Ethereum co-founder Vitalik Buterin proposes new methods to make transactions on his blockchain faster. Historically, Ethereum has never been the fastest blockchain, but after The Merge (transition to Proof-of-Stake), transaction time has been reduced to 5-20 seconds. Other blockchains are twice as fast.

Ethereum not in top 10 fastest blockchains

If CoinGecko data is to be believed, Ethereum isn’t even in the top 10 fastest blockchains. Solana, SUI, and Binance Smart Chain are currently the big leaders in this space.

Now Vitalik Buterin proposes a change called single-slot finality. Currently, with Ethereum’s Gasper consensus, it takes approximately 12.8 minutes to finalize transactions.

With single-slot finality, this process is streamlined and the waiting time drops significantly. “12.8 minutes is way too long and nobody wants to wait that long for their transactions,” says Vitalik Buterin. In doing so, he also indirectly takes a swipe at Bitcoin, where you have to wait at least 10 minutes for a transaction.

Ethereum scales on the second layer

Buterin also focuses in his new argument on Layer-2 solutions for Ethereum, which currently process transactions faster by using smaller pools of validators.

As a result, Buterin said, Ethereum’s primary blockchain can focus on its core functions: stability, censorship resilience, and security. “The job of layer-2 solutions is to provide a better user experience, make transactions faster, and adapt to different needs,” Buterin said.

To make Ethereum an important part of the global financial system, it is important that the blockchain becomes faster. If important financial assets all run on Ethereum, it cannot be prevented that the transaction costs suddenly rise to amounts of 20 to 30 dollars.

There is also the danger that the blockchain can get stuck. If everyone wants to sell an asset at the same time, then that must remain possible. Otherwise, a very strange form of panic can arise, where people have to increase the transaction costs extremely in order to be the first to sell their assets.

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