Why High Gas Fees On Ethereum Is A Problem, But The Best Problem Ever
At the time of this writing, the average transaction on the Ethereum network was $51.75, up more than 17 times over the last three months:
That makes the Ethereum network significantly more expensive than other alternatives, notably Solana, where the fees are just $0.00025 per transaction. Solana’s low fees are the result of its dramatically faster throughput:
Solana’s low fees and high throughput have led many to ask “Is Solana an ‘Ethereum Killer?’”, as the price of SOL soared 117 times in the last year:
Below are the three simple reasons I’m less concerned than many about current high gas fees:
1. Ethereum 2.0 Is On The Way
Ethereum 2.0 (aka Eth2) is an upgrade to the Ethereum blockchain that aims to enhance the speed, efficiency, and scalability of the Ethereum network, enabling more transactions and lower gas fees.
