Topic: Will competitors defeat ETH due to ever-increasing gas fees? - page 6. (Read 721 times)
They won't defeat Ethereum Network because the people behind it continue to improve their service and they still developing some strategy to counter the gas fees problem. But right now, it seems like the best smart chain network is the lowest gas fees and has fast transactions. Matic's Polygon is the best with that but they can only do that because they don't have massive users that using their platform. as soon as their system exceeds the limit, they too will have the problem with the gas fees and the network congestion.
It's just that ethereum is too powerful. Until now ethereum is still in the top of the second place after bitcoin. When it comes to rivals, there are Binance smart chains and Solana. But still, the ethereum network is still in use. I see the advantage of the ethereum network today is that it keeps junk projects from growing in ethereum networking because of the expensive transaction costs. But it also makes it difficult to get small-scale investors.
I don't see ethereum getting defeated any time soon. It's a known fact that the ethereum fees are incredibly high but that's going to be corrected very soon. I believe that the developers are weighing their options and timing to accommodate several factors and fix the issue optimally. This may even take a while, but I'm certain it would be fixed.
When it comes to cryptocurrency, people knew bitcoin and ethereum. Everyone who are looking for an entry into cryptocurrency is looking for an earning opportunity through trading as well as through holding long term. Very few prefer using it on regular transaction needs. When we think of trading there won't be much of transaction cost consumed as the transaction takes place within the exchange. For long term holding security needs to given importance than thinking about the fee.
Just on the gas cost issue other potential projects won't overcome ethereum. Maybe some potential developments of the projects will give competence to the ethereum.
Just on the gas cost issue other potential projects won't overcome ethereum. Maybe some potential developments of the projects will give competence to the ethereum.
Not really... it's hard to build brand like Ethereum. Mainstream people know Bitcoin, and Ethereum... they have either BTC or ETH wallet. That's hard t change.
This is the challenge from these new networks because a lot are used to BTC and ETH. But slowly, we are seeing that people are now patronizing BNB, DOT and other popular competitors of ETH. The popularity right now may haven't surpassed the ETH's popularity yet. But with the still expensive gas fees, I won't be surprised if sooner or later, a lot of small traders will eventually move to BSC or other cheaper networks. We have no idea when will the ETH team address these ridiculous fees, which is not very friendly for small traders.
Not really... it's hard to build brand like Ethereum. Mainstream people know Bitcoin, and Ethereum... they have either BTC or ETH wallet. That's hard t change.
Eth 2.0 doesn't know when it will start, in the example Market (binance) holding a staking program for the next 2 years and even then (it's not clear when the exact time will be published) behind the expensive petrol fees/costs there may be several financial projects/programs that more secure that they offer (not cheap / not easy to lose and even potentially dragon).
Thereare some people who may be very lucky to choose eth to have and feel it is right
although expensive, it remains the largest volume market share after bitcoin, I have the principle that eth brings more benefits as a commodity asset which is quite legendary.
We are both waiting for v2
if it's to be defeated maybe not because eth always has an idea first, for example
The beginning was very sensational and could penetrate the price of the dragon, YFI was up to hundreds of thousands of dollars. It should be remembered that at the beginning it worked with Ethereum, meaning that the fee / gas cost was expensive, there was a density of transaction queues.
Thereare some people who may be very lucky to choose eth to have and feel it is right
although expensive, it remains the largest volume market share after bitcoin, I have the principle that eth brings more benefits as a commodity asset which is quite legendary.
We are both waiting for v2
if it's to be defeated maybe not because eth always has an idea first, for example
- NFT
- DEFI
The beginning was very sensational and could penetrate the price of the dragon, YFI was up to hundreds of thousands of dollars. It should be remembered that at the beginning it worked with Ethereum, meaning that the fee / gas cost was expensive, there was a density of transaction queues.
Do you think competitors will defeat ETH due to ever-increasing gas fees?
Yes i do and why not? as you can see that binance smartchain has more transactions compared with ethereum and it's just the matter of time until the flippenening will happen but wait it seems like if we are seeing from the technical aspect and then BSC has been surpassing ethereum in term of total transactions combined with active wallets in the blockchain. That's why it can make people move from ethereum to the binance smartchain. If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you. 
The possibility will always there. Miners have become the main problem in fixing the scalability problem of ethereum blockchain. the improvements will be a bit difficult to be implemented when so many miners refusing to upgrade their client into the new one. that's why miners just like pleague for the ethereum blockchain users. ....Are constant delays a result of miners' opposition against reducing gas fees on the blockchain?
We don't really know but I think ensuring network security and stability is what the devs are focusing on. Miners will simply convert to Stakers once ETH 2.0 is ready and many of the gas fees are already burned with the current protocol anyway so their opposition doesn't mean much. Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.
Yes, it's being defeated. People and projects are moving away from Ethereum chain. Watch the number of users of dapps and games and volume of crypto locked in DEFIs, though Ethereum had a long headstart, others are catching up. They are challenged a lot by BSC, Polygon and solana. Panckaeswap is now the most used Defi while Atrix in solana has the largest volume locked. Even the popular defis and lending platforms are opening themselves into multiple chains to attract users.
I'm afraid so. ETH is quickly losing traction, as people prefer convenience on top of decentralization/censorship-resistance. It's all about money these days, so any platform that's cost-efficient will certainly gain the attention of people worldwide. For "De-Fi" to work as intended, fees need to remain at its lowest. Otherwise, the rich will become richer and the poor, poorer (just like it's the case with the current banking system).
I hope ETH developers do the right thing by introducing scalability upgrades to the Blockchain as soon as possible. Further delays will only make matters worse, as mainstream adoption sinks at a fast pace. Until ETH fixes the "high gas fee" problem, BSC and Solana will remain as ideal alternatives for "De-Fi". Just my thoughts
The question is, will Defi remain in the market or it is just a hype and will die down soon in the next bear cycle?
And I think ETH dev will continue to release their v2 with such improvement regarding the fees so it's a work in progress until such time that they have cut the fees itself to even half of today's price, that will be huge in the market.
And one thing: ETH is a prime mover like BTC.
Yes, it's being defeated. People and projects are moving away from Ethereum chain. Watch the number of users of dapps and games and volume of crypto locked in DEFIs, though Ethereum had a long headstart, others are catching up. They are challenged a lot by BSC, Polygon and solana. Panckaeswap is now the most used Defi while Atrix in solana has the largest volume locked. Even the popular defis and lending platforms are opening themselves into multiple chains to attract users.
I'm afraid so. ETH is quickly losing traction, as people prefer convenience on top of decentralization/censorship-resistance. It's all about money these days, so any platform that's cost-efficient will certainly gain the attention of people worldwide. For "De-Fi" to work as intended, fees need to remain at its lowest. Otherwise, the rich will become richer and the poor, poorer (just like it's the case with the current banking system).
I hope ETH developers do the right thing by introducing scalability upgrades to the Blockchain as soon as possible. Further delays will only make matters worse, as mainstream adoption sinks at a fast pace. Until ETH fixes the "high gas fee" problem, BSC and Solana will remain as ideal alternatives for "De-Fi". Just my thoughts
Other EVM chains or L2 solutions will get more adoption because of the high gas fee, but projects will be launched on multichain including ethereum as whales won't stop using ethereum if they got more profits from those. So it seems to be a problem for short time as eth2 devs already call out the community to help test the upcoming Beacon Chain merge. So lets wait for the Q1 0f 2022 for the Beacon Chain merging. But it's true that competitors are gaining more adoption for the high gas price. 
No.
While it is possible that some other token/coin comes along and replaces some of the functionality of ETH, I don't think that it is going to happen just because of high gas fees.
Fact is that ETH2.0 will bring significant cost savings to everyone and also realize the staking rewards that people have been raving about, and as such will lead to more adoption than anything else.
While it is possible that some other token/coin comes along and replaces some of the functionality of ETH, I don't think that it is going to happen just because of high gas fees.
Fact is that ETH2.0 will bring significant cost savings to everyone and also realize the staking rewards that people have been raving about, and as such will lead to more adoption than anything else.
ETH is pretty well established, it’s going to take a lot to usurp it as numero deux to bitcoin. Maybe Solano can compete but it’s going to be a few years.
Developers are rolling network upgrades, yet gas fees on ETH remain the same. It's very expensive to perform transactions on the Ethereum blockchain compared to other competing chains. The ETH 2.0 upgrade will alleviate the situation but developers keep delaying the same. People are getting sick and tired of ETH's "stalling" as fees continue to rise like there's no tomorrow. If I'm not mistaken, developers will delay the difficulty bomb again (by December) in order to prolong the PoW blockchain. The longer it takes for fees to decline on ETH, the bigger its competitors will grow.
Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.
Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.
I think it's really hard for the competitors of eth to defeat it, because there are so many tokens that depends on Ethereum, if maybe those tokens managed to migrate into their own network or someone's else where gas fee as extremely low, then a change of pace will be possible. I am too a miner and eth 2.0 is a bomb for me so the delay was good news for me but at the same time bad, because I have also coins under eth network and I felt the pain sending coins and doing transactions and stuffs.
ETH is unarguably the biggest layer 1 protocol project, but one of it's shortcomings is the high gas fee. I think ETH 2.0 will solve this problem. But I don't think competitors can defeat it.
Developers are rolling network upgrades, yet gas fees on ETH remain the same. It's very expensive to perform transactions on the Ethereum blockchain compared to other competing chains. The ETH 2.0 upgrade will alleviate the situation but developers keep delaying the same. People are getting sick and tired of ETH's "stalling" as fees continue to rise like there's no tomorrow. If I'm not mistaken, developers will delay the difficulty bomb again (by December) in order to prolong the PoW blockchain. The longer it takes for fees to decline on ETH, the bigger its competitors will grow.
Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.
Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.
I can't see ETH being defeated. There's no way that whale investors and core developers would allow that. I don't know what's happening to the current development of ETH (because I already gave up on this smart chain and I recently changed to BCS) but I think they are delaying ETH for the greater good. They want the project to be solid and won't have any problems at launch. Users can only wait and believe that ETH won't be overtaken when their v2 fully operates.
Yes i saw some people are moving to bnb and matic due to the transaction fee if we compared to those coins, it's too much difference between those coins fee compared to ETH.
The gas fee at this current time range is about 100-200 gwei which will cost more than 10$ each transaction which is too much for me.
But we should not forget that these high transaction fee caused by crowded network in ETH transaction which means there are still a lot of people using ETH for transaction. So i think it won't defeated by the competitors easily.
The gas fee at this current time range is about 100-200 gwei which will cost more than 10$ each transaction which is too much for me.
But we should not forget that these high transaction fee caused by crowded network in ETH transaction which means there are still a lot of people using ETH for transaction. So i think it won't defeated by the competitors easily.
Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.
I don't think that will happen. As per the roadmap and we will enter 2022 which will become the biggest year for ethereum as so many side chains to fix the scalability problem that happened with ethereum will be implemented. If that will meet our expectation to see the gas price of ethereum go back again to the below $1 and the competitor will be so difficult to defeat ethereum but i can't deny that a competitor like BSC has been getting more performance compared with ethereum from the total txs in the network. BSC already surpassed ethereum but it's not with its marketcap which was still below ethereum. If miners are still keeping harsh from scaling the blockchain and im sure that another massive migration will be happening again.
Jump to: