Ethereum needs to undergo this transition before “full maturity”: Vitalik
“Today, in June 2023, the situation is not too bad: the transaction fee is significant, but it’s still comparable to the ENS domain fee. But if we have another bull market, fees will skyrocket. Even without ETH price increases, gas fees returning to 200 gwei would raise the tx fee of a domain registration to $104.”
However, he noted that the ENS team was in the process of solving this problem by combining the ERC-3368 CCIP standard and the L2 networks. Some of the applications of the standard include wallet interaction with encryption keys, L2 transaction verification, and off-chain signatures. Recently, Ethereum developers agreed to work on the upcoming Dencun upgrade. And AMBCrypto spoke to Andrey Kuznetsov, the CTO of Islamic Coin about the matter. Kuznetsov mentioned that the upgrade will unleash new capabilities on the blockchain, saying,
“While the proto-danksharding will help in scaling rollups on the network as it will make room for data to be stored easily, the latter will act in a complementary manner by reducing the fees for storing data on-chain, and therefore improve blockspace.”
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