Vitalik Says L2s 'Solved Homework' of Lower Gas Fees: Taiko Unveils Potential
CryptoNewsTerminal Staff16 Sep, 2024
Vitalik Says L2s 'Solved Homework' of Lower Gas Fees: Taiko Unveils Potential
Vitalik Buterin, the mastermind behind Ethereum (ETH), recently declared that transaction fees on Layer 2 (L2) networks have plummeted, making them extremely affordable. Buterin emphasized the crucial role of lower transaction costs in fostering the widespread adoption of decentralized finance (DeFi) since 2020. Taiko, an Ethereum (ETH) Layer 2 network based on zkEVM (Zero-Knowledge Ethereum Virtual Machine), exemplifies the decentralized rollup model. Taiko's architecture enables significantly reduced transaction fees compared to the Ethereum mainnet, addressing one of the biggest obstacles to DeFi's growth. Robert Sasu, a core developer at MultiversX (EGLD), previously criticized the centralization of Layer 2 systems. However, Taiko's decentralized nature challenges this criticism, demonstrating the potential of Layer 2 networks to lower gas fees while maintaining decentralization.
