What are rollups and how will they improve Ethereum's $ETH transaction speed

Rollups are a Layer 2 scaling solution for Ethereum that can significantly improve transaction speed and throughput:

1. Offloading Computation: Rollups move the computation and storage of transactions off the main Ethereum blockchain (Layer 1) onto a separate Layer 2 network. This reduces the computational load on the Ethereum mainnet.

2. Batching Transactions: Rollups bundle hundreds or thousands of transactions into a single batch, which is then submitted to the Ethereum mainnet. This reduces the amount of data that needs to be stored on the main chain.

3. Two Main Types:
- Optimistic Rollups: Assume all transactions are valid by default, but allow for a "challenge period" where users can dispute transactions. This reduces the computational overhead.
- Zero-Knowledge (ZK) Rollups: Use cryptographic proofs to verify the validity of transaction batches off-chain, without the need for a challenge period.

4. Improved Throughput: By offloading computation and batching transactions, rollups can achieve much higher transaction throughput compared to the Ethereum mainnet alone. Estimates suggest rollups could scale Ethereum's transactions per second from 15-30 TPS to over 2,000 TPS.

5. Lower Fees: The reduced computational load and data requirements of rollups also lead to lower transaction fees for users compared to executing transactions directly on the Ethereum mainnet.
Rollups are a crucial scaling solution for Ethereum that can dramatically improve transaction speed, throughput, and cost-efficiency, without compromising the underlying security and decentralization of the Ethereum network. They are seen as a key component in Ethereum's roadmap to scalability.

#Ethereum #transactionfees #Rollups #layer2

📣 #Bitcoin and #Ethereum transaction fees have dropped to their lowest levels in seven months.
As of June 23, the average $BTC transaction fee was $1.93
Similarly, $ETH gas fees have plummeted to as low as 1 gwei.

#transactionfees #fees #TrendingTopic

Bitcoin transaction fees have surged to 2-year highs, reaching nearly $10 per transaction. Glassnode data suggests a renewed meme coin craze, causing a spike in transactions for BRC-20 tokens. Where will this lead the BTC price? Stay tuned to find out! #bitcoin #transactionfees

📊The #BitcoinMining industry is experiencing a notable shift in its revenue structure.

Last week, the fees cashed in by miners exceeded the standard block reward of 6.25 $BTC 📈

Over the past week, #transactionfees accounted for about 30% of their total income👀

Bitcoin's on-chain transaction fees have surged to nearly $40, the highest since April 2021, due to Ordinals inscriptions.

📉 This spike could negatively impact Bitcoin's price.

High fees may deter casual use and smaller investors, potentially reducing demand for BTC.

#Bitcoin #transactionfees  

🚀$BTC #transactionfees soar to a 20-month high.

With average fees hitting almost $40, the #Network faces a surge in costs due to #bitcoinordinals

📈 #Bitcoin transaction fees surge post-halving

➜ Before: Avg. fee ~$20
➜ Peak After: ~$240
➜ Current: Stabilizing at ~$128

#bitcoinhalving #transactionfees #Bitcoinfees #TrendingTopic

🤩 JUST IN: A massive 83 $BTC (3,146,245 USD) transaction fee was just paid! 💲

✔️ The sender sent 139.32 BTC, but the receiver only received 55.76

#transactionfees #BitcoinFeesRecord #cryptonews

📊 Bitcoin's transaction fees surge once again, surpassing a cumulative total of $120M

This comes as the price of $BTC crashes the $40k resistance, fueling a rally for Inscriptions 🚀

#transactionfees #BTCFee #Bitcoinfees #Bitcoin2024

Wow, that's quite a staggering transaction fee! Someone paid 83.7 Bitcoin, overpaying by 120,258 times. Talk about an unexpected expense!
#MtGox #WLD #RichardTeng #KyberSwap #transactionfees
$BTC $BNB $ETH

A fee of 33 $ETH (equivalent to $126,747) was paid for a single transaction approximately 21 hours ago.

Here is the transaction hash:
0x553e3453e501b10f4e68b9a00b0fc795aa1e755598c09007d61f6480fa1d2037

#ETH #transactionfees #alert

🔥🔥🔥 #Solana-SOL Rival Retik Finance (RETIK) Raises $4M in Its Presale Like a Breeze

In the dynamic realm of decentralized finance (#DEFI ), a new contender, Retik Finance (RETIK), has emerged with a bold presale and ambitious vision, raising an impressive $4 million. Positioned as a challenger to Solana (SOL), Retik Finance sets itself apart by bridging the gap between traditional and digital finance. At its core is the $RETIK token, fueling a vibrant ecosystem with solutions like Retik Wallet, DeFi Debit Cards, and Retik Pay, offering users seamless transactions and financial empowerment.

Retik Wallet serves as a secure gateway to the DeFi world, while DeFi Debit Cards blend traditional convenience with crypto benefits. Retik Pay, an innovative payment gateway, facilitates crypto payments for online businesses. The $RETIK token, with a total supply of 1 billion, has achieved a presale price of $0.06 per unit, attracting significant interest and raising $4 million. The phased presale strategy ensures controlled growth, and the token plays a pivotal role in Retik's governance and economic structure, offering utility in #transactionfees , exclusive features, and governance decisions.

Retik Finance's comprehensive ecosystem, well-defined tokenomics, and rapid community growth make it a promising investment opportunity, presenting innovation with a proven track record of success. Investors can seize the presale opportunity to participate in a project poised to transform the financial landscape.

Source - Cryptonews

#CryptoNews🔒📰🚫 #BinanceSquareTalks $SOL

BREAKING NEWS! 🤩

SWEAT Just Completed the World’s FIRST Transaction on BNB Powered by NEAR Protocol’s Chain Using SWEAT as Gas!

What's unique is that people will pay gas fee in SWEAT Tokens rather than NEAR Coins to make transactions. That's an interesting & revolutionary deflationary feature!

#SWEAT #transactionfees #transactions #BNB‬ #Sweatcoin