TOKEN2049 Conference in Singapore Turns into Vitalik Buterin's Singing Show
Ethereum creator Vitalik Buterin, known for his reserved and antisocial nature, gave his speech at the Singapore 2049 conference in the form of a concert, where he sang about the latest updates and his vision for the ecosystem.
But despite the entertaining nature, Vitalik revealed important information. He focused on the impact of Ethereum’s layer 2 networks, especially Optimism and Arbitrum, while crypto enthusiasts were riveted to his talk.
“Fees are lower and transaction speeds are faster,” Vitalik said, noting that transaction fees, which had been a major barrier to adoption, are now virtually zero on layer 2 networks, having dropped from $10 to $0.50 per transaction. He explained that Ethereum gas fees had reached $200 during network congestion, a problem layer 2 solutions are working to address.
These networks have made Ethereum more scalable and more affordable. Vitalik even recalled paying over $800 in gas fees for a single transaction to maintain privacy in the past. But that’s no longer the case thanks to advancements in layer 2 networks.
In addition to lower fees, transaction confirmation times have improved dramatically since Ethereum transitioned to a proof-of-stake network in September 2022 following the merge. Vitalik explained how the wait time for transaction confirmation has been cut in half, with transactions now confirmed in 5-15 seconds.
“We need to meet the needs of mass adoption while maintaining the values of open source and decentralization,” Vitalik said.
He called on the cryptocurrency community to be realistic without sacrificing the core principles of the industry.
Ethereum's Battle Continues Vitalik also touched on the ongoing competition between Ethereum and Bitcoin, with Bitcoin's dominance currently at 58%.
While Bitcoin remains relatively stable, Ethereum has not exceeded $2,500 for several months. The coin has seen $581 million in negative outflows since its launch. Grayscale was behind $2.7 billion of those outflows, the data shows.
There is also the issue of decentralized application (DApp) activity on the Ethereum network declining by -19% week-on-week, while competing blockchains like Solana and BNB Chain saw increases of 24% and 23% respectively.
Ethereum price also hit a key technical level, struggling to clear the 20-day moving average at $2,397 on September 17.
The bulls tried but failed to break through. If the current support level breaks, Ethereum could drop further, possibly reaching $2,111 or even $2,000.
But if the bulls can push the price above the 50-day moving average at $2,553, Ethereum could rally to $2,850, and perhaps eventually reach $3,000.
