Ethereum is the most popular blockchain for building DAPPs or decentralized applications. There have been numerous so-called Ethereum killers but the blockchain has remained a favourite for the developers due to its high composability. DeFi or decentralized finance originated on Ethereum and till now majority DeFi activity is taking place on this blockchain only. The growth of DeFi has been really exponential post-pandemic and people are really loving to take part in the lending-borrowing activity without the intervention of a third party. The problem is that DeFi has made the blockchain overloaded. Ethereum is facing terribly high congestion for the last few months and transaction fees have skyrocketed. Crypto Twitter is flooded with frustrated users complaining about paying astronomical fees for doing a $20 swap over DeFi platforms. The base layer scalability of Ethereum is a distant game but the Ethereum developers are working on some major EIPs or Ethereum Improvement Proposals to address various issues.
Etherium is revolutionary, and its only problem is the inconsistency of fee amounts. It's great to read that each 3 upgrade focuses on improving the transaction fees.
I had known about London hard fork, every ETH user got hyped on this upgrade. It's about to happen within 1 month, so I think it will yield a positive results in terms of both user experience and congestion.
Simply, we can think of the situation as road blockage by extensive traffic, and there will be a shortcut which will take off the tension. Therefore, the road will split and open out.
Thanks for the technical article, sunny days are ahead!
The transaction fee reform was absolutely necessary. Personally, I cannot use the ETH network due to high transaction fees. I think even trying to improve this is an important step.
User experience is very important in many aspects. It is also pleasing that they have a bash at this and try to produce solutions for it.
I know there is no shortage of Ethereum criticism, but this is still a young technology. We are still in the AOL days of crypto and Ethereum will be an important part of the transition to the crypto-web. I’m looking forward to these upgrades as well as future upgrade to make Eth more user friendly (and cheaper to use).
Rivals developed very quickly. Things were fine in the past when there was only one etherium network, but is it now? Eos, Harmony, Bsc many new networks are out and they are faster and cheaper than etherium.
The point to note here was that it was expensive. Even I sometimes stop trading when I'm going to use the etherium network.
I hope everything written in this article can come true. I like bsc network more but if etherium develops itself and starts to compete with bsc then we will be the most profitable
Ethereum has a very different place among cryptocurrencies. This cryptocurrency, which seems to be constantly on the rise, dates back to ancient times. In addition, having its own infrastructure is enough to bring it to the fore. However, the strangest thing is that it competes with Bitcoin.
Currently, many digital assets are trying to gain a large volume. But none of them reached the level of Ethereum. Also, no altcoin is confident enough to compete with Bitcoin yet. It is precisely for these reasons that Ethereum emerges as the most private crypto asset. Investors are buying regularly because they see this. Ethereum, known as the second largest cryptocurrency in the world, tried to exceed the $ 2 thousand level in the first place. After doing this, it quickly made its way towards its new target of $3,000. Now, surprising many people, it has reached the level of $ 4 thousand. In addition to all this, the ETH 2.0 update has arrived, thus gaining some more movement. Even if it fell back a little in April, it still managed to throw itself forward thanks to the update and other developments.
I really love Eth. But I don't intend to use. It saddens me that there are more costs than what I do. Also, if I have to do it again after making any swaps, I have nothing left.
Because of this, I usually turn to other solutions. It would be great for ETH to eliminate this problem. I'm sure a lot of people like me and I want to trade because of the high fee, but they don't.
Of course, the lower fee will push the network harder. Even someone who doesn't process will process. That's where I think the problem will start.
If they can find a solution to this, it will continue perfectly.
Investing in projects on the Etherium network is really hard. Fee is too much. I haven't gotten anything from decentralized wallets yet. My first priority when looking at a project is to have it on the BSc network. But the BSc network is also risky. Too many scams. It needs a good separation.
EIP-1559 and EIP-3074 seem to reduce these problems. I hope fee prices will be reduced and achievable.
Fees are the real problem. I think it will have a future if the transaction fees are fixed because people are uncomfortable paying unnecessary extra money for small transactions.
But I was hopeful and happy to see that it will be started to be corrected. This will bring positive results.
I think it is a very good move to try to provide solutions to the things users complain about.
In my opinion, we can say that this is the second bitcoin of the market. It is almost as old as it. It is a coin with its own ecosystem.
But fee fees bother everyone. Improving transaction fees is a step that should not be taken for later. First of all, this situation needs to be resolved, they are already dealing with it.
I'm sure a new page will open after this update. There are many investors who do not enter the ecosystem for this reason. After this situation is improved, many new investors and money flows occur.
Etherium is revolutionary, and its only problem is the inconsistency of fee amounts. It's great to read that each 3 upgrade focuses on improving the transaction fees.
I had known about London hard fork, every ETH user got hyped on this upgrade. It's about to happen within 1 month, so I think it will yield a positive results in terms of both user experience and congestion.
Simply, we can think of the situation as road blockage by extensive traffic, and there will be a shortcut which will take off the tension. Therefore, the road will split and open out.
Thanks for the technical article, sunny days are ahead!
The transaction fee reform was absolutely necessary. Personally, I cannot use the ETH network due to high transaction fees. I think even trying to improve this is an important step.
User experience is very important in many aspects. It is also pleasing that they have a bash at this and try to produce solutions for it.
Thank you for the article!
I think DAPPs are the new fashion.
Therefore, Ethereum's popularity may increase at the right rate.
It may even have a huge impact on Ethereum in terms of market volume.
Because you know Ethereum is popular on DAPPs.
I think it's time to come up with a solution to Ethereum's biggest problem, the extreme transfer fees.
Just because of the transfer fees, many people do not buy or sell Ethereum, which affects the market volume.
I know there is no shortage of Ethereum criticism, but this is still a young technology. We are still in the AOL days of crypto and Ethereum will be an important part of the transition to the crypto-web. I’m looking forward to these upgrades as well as future upgrade to make Eth more user friendly (and cheaper to use).
etherium took a step too late
Rivals developed very quickly. Things were fine in the past when there was only one etherium network, but is it now? Eos, Harmony, Bsc many new networks are out and they are faster and cheaper than etherium.
The point to note here was that it was expensive. Even I sometimes stop trading when I'm going to use the etherium network.
I hope everything written in this article can come true. I like bsc network more but if etherium develops itself and starts to compete with bsc then we will be the most profitable
This is exactly what we need.
Transaction fees in ETH are a major barrier to market growth.
The last thing we want is to be stuck with gas fees while making any trades.
We know that many artists and investors cannot use the market efficiently due to high gas prices.
yes that is the problem.
but this ecosystem is trying to solve it in the smartest way as it solves every problem.
This will be a huge improvement for both eth and other crypto systems.
Thank you for keeping us informed and for your wonderful article.
Ethereum has a very different place among cryptocurrencies. This cryptocurrency, which seems to be constantly on the rise, dates back to ancient times. In addition, having its own infrastructure is enough to bring it to the fore. However, the strangest thing is that it competes with Bitcoin.
Currently, many digital assets are trying to gain a large volume. But none of them reached the level of Ethereum. Also, no altcoin is confident enough to compete with Bitcoin yet. It is precisely for these reasons that Ethereum emerges as the most private crypto asset. Investors are buying regularly because they see this. Ethereum, known as the second largest cryptocurrency in the world, tried to exceed the $ 2 thousand level in the first place. After doing this, it quickly made its way towards its new target of $3,000. Now, surprising many people, it has reached the level of $ 4 thousand. In addition to all this, the ETH 2.0 update has arrived, thus gaining some more movement. Even if it fell back a little in April, it still managed to throw itself forward thanks to the update and other developments.
Thanks for the article.
The main issue is The Transaction Charges
People Don't wanna pay 50-60 bucks for a small transaction if they solve this as soon as possible they can have a win win chance for sure
And also the ETH 2.0 will solve many issues and i believe that they shouldn't delay the project cause that can lead people to lose the interest in 2.0
I've been missing all ETH updates and basically backed off from using both blockchain/tokens.
That was an interesting read.
I maybe need to start looking back at what's going on on the ETH ecosystem.
Thanks Paragism!
I really love Eth. But I don't intend to use. It saddens me that there are more costs than what I do. Also, if I have to do it again after making any swaps, I have nothing left.
Because of this, I usually turn to other solutions. It would be great for ETH to eliminate this problem. I'm sure a lot of people like me and I want to trade because of the high fee, but they don't.
Of course, the lower fee will push the network harder. Even someone who doesn't process will process. That's where I think the problem will start.
If they can find a solution to this, it will continue perfectly.
Thanks for the article.
Have a nice day.
Investing in projects on the Etherium network is really hard. Fee is too much. I haven't gotten anything from decentralized wallets yet. My first priority when looking at a project is to have it on the BSc network. But the BSc network is also risky. Too many scams. It needs a good separation.
EIP-1559 and EIP-3074 seem to reduce these problems. I hope fee prices will be reduced and achievable.
Thanks for the informative post
These are great news to the development and growth of Ethereum. I hope we see reduced gas fees soon to make it usable for everybody.
The toll burning mechanism that comes with EIP-1559 will turn ETH into a deflationary asset in my opinion.
It's nice that investors can optionally invest extra in base fees to speed things up if they want.
I don't know anything about the others.
Thanks for the article
Fees are the real problem. I think it will have a future if the transaction fees are fixed because people are uncomfortable paying unnecessary extra money for small transactions.
But I was hopeful and happy to see that it will be started to be corrected. This will bring positive results.
I think it is a very good move to try to provide solutions to the things users complain about.
Thanks for the article.
In my opinion, we can say that this is the second bitcoin of the market. It is almost as old as it. It is a coin with its own ecosystem.
But fee fees bother everyone. Improving transaction fees is a step that should not be taken for later. First of all, this situation needs to be resolved, they are already dealing with it.
I'm sure a new page will open after this update. There are many investors who do not enter the ecosystem for this reason. After this situation is improved, many new investors and money flows occur.
Thanks for the article.