The Ethereum fee problem is not new to the crypto world. On the contrary, for several months the messages of ETH users, annoyed by the high price of gas on their Blockchain, have filled social networks such as Twitter. However, in recent weeks the problem has been deepening, to the point where Ethereum fees reach exaggerated levels, as Milana Valmont comments in the Tweet of the day:
Just paid $ 100 in gas fees to send $ 100. # Ethereum is the future 👍
– Milana Valmont (@milanavalmont) April 6, 2021
Scalability and commissions on Ethereum
For most cryptocurrencies, more is better. The more users participate in its blockchains, the greater the demand for crypto assets, and therefore their price and importance increase. This is not the case with Ethereum, as the second cryptocurrency in the world by market capitalization faces a serious scalability problem. Due to which, the more users use your network, the longer operations will take and the higher commissions will have to be paid.
This is no small problem, especially when decentralized finance applications preferentially located on the Ethereum Blockchain are reaching new heights of popularity. Due to which, transactions in the cryptocurrency network have increased significantly, and with them the commissions.
Thus, in recent days, Ethereum users have commented on the figures they have had to pay to mobilize their money within the ETH chain. Showing how Ethereum commissions reach exaggerated levels in transactions like Milana Valmont, founder of Kira Network. Who in order to carry out a transaction for 100 dollars, had to pay 100 dollars in commissions in ETH.
I just paid $ 100 commission to send $ 100. #Ethereum is the future.
With this complaint accompanied by sarcasm, Valmont summarizes the reasons why the Ethereum Blockchain has been in trouble lately. Well, even despite the increase in the price of the cryptocurrency, Ethereum is losing more and more ground to its main rival, the Binance Smart Chain. Which already surpasses Ethereum in volume of daily transactions.
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