> When you pay things with your credit card at Ikea, the transaction is not being settled at the exact instant.
For all intents and purposes, it very much is. When I use my credit card to purchase something from a foreign supplier, the current exchange rate is used. It isn’t the exchange rate a few days later, nor the exchange rate when I settle the my account: it’s the exchange rate at the time of purchase.
Now, please explain the “layer 2” solution: on the day that BApes drove wth gas fees sky-high, did layer 2 charges remain stable and low-cost? Who foots the bill for the difference? Is settlement delayed until the price comes back down? What happens if eth gas fees remain sky-high for days?
I'd argue that isn't really "settlement" though. The funds do arrive (which is at least better than the status code), but they can still be clawed back for any number of reasons at that point.
For all intents and purposes, it very much is. When I use my credit card to purchase something from a foreign supplier, the current exchange rate is used. It isn’t the exchange rate a few days later, nor the exchange rate when I settle the my account: it’s the exchange rate at the time of purchase.
Further, some cards do settle near immediately: https://usa.visa.com/run-your-business/visa-direct/small-bus...
Now, please explain the “layer 2” solution: on the day that BApes drove wth gas fees sky-high, did layer 2 charges remain stable and low-cost? Who foots the bill for the difference? Is settlement delayed until the price comes back down? What happens if eth gas fees remain sky-high for days?