Does Layer-2 Transaction Fee Need to Be Below $0.05 To Be Acceptable?

The Ethereum [ETH] network was one of the first crypto projects to enter the financial market. It became a foundation project upon which other projects could build on. However, scalability issues and high gas prices made it difficult for the network to expand. After receiving a lot of negative feedback about the issues above, the developers decided to create a Layer-2 solution for them. Even though Layer-2 transactions are much easier and less expensive, the network’s co-founder intends to reduce the transaction fee further. What Are Layer-2 Solutions? The Layer-2 solution’s design aims to aid application growth by taking some of the transaction processing work off of the Ethereum Mainnet (layer 1) while keeping the same level of security and decentralization as the mainnet. As a result, Layer 2 solutions improve transaction speed while lowering gas costs. Immutable X, Polygon, and Polkadot are common Ethereum Layer-2 solutions. Why Are Layer-2 Solutions Important? Layer-2 solutions are important because they enable scalability without jeopardizing the integrity of the Ethereum blockchain. This enables total decentralization, transparency, and security while lowering the carbon footprints (less gas means less energy used, which equates to less carbon.) Even though the Ethereum blockchain is the most popular and, in some ways, the safest, it still has some flaws. On the Ethereum Mainnet, transactions take a lot of time (13 seco...