Topic: Will competitors overcome ETH due to ever-increasing gas fees? - page 2. (Read 555 times)
February 03, 2022, 08:42:27 AM
Actually now we have often seen the ethereum network start to use a little because we have switched to a faster and cheaper network, now that ethereum competitors are getting more and more, AVAX, MATIC, SOL, BNB are competitors that are currently also popular. If ethereum relaxes in dealing with this gas problem ethereum will soon be replaced.
February 03, 2022, 07:23:37 AM
Cryptocurrencies competition is of course very tight and anything can happen, look at the current top 10 and compare a year or so ago it will be very different, Ethereum even though it has a strong market and community but it is still easy to shift to other altcoins such as BNB or others.
February 03, 2022, 05:58:28 AM
If this will continue this year, I believe the competitors has high chance to get a large part of market from ETH network. Actually, the number of users are growing in the competitor networks such BSC, SOL, MATIC and others, because they have much cheaper fees than ETH. They may not easily surpassed ETH but they can get good percentage of the ETH's market especially those small traders. This year, we will see what's the status of ETH 2.0 will be.
Yes, indeed, the number of users in alternative networks is steadily increasing, but there is no significant decrease in the Ethereum network. And there is a reasonable explanation for this, that the total number of users is also steadily increasing, and in addition, each user uses several blockchains for their needs at the same time.
February 03, 2022, 03:23:50 AM
I think it is too far and too complicated to understand. Almost all people are really looking forward to something that can make Ethereum back into a positive conversation and no longer complain about, especially the high gas costs.
Ethereum transaction gas will always remain high as long as there are no good upgrades to the Ethereum network, because the real Ethereum has needed it for a long time because Ethereum enthusiasts are still very large and large amounts of transactions are still happening very often on Ethereum now. February 03, 2022, 02:55:11 AM
These coins has the advantage of being the first , and it would be difficult for any other cryptocurrency to take over that position. As long as the coin that we’re talking about here is a coin with a strong community and a really strong platform, then it wouldn’t be overtaken. And also the ETH 2.0 is going to be a better version than what we have now, and the arrival is close.
Yes you are right, people's are too quick the forget ethereum has been working on itself for years now. They saw the problem of high fees and are trying alternative solution to make fees lesser and immediately that is achieved, I do not think any other smart contract project will be closed to it.
If it is this costly yet has the highest adoption now imagine when it has Solana or Binance smartchain kind of fees. All developers will leave other blockchain and come developer on ethereum not just because it is very easy to work with but because of its popularity and now less fees.
February 02, 2022, 05:58:57 PM
It is the high gas fees that confirm that the Ethereum blockchain is the most in demand for the use of DeFi protocols and Yield Farming. They lead to an excessive load of the blockchain, which is the reason for the high cost of transactions. Thus, when the scaling problem is solved, and it will eventually be solved, we will see low commissions again, but they will still be higher than in alternative networks. In addition, the high cost of ETH also negatively affects
the cost of transactions.
You can say that the Ethereum blockchain is in high demand because of the thousands of shit coins that are floating in the market that are built on the ETH platform. So that you cannot literally say that the demand is really high for DeFi and yield farming. The scaling problem is going on for a while and it is almost a year and there is nothing they have done to counter the huge transaction fees and what do you expect they will be planning to implement and when as there is no time frame i can see. the cost of transactions.
February 02, 2022, 05:19:32 PM
This is the same question that we all ask about bitcoin’s high fees and whether it would be replaced by another cryptocurrency with a lower price of transaction. But, ever since then what has happened? Bitcoin has still been able to maintain its top position in the market. So in this case of ethereum, I also believe that ethereum would be able to maintain its position as the number one altcoin in the market.
These coins has the advantage of being the first , and it would be difficult for any other cryptocurrency to take over that position. As long as the coin that we’re talking about here is a coin with a strong community and a really strong platform, then it wouldn’t be overtaken. And also the ETH 2.0 is going to be a better version than what we have now, and the arrival is close.
These coins has the advantage of being the first , and it would be difficult for any other cryptocurrency to take over that position. As long as the coin that we’re talking about here is a coin with a strong community and a really strong platform, then it wouldn’t be overtaken. And also the ETH 2.0 is going to be a better version than what we have now, and the arrival is close.
February 02, 2022, 04:59:00 PM
Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want.
It wouldn’t be much of a challenge to them in the sense that people wouldn’t leave their platform to start making use of another cryptocurrency. There are already lots of alternative to it (Ethereum); lots of good currencies that we see these days that are known as the ethereum killers, but none of them has been able to leave up to that name, they are no where close to that idea of beating Ethereum to the top position.So, ETH still maintains its position as king of the altcoins in the market. People are not ready to switch, and very soon the ETH 2.0 as the OP has said, would be released and that would also give ethereum a better edge over other cryptocurrencies in the market.
February 02, 2022, 03:35:13 PM
Maybe this could be the option for them 
if they have constantly failed to resolve a single problem everyone has been complaining about.
I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
if they have constantly failed to resolve a single problem everyone has been complaining about. I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
It is the high gas fees that confirm that the Ethereum blockchain is the most in demand for the use of DeFi protocols and Yield Farming. They lead to an excessive load of the blockchain, which is the reason for the high cost of transactions. Thus, when the scaling problem is solved, and it will eventually be solved, we will see low commissions again, but they will still be higher than in alternative networks. In addition, the high cost of ETH also negatively affects the cost of transactions.
If this will continue this year, I believe the competitors has high chance to get a large part of market from ETH network. Actually, the number of users are growing in the competitor networks such BSC, SOL, MATIC and others, because they have much cheaper fees than ETH. They may not easily surpassed ETH but they can get good percentage of the ETH's market especially those small traders. This year, we will see what's the status of ETH 2.0 will be.
February 02, 2022, 03:30:36 PM
Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why?
They would not, just as nobody in the right senses will abandon bitcoin for the development of altcoins instead they will combine both. Ethereum is very easy to use and more popular than most of the new smart contract blockchain. It will take years before any of them can catch up and as they are trying the catch up so is Ethereum advancing in the technology.
Before we did not have concept like decentralized finances (Defi) or Decentralized autonomous organization (DAO) but now we have all this new trend coming up on the Ethereum blockchain before other blockchain starts adoption it. Ethereum will always lead the way.
February 02, 2022, 03:21:01 PM
Of course they can, and I think they will surpass if the developers pull with the ETH 2.0 update, these are such as bsc, polygon, solana, where the price for gas is about $ 0.5 and it's great, compared to $ 30-50 at best, and modet and all $ 100 with swap on dex exchanges.
February 02, 2022, 02:21:15 PM
Maybe this could be the option for them if they have constantly failed to resolve a single problem everyone has been complaining about.
I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
if they have constantly failed to resolve a single problem everyone has been complaining about. I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
It is the high gas fees that confirm that the Ethereum blockchain is the most in demand for the use of DeFi protocols and Yield Farming. They lead to an excessive load of the blockchain, which is the reason for the high cost of transactions. Thus, when the scaling problem is solved, and it will eventually be solved, we will see low commissions again, but they will still be higher than in alternative networks. In addition, the high cost of ETH also negatively affects the cost of transactions.
February 02, 2022, 01:55:26 PM
I think competitors are already on the move. There are some L1 operating and some of those eth pioneer are already using those alternatives due to eth high gas fee. We cant blame them as the eth network really pain the ass having huge fee for every transactions. These will be limited only to whales cause potential builders and traders will be hurt with such fee.
Maybe this could be the option for them if they have constantly failed to resolve a single problem everyone has been complaining about. I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
In fact, I feel that having other competitors will be beneficial for ETH as well as for others.
because indeed we still have options and indeed the ETH killer that is predicted to have problems also in it such as lots of scam tokens and others because it is easy to access in making tokens because of the low cost required
February 02, 2022, 01:46:03 PM
If ETH can’t address the problem, then most probably other network will take over who offers a faster and cheaper network. I see SOL to close enough for this, if the hype of ETH slowly gone I’m sure its competitor have a better chance now. We’ve been raising the problem since then but until now there’s no solutions ETH should aware of this, and assure the public that they are already working on this, unfortunately there’s no news about this.
Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want. 
February 01, 2022, 03:44:30 AM
If if binance and matic have prices adjacent to the price of the Ethereum, of course the cost of BSC and Matic gas will also be expensive on each transaction.
it shows that when the price of binance coin and matic got appreciated and then the gas is also increasing a little bit but it's good to see that the scalability have been preventing BSC and matic to have tbe same transaction feesl like ethereum. It seems like that people are still trading on ethereum blockchain caused by it's not all of assets available in the layer 2 ethereum blockchain. You must also see that some tokens like shiba inu was only using ethereum as its main chain. it doesn't even think to migrate into the another blockchain and that makes people have no choice other than trade in ethereum blockchain. that's why some people are still choosing ethereum over layer 2 solutions that exist in the market. BSC and matic scalable enough to handle massive transactions and it can be seen from the daily transactions happened in the network. January 31, 2022, 05:46:08 AM
I believe there's a chance that many believers of eth will gonna use other assets just to prevent paying mas fees if ethereum team didn't make a move and keep ignoring thus feed backs about the current situation.. As the matter of fact every update there's a lot of people expecting that the fees will decrease but still the same until now.. So if it will last for sure many people will find another way to continue their work instead of waiting for Ethereum fees to decrease, and of course their choice will be the competitors..
January 31, 2022, 05:35:25 AM
these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
Actually yes. With their low fees ecosystem, these platform can somehow advanced more than eth system. Avalanche almost same in usage of transactions already so its a matter of time some will realize this and constantly shift from eth to avax or other L1 project. Im sure eth network wouldnt like that but with their problems there is no other choice for some users who cant take expensive gas fee. January 31, 2022, 05:31:54 AM
I think competitors are already on the move. There are some L1 operating and some of those eth pioneer are already using those alternatives due to eth high gas fee. We cant blame them as the eth network really pain the ass having huge fee for every transactions. These will be limited only to whales cause potential builders and traders will be hurt with such fee.
Maybe this could be the option for them if they have constantly failed to resolve a single problem everyone has been complaining about. I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.
January 29, 2022, 12:34:28 PM
But I still doubt that the team from Ethereum is willing to do it because the issue of releasing 2.0 is not current but has been on the table for a long time.
something like fixing the gas price is a lot more complicated than it seems.even until right now the team behind ethereum could still do very little in fixing this problems that the rest of smart contract platform that was initially created as layer 2 solution started flourishing and becoming more and more dominant.
there is always big fat chance that ethereum gonna be irrelevant in the future considering it’s really slow in fixing its problems, that the second layer solution blockchains are getting more and more promising projects like the metaverses that could gives them an opportunity of becoming a real ethereum killer in the future.
January 28, 2022, 09:42:13 AM
Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain? Your input will be enormously acknowledged. Thank you.
Yes and even avalanche will be almost surpassing ethereum in term of transaction volume. The new announcement from ethereum developers if ethereum 2.0 will be gone and the scalabilty solution may get delayed has created another fear again if people can't use ethereum blockchain anymore due to the transaction fees. Miners and developers can't work together to fix the problem. More and more people feeling tired with ethereum gas fees. They are migrating to the another blockchain and they rarely came back in again caused by the new blockchain make them feel confident. Ethereum is always forcing people to pay more from what they can afford. Expensive transaction in the world.
Jump to: