If you as the Ethereum-owner low transaction fees are important, then the last few weeks have been for Ethereum is very difficult.
The network saw in the last few weeks a huge increase in the number exposed. Santiment has reported, for example, the highest daily active address number for over two years. Similarly, the daily number of confirmed Ethereum transactions recently for over a Million.
The fees for Ethereum transactions will be shot as a result in the amount. According to the trade block, the cost of transactions on the network are at multi-year highs:
“With the increase of the DeFi-applications, most of which are based on Ethereum, the fees for Ethergas the recent all-time highs, which means that the transaction costs are increased throughout the network, so that time can be held close transactions.”
The supporters of Ethereum are currently at odds about how the developers will react.
Some consider the high fees as a good thing, since they provide ETH with more demand and the strong fundamental stress data. Others say the high fees are a key Problem that must be rapidly resolved.
“Ethereum has not yet won”
Even after a strong retreat from the local highs, the transaction fees for many unbearable.
Kevin Beardsley, Director of business development in the Futures Department of the Kraken, is consistent with many other users, as he has recently emphasized:
“I spent $14 for ETH-Gasgebühren to my $15 block transfer @curve Finance, to/to, and I deserve princely $0,079 of weekly $SNX-rewards. I’m going to reach in only 177 short weeks, the income threshold! (excluding Gas for the conclusion of contracts.“
Some stakeholders don’t seem to be really proactive, when it comes to high fees as soon as possible to mitigate.
A commentator is that it did raise “no sense, the Gasgrenze, to try to reduce the fees. The blocks will be filled because of major financial incentives in the Chain immediately“. Others are silent as to the fees, which suggests, apparently, on a “that’s fine”attitude.
Scott Lewis, co-founder of the Concourse Open Community, believes that it is exactly this attitude and complacency could be dangerous.
In a on 30. June published comment explains the managing Director and Trader:
“Overall, the Ethereum community is much too confident that people will pay high Gasgebühren, if there are reasonable Alternatives. Ethereum watch it Bitcoin has become obsolete, has made fun. It is scary to see how the Ethereum community device into the same trap of the Übervertrauens, in the Bitcoin is falling. I mean… waking up. (ETH) has not won yet.“
This means that Lewis says that the community might be a little naive if she thinks that small investors will not opt for alternative platforms, should be the transaction with ETH too expensive.
What are the solutions?
In the short term, it would be for Ethereum is best to combat the fast and cheap transactions and other Chain by means of Layer-2 solutions. As Bitcoin is the Lightning Network, has Ethereum has its own networks, which are based on the main chain.
Kelvin Koh, a Partner at the Spartan Group, has recently identified the scale of the Network as a viable Layer 2 solution for Ethereum. There are other, if the same scale is a solution for a relevant Problem that has just been brought on the way.
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In the longer term, a successful Transition to Ethereum 2.0, a new Iteration of the network, where latency and throughput are the focus, however, could dispel the concerns regarding the fees final.