In the past, Buterin was forced to pay over $800 for a single privacy-preserving transaction, but this is no longer the case thanks to the development of Ethereum layer 2s.
Vitalik Buterin emphasized the significance of the declining transaction fees within the Ethereum ecosystem before reflecting on some of the most iconic crypto-themed songs from the past.
Speaking about the crypto industry’s evolution, Buterin noted that the previously high transaction fees were among the main challenges of mainstream adoption.
However, transaction fees on Ethereum layer-2 (L2) networks have gone down to “basically zero,” marking a significant milestone for crypto, according to Buterin, who said during his speech at Token 2049 in Singapore:
