Ethereum rollup Taiko sharply cuts network fees

Taiko (TAIKO), an Ethereum (ETH)-based rollup project, said on the 13th that it lowered the network base fee to 0.01 ETHGas, bringing the cost of a transfer transaction down to about $0.003.

Taiko explained that the update reduces the cost of everyday on-chain transactions to under 1 cent, enabling developers to build consumer applications in an environment with less gas-fee burden.

The fee was calculated based on a simple transfer transaction under typical network conditions. Actual fees, however, may vary depending on network congestion or the complexity of smart contracts.

Taiko also said the update adjusted the fee for a basic transfer to a low level even compared with major networks. Currently, the average fee for a simple transfer on major networks is under 1 cent on Solana, about $0.002 on Polygon PoS, and $0.01 or more on most Ethereum Layer 2 (L2) networks.

Joaquin Mendes, Taiko’s chief operating officer (COO), said, “Fees have a major impact on developers’ development environment,” adding, “If fees fall below 1 cent, developers can build services focused on speed and simplicity without the burden of costs.”