Vitalik Buterin wants to introduce significantly lower ether fees

Addressing his followers on Twitter, Vitalik Buterin, Ethereum co-founder and mastermind behind the second-largest cryptocurrency, writes that the cost would need to be under $0.05 per transaction for wider adoption.

The tweet was in response to a screenshot shared by Ryan Sean Adams from the popular Bankless podcast:

The issue of high gas fees (ie transaction costs) on the Ethereum network came to the fore again after users spent over 60,000 ETH ($165 million) in fees trying to acquire an Otherdeed NFT .

A new transaction type is to be introduced as part of the Ethereum Improvement Proposal-4844 . That could reduce rollup fees by a factor of 10 or more and Ethereum would remain competitive without sacrificing the network's decentralization.

In the medium term, Ethereum would like to switch to the Proof-of-Stake consensus mechanism in order to be able to offer low and fast transactions and reduce the carbon footprint of the network.

The Ethereum merge is scheduled to take place in the third quarter of 2022. The operators have not yet given a more precise time window. In the worst case, it could take until September.

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