The fact that the Ethereum Blockchain has a scaling problem is made abundantly clear by the consistently high gas fees. Ethereum puller Vitalik Buterin sees the light at the end of the tunnel.
The crypto revolution is eating its children: If predominantly small investors have made the Ethereum network what it is today over the years, they have been looking down the tube more and more recently. At currently $ 14.71 (0.0081 ETH), the average gas fees are not precisely tailored to narrow wallet stocks. A situation that will only be resolved with the scaling solutions of the new Ethereum 2.0 network environment. However, since a few years could pass before the final switch to the proof-of-stake procedure, including the sharding function, interim solutions are needed that make the Ethereum blockchain affordable again. Such a solution could be launched in a month.
Hopes rest on “Optimism,” a layer two solution from the start-up of the same name that is fully compatible with the Ethereum Virtual Machine. The focus of the developers is on so-called ZK rollups, i.e., “zero-knowledge processes” that transfer several transactions on a sidechain before they are bundled in one processing on the mainnet. A similar process is also used in the Lightning Network for Bitcoin. As Vitalik Buterin estimates in a podcast, this could already increase the performance of the Ethereum blockchain by a factor of 100.
According to this, the Layer 2 solution could increase the transaction throughput “to 1,000 to 4,000 transactions per second”, “depending on how complex these transactions are.” For comparison: According to the on-chain data aggregator Blockchain, Ethereum currently only manages 11 to 16 transactions per second. According to Ethereum.org, however, the network must “support thousands of transactions per second in order to make applications faster and cheaper.” The knot should only finally burst with Ethereum 2.0, which should ultimately be able to handle 100,000 transactions. But until then, Optimism could help. Check best indicators for cryptocurrency for better market analysis.
According to Buterin, investors no longer have to wait too long for the interim solution. According to this, a functional solution can be expected “in about a month” that will make the scaling problem forgotten, at least in the medium term. The Ethereum mastermind says: “So rollups are coming very soon, and we are confident that by the time we need further scaling, the sharding will be over for a long time”. So – although Ethereum 2.0 is still a long time coming – the usury of fees could soon be a thing of the past. Other solutions, such as the Rollup Arbitrum developed by Offchainlabs, give hope that the gas fees will normalize again in the future.