Topic: Will competitors defeat ETH due to ever-increasing gas fees? - page 2. (Read 721 times)

Despite the expensive ethereum gas, I don't think it's easy to beat ethereum in the field of the network they have trusted for a long time. The positive side of the high gas of ethereum makes the projects that rise on the ethereum network more serious so that there are not many scam projects that are published here.

That is, if the problem will not be resolved. Because based from my research, the developers of ethereum smart contract blockchain are looking forward to upgrade it and transform it into ethereum 2.0, but there is no definite date that has been mentioned. However, even if ethereum smart contract high gas fee issue will not be address asap, i only see slim chances for other ethereum alternatives to beat ethereum. That makes ethereum the leading smart contract blockchain in the crypto market.

There is a high possibility that blockchain competitors such as binance smart chain, solana network and even polygon network can defeat ethereum blockchain if the problem regarding gas fees cannot be resolved.

True, even they don't care about transaction fees because they buy and keep for the long term, the transaction fee is around $12 which is cheaper because they get big profit. I believe ETH will continue to stay in the top rankings for the long term.

This is no longer a question of whether ETH gas fees are affecting the Network but if this is not taken care of by the Developers which also does not seem like they have this under control or are hoping to resolve this anytime soon, it might just cause even the remaining average ETH network users to flee.
Ethereum transaction fees are running sky-high. That's infuriating users and boosting rivals like solana and avalanche
Ethereum May Be Losing Out To Competitors Due To High Gas Fees, Says JPMorgan

It is just a matter of time if this fee issue doesn't get resolved before ever ETh Network Project jump ship.

Ethereum still has the largest share of the smart contract market despite its high transaction fees. I agree that if the Ethereum 2.0 launch makes the gas fees to drop to a level similar to the BSC, ADA, SOL or DOT blockchains, it will again start taking over most of the market. However, we are still not sure that the transaction fees will drop after the fork.

Yeah but it's too long for the solution to be implemented while the competitors are starting to evolving as soon as possible to encourage the demand from ethereum and look at the market right now. So many new chains have been surpassing ethereum in term of regular transactions. This is shit to see ethereum developers being inconsistent with what they have said before. They said yes for ethereum 2.0 but this time they said no but tried to rebrand it. It's not only blockchain needs to be fixed but the developers as well.

Yeah but so many loyal supporters are making ethereum is still sitting at the second place of CMC.

@Fatunad I agree. People are opting for other alternatives for Ethereum like Cardano, Solana or polkadot due to the high gas fee but when the Ethereum 2.0 will launch which has negligent gas fees, again people will start opting Ethereum and the price will see a surge.

Of course. People will switch to MATIC and other alternative chains, as gas fees on ETH continue to rise like there's no tomorrow. In a world where convenience matters most (not security/decentralization/reliability), smart contract platforms like Binance Chain and Polygon (MATIC) prove to be a better solution than ETH itself. New projects are switching to MATIC these days, so it should only be a matter of time before ETH loses traction on the market. Developers should hurry up with the ETH 2.0 upgrade, or the world's second-largest cryptocurrency by market cap will be "toast". I know that they're focusing on keeping the blockchain as secure and decentralized as possible. But sometimes enough is enough. There should be a balance between decentralization and scalability in order to keep as much users on your project as possible. Otherwise, adoption will slowly decrease until the blockchain network becomes a "ghost town".

I hope that doesn't turn out to be the case with ETH, as developers work on a quick fix for the "high gas fee" problem. Once fees decline, then people will have no need to switch to other chains. I doubt competitors will ever beat ETH, as the latter has first-mover advantage on the market. Saying competitors will beat ETH, is like saying altcoins will beat BTC (which is highly unlikely). As long as decentralization wins, nothing else matters. Just my opinion

Ethereum network much better after the overhaul that is the reason it's deferring however as we probably are aware beneficial things take time so I accept Ethereum engineers will introduce a successful update which will leave a positive effect and on the opposite side I don't think there is any however contender who can contend Ethereum of all time. Indeed, even the famous defis and loaning stages are opening themselves into numerous chains to draw in clients.

I am not so sure this is going to be the case, we know that while the price is affected by many factors, two of them are what kind of problem it solves and how well it does so, and in the case of ethereum and its high transactions fees both of those factors are heavily impacted by it.

This means that if the ethereum developers do not find a way around this then eventually many projects will leave them for other blockchains, limiting the use cases of ethereum and giving other projects the possibility to catch up or even surpass ethereum in the future.

I am pretty sure that even the ones who have it on ETH are trying to bridge over to Matic these days. I have seen a game that has a lot of different games under one umbrella and they are testing Matic as well. It is called revv racing and they have both revv racing regular game, f1 delta time and have motosports as well, and they are testing out matic with the revv one.

I am pretty sure that when people realize the benefits of it, they are going to go full on with the matic move. I am not saying that they won't do any ETH ever again, some games will definitely stay there no doubt but the new ones are looking at matic and even other networks increasingly more and more.

Offcourse its a absolutely right I said about this point the Ethereum fee is so high so this case the etherium loss there position because the investor are use and support other coins only on reason there Transection fee so many coins defeat Ethereum so i simply said that Ethereum community solve this issue.

I'm afraid so. The more projects switch to alternative smart contract platforms, the faster ETH will lose traction on the market. There are many fierce competitors on the crypto/Blockchain space that are too hard to ignore these days. People are often looking for convenience (instead of decentralization) so they'll choose cryptocurrencies with the lowest fees and fastest confirmation times. Consider why BNB went all the way to the top within just a few years since its inception. It's now the third-largest cryptocurrency by market cap, challenging Ethereum in every way.

I don't get why ETH devs keep delaying scalability upgrades, when competition is already catching up. Of course, decentralization & security/reliability comes first. But further delays will only make people look elsewhere. I hope ETH 2.0 comes into fruition soon, so high gas fees are put to rest for good. If it doesn't become a reality by 2022, then I'm afraid ETH will continue to lose market dominance until another competitor (BNB, maybe?) takes its place. Just my opinion

Ethereum is already a major baller in the crypto sphere and as such, I personally don't think competitors will take over Ethereum in terms of price and market cap(coinmarketcap position), but I do agree that there is a chance that competitors might overtake Ethereum in terms of decentralized app development and number of transactions on the network, but in terms of price, I think Ethereum price will continue to grow as bitcoin price grows because Ethereum is already considered as a store of value by some big investors.

I really believe the high gas fees will hold Eth from reaching higher prices in the future. With lower and faster blockchains launch, Eth will suffer from this negative gas fees feature.

I think TRC20 and BSC blockchains will reach higher adoption with projects in the Defi sector, as the upcoming Ferox/FRX decentralized hedge funding, Tron price will grow better. BNB has a brighter future too, thanks to its BSC chain network.

Investors are complaining about the Eth gas fees. It is aggressive and Ethereum has to take the right procedure to lower it before it is too late.

The number 2 largest crypto currency, Ethereum, also feels the positive impact. But on the other hand, there is one less positive factor, namely Ethereum's very high gas rates. Why are gas rates on Ethereum so high? And when will it come down?

Besides the gas fee factor, scam projects prefer to choose BSC chain because it is more trending than ETH chain. So, investors will be more interested to choose a project that uses BSC network. Scammers know well how to use a proper and effective way to attract investors.

How can Vitalik give up? You are funny, man.
What do you mean by "game changer"? Do you mean Vitalik needs to revolutionize ETH platform?
I don't know what Vitalik can do with the expensive gas fee, but I hear ETH 2.0 can be the beginning to solve this problem.

I still think Vitalik Buterin hasn't given up on Ethereum, and when he does, its gonna be a game changer. The ethereum platform has a lot of things and of course, many projects riding on it to screw up perpetually. Crypto is high in competition and its a dog eat dog thin with Polkadot, Solana etc

I don't think so though even I don't have the proper answer for this because I'm not a developer but it seems like ETH is the better choice for developers this days and I'm even hearing a rumour that scam projects are now lesser on ETH platform since it costs more to run on ETH smart contract than BSC or others due to gas fee