Layer 2 transaction fees on Ethereum (CRYPTO: ETH) should be under 5 cents to be “truly acceptable," the cryptocurrency's co-founder Vitalik Buterin has said.
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What Happened: The Ethereum creator weighed in on a Tuesday tweet from Bankless podcast host Ryan Sean Adams that made a case for why Ethereum “isn’t expensive.”
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!
— vitalik.eth (@VitalikButerin) May 3, 2022
Adams shared a screenshot of the Ethereum Layer 2 platform’s average transaction fees, highlighting how inexpensive it is to use these scaling solutions.
“Needs to get under $0.05 to be truly acceptable," Buterin said. "But we're definitely making great progress."
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Meanwhile, the average transfer for a token swap on the Layer 1 chain remains on the higher side. At the time of writing, the gas fee for a token swap on Uniswap (CRYPTO: UNI) was $15.38.
Price Action: According to data from Benzinga Pro, ETH was trading at $2,790, down 1.39% over 24 hours.
