{"id":570725,"date":"2022-05-04T14:51:59","date_gmt":"2022-05-04T13:51:59","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=570725"},"modified":"2022-05-04T14:56:49","modified_gmt":"2022-05-04T13:56:49","slug":"vitalik-buterin-eth-gas-below-5cents","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/vitalik-buterin-eth-gas-below-5cents\/","title":{"rendered":"Ethereum Founder Vitalik Buterin Says ETH Gas Fees Should Cost Less Than $0.05"},"content":{"rendered":"\n<ul><li>The OG blockchain founder said gas fees lower than $0.05 should be the goal<\/li><\/ul>\n\n\n\n<ul><li>ETH transactions have been notoriously high since the boom of DeFi projects<\/li><\/ul>\n\n\n\n<ul><li>The emergence of the NFT industry has also supposedly added to demand on ETH\u2019s network<\/li><\/ul>\n\n\n\n<ul><li>Crypto proponents surmised that the coming upgrade to a Proof-of-Stake consensus could mitigate high transaction fees.<\/li><\/ul>\n\n\n\n<p>The founder of the Ethereum network, Vitalik Buterin has once again commented on ETH\u2019s infamous transaction costs.\u00a0<\/p>\n\n\n\n<p>On Tuesday, the founder of Mythos Capital and co-host of the Bankless podcast Ryan Sean Adams opined that ETH transactions have become more cost-effective. Adams tweeted:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">This is Ethereum and it&#39;s not expensive. <a href=\"https:\/\/t.co\/6xUpapFbY1\" rel=\"nofollow\">pic.twitter.com\/6xUpapFbY1<\/a><\/p>&mdash; RYAN S\u039eAN ADAMS &#8211; rsa.eth \ud83e\udd87\ud83d\udd0a (@RyanSAdams) <a href=\"https:\/\/twitter.com\/RyanSAdams\/status\/1521471900836372481?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 3, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Responding to the tweet, Ethereum founder Vitalik Buterin argued that ETH gas fees must go lower for the benefit of the ecosystem.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Needs to get under $0.05 to be truly acceptable imo. But we&#39;re definitely making great progress, and even proto-danksharding may be enough to get us there for a while!<\/p>&mdash; vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1521501499410587653?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 3, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Vitalik has also previously said that Layer 2 solutions and zero-knowledge technology (ZK Rollups) could be key tools in solving ETH\u2019s exorbitant transaction fees.\u00a0<\/p>\n\n\n\n<h2>DeFi, NFTs, and The Merge On Ethereum<\/h2>\n\n\n\n<p>Indeed, the ETH network is one of the largest and oldest blockchains in the crypto space. As of the time of writing this report, Ether is the second-largest cryptocurrency by market cap, eclipsed only by the world\u2019s leading crypto &#8211; Bitcoin.&nbsp;<\/p>\n\n\n\n<p>However, since decentralized finance (DeFi) emerged on the network, users have faced an issue &#8211; high gas fees. The rise of the non fungible token (NFT) industry has also supposedly contributed to expensive ETH transactions as demand on the network has significantly increased.&nbsp;<\/p>\n\n\n\n<p>When transactions are submitted on Ethereum, thousands of validators or miners verify and confirm the transactions in what is known as a block. These validators receive a fee for their efforts in the form of \u2018gas\u2019.<\/p>\n\n\n\n<p>Users can choose to pay higher gas to push transactions through faster and this is a technique commonly employed by NFT minters. Although, failed transactions remain a possibility even if the user opts for higher gas fees.\u00a0<\/p>\n\n\n\n<p>During the recent <a href=\"https:\/\/en.ethereumworldnews.com\/yuga-labs-otherside-metaverse-nft-mint-broke-ethereum-and-other-records-here-is-a-recap\/\">Otherside metaverse NFT mint<\/a> by BAYC creators Yuga labs, demand for ETH\u2019s network skyrockets, and a rush to secure NFTs triggered a gas war. Data from <a href=\"https:\/\/coinmetrics.substack.com\/p\/state-of-the-network-issue-153?token=eyJ1c2VyX2lkIjo2NDEzMzk0OSwicG9zdF9pZCI6NTMyNjM3MDYsIl8iOiJNV2lEViIsImlhdCI6MTY1MTU5MjUyMiwiZXhwIjoxNjUxNTk2MTIyLCJpc3MiOiJwdWItNjI2OSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.zO-U5UAW_Cz34wN38qj1t3LO5AionQZAh2PkC1bsTYo\" rel=\"nofollow noopener\">CoinMetrics<\/a> shows that over $150 million was spent on transaction costs alone.&nbsp;<\/p>\n\n\n\n<p>Users also lost about $4 million in ETH as more than <a href=\"https:\/\/en.ethereumworldnews.com\/yuga-labs-otherside-metaverse-nft-mint-broke-ethereum-and-other-records-here-is-a-recap\/\">10,000 transactions failed to go through.<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"979\" height=\"550\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Gas-Prices.jpg\" alt=\"\" class=\"wp-image-570727\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Gas-Prices.jpg 979w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Gas-Prices-300x169.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Gas-Prices-770x433.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Gas-Prices-269x151.jpg 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Gas-Prices-746x419.jpg 746w\" sizes=\"(max-width: 979px) 100vw, 979px\" title=\"\"><figcaption>Ethereum Gas Prices After Yuga Lab&#8217;s Latest Metaverse Mint (Source: CoinMetrics)<\/figcaption><\/figure>\n\n\n\n<p>Moving forward, crypto proponents have surmised that Ethereum\u2019s planned upgrade from a proof-of-work blockchain to a proof-of-stake network could finally eliminate high gas fees. Developers have reportedly made progress regarding the <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-devs-not-to-delay-eths-difficulty-bomb-merge-could-happen-this-summer\/\">much-anticipated Merge event<\/a> although a definite timeline has not been confirmed yet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vitalik Buterin says ETH gas fees below 5 cents are acceptable.<\/p>\n","protected":false},"author":55,"featured_media":570728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[7092,1322,108219,108401],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570725"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=570725"}],"version-history":[{"count":5,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570725\/revisions"}],"predecessor-version":[{"id":570734,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570725\/revisions\/570734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/570728"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=570725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=570725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=570725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}