Crypto YouTuber Lark Davis, or “The Crypto Lark” has recently warned that Ethereum’s competition might take over, if the astronomical gas fees remain in the distant future, causing them to lose their user base.
Davis argues that with the current Ethereum network state, only rich investors can afford to use the network, leaving the average trader stuck between a rock and a hard place.
The YouTuber called upon Buterik to accelerate the launch of Eth 2.0 before things reach an irreversible point, which is already what we are seeing with BSC and its Dapps that are slowly climbing to Ethereum’s level.
Davis spoke about the outrageous fees, “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.”
Although phase 0 of Eth 2.0 launched in December 2020, in which users staked ETH tokens for the smart contract to bear fruit, phase 1 of Eth 2.0 won’t be launched until the earliest of late 2021.
However, at this point, users who staked their funds in Eth 2.0 can’t leave, as the option to withdraw staked funds isn’t yet available for these investors, forcing them to partake in a network that they might not enjoy anymore.
Furthermore, Ethereum-based apps have operated under high gas fees, and the community can’t decide what to think about it. On one hand, high gas fees indicate that there is progress and the network is progressing. But on the other, these ridiculous fees turn users away from the platform, searching for cheaper alternatives.
What do you think? Are you supportive of ETH 2.0 and its fees? Or are you searching for better?
Martin Young “Crypto influencer warns Ethereum fees will drive users away” 24 Feb 2021