Vitalik Buterin at Token2049: the crypto song and the speech on Ethereum layer-2

At Token2049 in Singapore, Vitalik Buterin, founder of Ethereum, made an appearance and sang a crypto-themed song.

At the Token2049 event in Singapore, Ethereum founder Vitalik Buterin made a memorable appearance, showcasing his musical talents by singing a crypto-themed song to the delight of the audience.

A video of Buterin's performance quickly surfaced on X, garnering attention and even prompting a reaction from Tron CEO Justin Sun, who couldn't resist praising his rival's boldness.

Buterin also took the opportunity to highlight the remarkable success of Ethereum's layer-2 solutions and their ability to drastically reduce transaction fees.

Recalling his past experiences, Buterin mentioned having to pay over $800 for a single transaction to ensure privacy, a scenario that has now drastically changed, thanks to the advancements made by layer 2s of Ethereum.

According to Buterin, such low transaction fees, which now hover around $0.01, or practically "zero" fees, are a game-changer for the ETH ecosystem, addressing a key challenge for mainstream adoption.

Indeed, Optimism e Arbitrum have risen to prominence largely due to their success in bringing down fees to below $0.01, essentially achieving "zero" fees.

Moreover, these rollups have attained this milestone while simultaneously becoming more secure and accessible.

In addition to transaction costs, Buterin also touched upon the significant improvements in transaction "times."

To this end, the Ethereum founder highlighted the impact of the Merge and the Blockchain's transition to Proof-of-Stake, which has managed to halve the average waiting time until the next block.

As a result, transaction waiting times have been quietly reduced to 5-15 seconds.

Furthermore, among the broader challenges facing the crypto industry, Buterin emphasized the critical need to cater to mainstream demand while upholding the values of decentralization.

In his own words:

“We must meet the needs of mainstream adoption and at the same time we must maintain the values of open source and decentralization.”

Recently, Buterin penned a post on X, essentially calling for greater decentralization in the layer-2s on Ethereum.

In essence, layer-2s are supposed to inherit the security of the layer-1 they are built upon. However, the issue arises when despite the layer-1 being decentralized, as is the case with Ethereum, the layer-2s built on ETH are not necessarily decentralized.

To be precise, layer-2s indeed find it challenging to become truly decentralized. A prime example would be Coinbase's Base, which also positions itself as a layer-2 of Ethereum.

In any case, Buterin has stated that come 2025, he will only consider those Ethereum layer-2s that have at least reached phase 1.

This essentially includes all L2s that have attained a 75% threshold in the council to disregard the proof system and have more than 26% of the council outside the rollup team.

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