• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
ethereum
Nexo

As ETH Fees Remain High, Trader Reminds Community “Ethereum Hasn’t Won Yet”

Nick Chong by Nick Chong
2 years ago
in Ethereum
0
Advertisement

If you’re one to focus on transaction fees, it’s been a tough past few weeks for Ethereum.

The network has been subject to an influx of adoption over recent weeks. Santiment, for instance, has reported the highest daily active address count in over two years. Similarly, the daily number of confirmed Ethereum transactions recently surpassed one million.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ethereum transaction fees have skyrocketed as a result. According to data shared by Tradeblock, the cost of transacting on the network is at multi-year highs:

“With the rise in DeFi apps, majority of which are built on Ethereum, ether gas fees hit recent highs, meaning transaction costs across the network have risen in order for timely transactions to occur.”

Ethereum proponents are currently mixed over how developers should respond.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Some say that the high fees are a good thing, as they imbue ETH with more demand and accentuate Ethereum’s strong fundamentals. Others say high fees are a crucial issue that needs to be solved as soon as possible.

“Ethereum Hasn’t Won Yet”

Even after a strong pullback from the local highs, transaction fees remain unbearable to many.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Agreeing with many other users, the Head of Business Development at Kraken’s futures division, Kevin Beardsley recently wrote:

“I have spent $14 on ETH gas fees to transfer/lock my $15 into @CurveFinance and I’m earning a princely $0.079 in weekly $SNX rewards. I’ll break even in just 177 short weeks! (not including gas to close contracts.”

Some stakeholders don’t seem to be proactive in mitigating high fees as fast as possible.

One commenter said that “there’s no point in raising the gas limit to try and lower fees. Blocks are going to get filled right back up due to large financial incentives on-chain.” Others have been silent on fees, seemingly indicating a “this is fine” attitude.

Scott Lewis, the co-founder of Concourse Open Community, says that this attitude and complacency may be dangerous.

The trader and industry executive wrote in a comment published June 30th:

“Overall the Ethereum community is wayyyyy too overconfident about people paying high gas fees if reasonable alternatives exist. Watching Ethereum overtake Bitcoin has been fun. Watching the Ethereum community fall for the same overconfidence trap that befell Bitcoin is scary. Like… wake up. [it] hasn’t won yet.”

That’s to say, Lewis thinks the community may be somewhat naive thinking that retail investors won’t opt for alternative platforms should transacting ETH become too expensive.

What Are the Solutions?

In the short-term, the best way Ethereum can begin to combat the fast(er) and cheap(er) transactions of other chains is through layer 2 solutions. Like Bitcoin has the Lightning Network, Ethereum has its own networks built on top of the mainchain.

Kelvin Koh, a partner at the Spartan Group, recently identified Skale Network as a viable layer 2 solution for Ethereum. There are others, though Skale is a solution to a pertinent problem that just launched.

Timely launch for Skale Network as Ethereum is badly in need of layer 2 solutions to alleviate network congestion and high fees. https://t.co/boZIc40eeS

— SpartanBlack (@SpartanBlack_1) July 1, 2020

In the longer run, a successful transition to Ethereum 2.0 — a new iteration of the network focused on latency and throughput — may amend the fee concerns for good.

Featured Image from Shutterstock
Price tags: ethusd
As ETH Fees Remain High, Entrepreneur Says "Ethereum Hasn't Won Yet"
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Ethereum

Ethereum Merge: The Past, The Present, And The Future

4 days ago
Ethereum Mining

Why Are Ethereum Miners Worried About The Merge?

5 days ago
Bitcoin

Bitcoin Relished Its Best Month In July 2022 – How Will BTC Perform This August?

5 days ago
Ethereum

Ethereum Vs Bitcoin: Vitalik Buterin Calls Michael Saylor A ‘Total Clown’ – Here’s Why

6 days ago
Tiffany & Co., CryptoPunks pendant screenshot

Jewelers Tiffany & Co. Offer 250 Unique Custom Pendants To CryptoPunks Holders

7 days ago
Ethereum 2.0 Locked ETH Is Holding $15 Billion In Losses

Ethereum 2.0 Locked ETH Is Holding $15 Billion In Losses

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.