Ethereum co-founder explained the high gas fees issues and described it as an indicator of the success of the blockchain network.
At present, Ethereum is the most highly adopted Blockchain network. Due to a load of huge transactions, Defi and NFTs, Ethereum charges high gas fees. In the last 1 and half years, Defi and NFTs became game changers in the crypto industry and also most of the crypto projects inclined to the concept of Defi and NFTs chose the Ethereum blockchain network. So this is a very common thing that is why the Ethereum network charge is very high fees over transactions.
In the last month, Three Arrows Capital co-founder Su Zhu tweeted about Ethereum and said that “Yes I have abandoned Ethereum despite supporting it in the past. Yes, Ethereum has abandoned its users despite supporting them in the past.”
Speaking at the event in Miami last week to kick off Art Basel, Joe Lubin, co-founder of Ethereum and CEO of ConsenSys, said that “High gas fees are a measure of success”.
Joe said that there are pains of growth and that can never be avoided by any network. And every blockchain network will face the same thing when it will get successful.
To explain this, Joe took the reference of the tech innovations, which lose their potential from time to time. He added:
“Whether it’s CPU cycles, or screen real estate, or memory, you’re going to have software engineers max out the capabilities of the technology. And it turns out we’re seeing consumers max out the capabilities of the technology.”
On the Ethereum competitor blockchain networks like Avalanche and Solana, Joe said that these networks are really better and can be used perfectly with a very small amount of fees. But surely, when the adoption of these networks will surge, transaction fees will reach $2-3 easily because of load.
Besides all these things, the Ethereum co-founder defended the Ethereum project through the upcoming Ethereum development work that will shift Ethereum into Ethereum2.0 to make Ethereum more efficient by using Proof-of-stake Consensus.