Yuga Labs could have taken certain measures to dramatically reduce the potential for a massive gas war, crypto research firm CoinMetrics said in a