Why so expensive? High transaction fees have been a long recurring issue for users on popular blockchain networks like Ethereum and Bitcoin. However, various platforms are working on changing that.
due to the Yuga Labs launch of their Otherside NFT collection.
Georgiev continued, “Now imagine you get into Web3 and at busy times you have to pay a $30 fee for exchanging tokens worth $150. Given that in crypto interactions are made more often — add/remove liquidity, move positions between protocols, bridge between layers — it is important that gas fees are low enough in order to onboard the next 1 billion users to crypto with lower friction.”
Anthony Georgiades, co-founder of Pastel Network — an NFT and Web3 infrastructure and security project — told Cointelegraph:
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