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Coinbase Executive Says He Is Optimistic About Major Ethereum Scalability Improvements In 2022

Coinbase Chief Product Officer Surojit Chatterjee expressed optimism about Ethereum scalability in 2022, as the community awaits the official launch of Ethereum 2.0 and many Layer 2 rollups.

In a blog post titled “10 Predictions for Web3 and the Crypto Economy for 2022,” a Coinbase official stated this on January 4th. He predicts a significant improvement in Ethereum scalability there.

Chatterjee expressed his belief in Ethereum driving Web3 and the crypto-economy as it scales in his blog post. Newer Layer 1 chains, on the other hand, will see significant development, according to him.

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The following are some of Surojit Chatterjee’s predictions:

“Eth scalability will improve, but newer L1 chains will see substantial growth — As we welcome the next hundred million users to crypto and Web3, scalability challenges for Eth are likely to grow. I am optimistic about improvements in ETH scalability with the emergence of Eth2 and many L2 rollups. Traction of Solana, Avalanche and other L1 chains shows that we’ll live in a multi-chain world in the future. We’re also going to see newer L1 chains emerge that focus on specific use cases such as gaming or social media.

“There will be significant usability improvements in L1-L2 bridges — As more L1 networks gain traction and L2s become bigger, our industry will desperately seek improvements in speed and usability of cross-L1 and L1-L2 bridges. We’re likely to see interesting developments in the usability of bridges in the coming year.”

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The first step in the process known as “The Merge,” which is a full transition from proof of work (PoW) consensus algorithm to proof of stake (PoS), is scheduled to officially play out in the first half of 2022, according to Vitalik Buterin in a recent blog post.

The second step, according to Buterin, is with the help of the steps mentioned above, Ethereum (ETH) gas fee is expected to be significantly lowered.

Vitalik Buterin stated :

“If the chain can handle more transactions then that means that there’s more space and you don’t have to compete with other users for the same very small number of slots. So the transaction fees that every single user has just go down by a huge amount.”