Ethereum’s Mainnet as a Foundation for Decentralized Applications and Settlement Layers
Ethereum core developer Eric Conner acknowledges that in the long term, Ethereum’s mainnet may not be the preferred platform for daily transactions. However, Conner emphasizes that the mainnet will continue to serve as the foundation for decentralized applications and settlement layers. He highlights the importance of “liveness” in facilitating uninterrupted transactions and building trust within the ecosystem.
Layer-2 Solutions to Address High Fees
Conner addresses concerns about high transaction fees on Ethereum by pointing out the potential of layer-2 solutions. He expresses confidence that these solutions are effectively mitigating the issue of high fees. While acknowledging critiques regarding the user experience of layer-2 solutions, Conner remains optimistic and suggests that these challenges can be overcome. He predicts significant improvements in user experience, with wallets streamlining processes to make them more seamless and user-friendly.
Average Transaction Fees on Ethereum
Data from BitInfoCharts reveals that the average transaction fee on Ethereum currently stands at $9, significantly lower than the $50 recorded in 2021. However, this fee still poses a hurdle for network activity at current levels. Comparatively, executing a token swap on Ethereum’s mainnet costs approximately $6, while it only costs $0.6 on Loopring or $0.18 on Optimism, making layer-2 solutions more attractive for cost-conscious users.
Hot Take: Ethereum’s Mainnet Evolving into a Settlement Layer
Ethereum’s mainnet is gradually evolving into a settlement layer rather than a hub for daily transactions, according to Eric Conner. While transactional costs remain a concern, layer-2 solutions are effectively addressing this issue. Conner expresses optimism about overcoming the challenges associated with layer-2 user experience, predicting significant improvements in the near future. As Ethereum continues to develop, it is expected that wallets will streamline processes, making the overall experience more seamless and user-friendly for both developers and users.
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