Vitalik Buterin promises ERC-20 transactions at $0.02
What we've written about earlier is starting to become reality. Once Ethereum transits to PoS, the fees should drop dramatically, according to Vitalik Buterin. He even said that the average gas fee should go back to $0.02 in the long term.
Two factors play in favor of this. First, there will be no need to pay for expensive mining hardware and electricity. Second, the network's increased capacity will mean that users won't have to compete to get their transactions confirmed.
On the one hand, this will lead to a higher investment interest in Ethereum relative to other L1 blockchains, though this has more to do with trading and token investments.
But few people think about the larger consequences of Ethereum's move to PoS. Cryptocurrency was created as a way to make fast and cheap money transfers, but when Bitcoin and ERC-20 gas fees skyrocketed, this idea became impractical. Now it can become viable again.
Many of us still remember how nice it was to transfer USDT ERC-20 paying $0.01 per transaction. It was just 3 years ago, but a long time ago in crypto terms. The difference between then and now is that the number of transactions in the Ethereum network will be several times higher.
However, even these considerations pale in comparison with the prospects of DeFi, GameFi, and NFTs. Their seemingly explosive growth was far less explosive than it could have been, being stunted by the high Ethereum gas fees. After the merge, we can expect a fast rise of these segments after the merge.
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