The Ethereum network has time and again been called out for its high gas fees. While several have been migrating into other networks citing gas fees as the reason, these “other networks” have been called Ethereum Killers.
The high gas fees could undoubtedly stagger the growth of the network. With the members of the network suggesting that Ethereum 2.0 could reduce the gas fees while making the network more secure, a crypto influencer urged the Eth devs to fasten the launch of ETH2.
Ethereum Killers Will Emerge If Eth2 Takes Longer To Launch
Ethereum’s transition from proof-of-work [PoW] to proof-of-stake [PoS] is still underway. With the launch of Phase Zero, the developers of the network affirmed that they were working towards this network-wide upgrade. Eth2 has had a notable past as it has been delayed multiple times. Any further delay could cost the network its users, a prominent crypto personality, who goes by the name, Crypto Lark asserted.
Lark Davis, recently published a video that focused on the repercussions of the high gas fees of the Ethereum network. In his video, Davis pointed out that the high gas fees were driving out small investors as only “rich investors” could afford to pay such transaction fees. Binance’s Smart Chain [BSC] has been garnering a lot of traction lately considering ETH’s fees. The BSC network even went on to record more daily transactions than that of the Ethereum network.
Elaborating on the solutions to these issues, Davis said,
“But we’re now to the point where ETH 1.0 – oh we need ETH 2.0 so soon, come on Vitalik, get it going, man – ETH 1.0, most regular users are priced out of using the majority of applications on Ethereum. […] A transaction on Uniswap costs $50 on average these days and that is just crazy.”
While the network intends to bring in Phase 1 by the end of this year, Davis suggested that it could possibly lose a few of its users by then.