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Not sure what you mean about layer 2 solutions being similar in cost to layer 1 transactions. See here: https://l2fees.info https://l2fees.info. Arbitrum and Op
by almostkorean 5y ago
Not sure what you mean about layer 2 solutions being similar in cost to layer 1 transactions. See here: https://l2fees.info https://l2fees.info. Arbitrum and Optimism are both running in "safe mode" so their tx cost will continue to go down.
I agree that the twitter solution isn't great. Just pointing out that Lightning network is a tech that can be used for cheap transactions.
100% agree that none of these solutions are accessible to the masses. Tons of UX issues, most people don't want to self custody, layer 2s can require bridging, etc. But, I don't think it's terribly hard to see how these issues will be addressed and they are actively being worked on
- jakear 5y agoSo I may be wrong here but my understanding is that you can’t go directly from fiat to L2 transacting. My goal is to minimize the loss from patron’s bank account to creator’s bank account, and every extra step along the way is a couple percent out of the creator’s bank account and into exchanges/miners’. Edit: put more simply, a hundred people each want to give $5 to a single person. What path do they follow to ensure that the person can get as close to $500 in their bank account as soon as possible. Bonus question: what is the relation between how much they can get into their bank account and how long they wait?
- almostkorean 5y agoAh I gotcha, yea that is mostly true at the moment. I'm pretty sure the only way to go directly from fiat to L2 is through Binance which can transfer to Arbitrum (someone correct me if I'm wrong). All the major centralized exchanges are working on this, so I expect to see more support for direct to layer 2 transfers soon. Not sure about the amount of time between exchange and bank account, I think that is going to depend on each exchange.