VanEck CEO advises to focus on transaction fees

Apr 10, 2024
The CEO of the global company VanEck, Jan van Eck, has noted that the unpredictability of transaction fees in the Bitcoin and Ethereum blockchains complicates application development within their ecosystems. According to the expert, the most significant transaction costs in 2023 were observed in the Solana network.

Solana (SOL) is often referred to as the “Ethereum killer” due to its Layer1 protocol offering lower costs and faster transaction speeds.

Layer 2 represents separate blockchains built atop Layer1 chains to address scalability issues. The integration of Ethereum and the Lightning network for BTC are examples of Layer2 solutions.

New solutions with lower and more predictable transaction fees enable developers to create useful applications.

According to Jan van Eck, scalable databases are garnering interest in the cryptography community. However, it is unlikely that Ethereum ETFs will be approved by the May deadline. The U.S. Securities and Exchange Commission is not responding to issuer applications.