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Sunday, February 25, 2024
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    bitcoin
    Bitcoin (BTC) $ 51,651.84
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    Ethereum (ETH) $ 3,031.36
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    Tether (USDT) $ 1.00
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    Ethereum developer says mainnet ultimately is not going to perform as every day transaction hub

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    Ethereum core developer Eric Conner says the community’s mainnet in the long run is not going to function the platform the place every day customers would wish to transact tokens.

    In a latest thread on X, Eric Conner, an Ethereum core developer, mentioned the long run trajectory of Ethereum’s mainnet, shedding gentle on its function within the ecosystem and addressing issues about transactional prices. Conner emphasised Ethereum’s prioritization of “liveness,” highlighting its essential significance in facilitating transactions with out outages as a key to constructing belief throughout the ecosystem.

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    “However the charges are too excessive”

    Ethereum L1 in the long run is not the place every day customers will transact. Will probably be the DA/settlement layer.

    L2s will (and are!) caring for the excessive payment points

    — eric.eth (@econoar) February 7, 2024

    Addressing the prevalent concern about excessive transaction charges on Ethereum, Conner identified that whereas Ethereum’s mainnet will not be the best platform for every day transactions in the long run, it would nonetheless function the inspiration for decentralized functions and settlement layers.

    You may also like: Vitalik Buterin discusses options for Ethereum’s growing block measurement challenges

    Highlighting the potential of layer-2 options to mitigate excessive charges, Conner expressed confidence that these options are already successfully addressing the difficulty.

    In response to critiques concerning the consumer expertise of layer-2 options, Conner remained optimistic, suggesting that the challenges may be solved. Though he didn’t delve into particular options, he identified vital enhancements within the consumer expertise of layer-2 options over the previous two years, predicting that wallets will in the end streamline processes, making the general expertise extra seamless and user-friendly.

    Ethereum developer says mainnet eventually will not function as daily transaction hub - 1
    See also  Spot Ethereum ETFs approval seemingly on Could 23: Normal Chartered

    Common transaction payment on Ethereum | Supply: BitInfoCharts

    In the meantime, information from BitInfoCharts reveals that the common transaction payment on Ethereum presently stands at $9, notably decrease than the $50 recorded in 2021 however nonetheless posing a hurdle for community exercise at present ranges. Comparatively, executing a token swap on Ethereum’s mainnet prices roughly $6, whereas the identical operation prices solely $0.6 on Loopring or $0.18 on Optimism, highlighting the attractiveness of layer-2 options for cost-conscious customers, in keeping with L2Fees information.

    Learn extra: Ethereum Identify Service, GoDaddy associate linking domains with crypto wallets

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