Ethereum, The Most Expensive Blockchain To Use. Why?
Back in 2016 Vitalik Buterin said that he will "make ETH 2.0 happen... soon". It's 2022 and still no sight of ETH 2.0 and whoever wishes, or has to use the damn chain has to pay the price for that, which is not accessible at all. An $8,000 worth of ERC-20 tokens transfer will cost you about $80.
That's what I paid about a week ago for something like that. Ethereum is the most expensive to use blockchain, as you can see for yourselves from the chart above and there's nothing to do about that, except of avoiding using it as much as possible. It's what I'm doing for a while.
But why are people paying that much to use Ethereum?
They have to... Ethereum is one of its kind and whatever came after it was pretty much a replica of this blockchain. But it was the first as such, to be used for building all sort of apps, DeFi included and most of the times, to be able to get involved in such trends, you have to pay the price.
It is also the blockchain with the most developers and these are for sure earning good, thus they're incentivized to build more. That doesn't mean that Solana or Polkadot are not catching up, but for now, Ethereum seems to be ruling.
The search for an Ethereum killer is in play for quite a while, but looks like no one has yet found the trick to beat it at its own game... I don't know if Polygon, or Solana, have simply been "switched off" a while back after some hack. When did that happen to Ethereum?
I know, Ethereum Classic is "the real Ethereum", but so far no other wanna be blockchain has managed to dethrone it. I hope one day Hive will, but we'll have to see about that.
Not all of these who have added to the $10 billions paid in fees for the year of 2021 to the Ethereum blockchain have been forced to do that. Some just wanted to be in NFTs and they paid the price, for both minting and transacting. I guess high fees are one of the main reasons we don't have a play to earn game on Ethereum yet.
I see this situation as temporary though. Sooner than later we will have Ethereum alternatives, projects that won't need to be switched off, like Polygon did. Meanwhile we will have to deal with that and appreciate at the same time the feeless transactions we have on Hive.
Ethereum seems somehow prehistoric, for being that slow and expensive to use. Vitalik keeps on postponing ETH 2.0 and who knows how long will it take to make that happen. I guess not even he was seeing the insane fees we have to pay to be able to use the chain, years back when he was saying that $2 in fees for a Bitcoin transaction is insane.
How about $10 billions in one year, while Polkadot has costed its users only $0.001 billons. What do you think of that, Vitalik?
Thanks for attention,
Adrian
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I think that Ethereum is the most innovative blockchain out there and it opened the roads for other alternatives as they are emulating it and the features it brought to the world. Sooner or later ETH will solve the fees problem and once that happens there is no stopping it, will become the crypto king.
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I really hope that will happen. I have nothing against it. I've used it and I believe it is one of the safest out there, but fees are insane.
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The fees will be solved probably this year when they drop the mining and move to a more today relevant technology.
Yes, it is expensive and no, I'm not an ETH maximalist, but I see great future in it.
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I see great future in it as well, but they have to lower the fees for that to happen. Playtoearn is emerging and it's not using Ethereum.
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ETH has some of the highest funding and development happening so I am not surprised that money keeps flowing in. I don't think it will change and ETH will be a chain for the rich. The people there using the chain aren't worried because they are making money.
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True.
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