Ethereum co-founder Vitalik Buterin caused a scene – albeit in a funny way – on the TOKEN2049 conference in Singapore by not only providing analysis on Ethereum developments, but also entertaining guests with a crypto-themed song.
The event, held on September 18-19, highlighted Buterin’s combined role as an unexpected performer and digital visionary. He highlighted the remarkable drop in transaction fees on Layer-2 (L2) Ethereum solutions, which are now close to $0, making transactions more accessible and reasonably priced.
Live from #TOKEN2049 – a full room at @okx Main stage to see @VitalikButerin photo.twitter.com/vjI4kXnlJE
– TOKEN2049 (@token2049) September 18, 2024
A New Era for Ethereum
However, Vitalik Buterin’s comments responded to concerns about Ethereum’s relevance in the rapidly changing crypto scene. Countering claims that the network had deteriorated during recent market swings, he boldly said that Ethereum’s fundamentals are now “crazy strong.”
The sharp drop in L2 transaction fees is a game changer. For example, since April, fees on sites like Arbitrum have dropped from over $0.50 to between $0.01 and $0.004.
Ethereum’s competitiveness depends on this change, as it positions itself for mainstream adoption without sacrificing its distributed nature.
Ether market cap currently at $293 billion. Chart: TradingView.com
The daily transactions, which often exceed 1 million, are also increasing in the Ethereum ecosystem. This increase reflects not only higher activity, but also the success of recent improvements, including EIP-4844, which created specific block areas for L2 data.
These developments have made Ethereum more efficient and user-friendly, making it more widely accepted.
Improving the user experience
Vitalik Buterin’s speech focused on improving the user experience across the Ethereum network. He highlighted developments in cross-L2 wallet interactions that now require less human work when switching networks.
Buterin also talked about Zero-Knowledge (ZK) technology, which improves security and privacy for distributed applications (dApps). According to him, it will allow developers to protect user data and develop creative ideas as ZK tooling becomes more reliable.
Another step towards ensuring Ethereum’s long-term goals of security and decentralization is the continued evolution of Scalable Transparent Argument of Knowledge (STRONG).
Strategic steps and market implications
Buterin’s presence at TOKEN2049 coincided with his recent strategic sale of ETH, which raised approximately $9.8 million since late August. So it wasn’t just about technological advancements.
While some market watchers speculated about possible bearish signals from these trades, others saw it as a deliberate strategy to maintain liquidity without disrupting the normal flow of the market. By selling in smaller batches rather than one large transaction, Buterin avoided panic among investors.
His actions are typical of crypto influencers who must balance personal finances with market sentiment. Some crypto enthusiasts are concerned about ETH prices, while others are speculating about Buterin’s plans.
By attending TOKEN2049, Vitalik Buterin not only showed that he has a special talent for communicating with the audience outside of technical talks, but he also highlighted the remarkable progress in Ethereum’s development.
Main image of Pintu, chart from TradingView