Will competitors defeat ETH due to ever-increasing gas fees?

[Vaskiy]

When it comes to cryptocurrency, people knew bitcoin and ethereum. Everyone who are looking for an entry into cryptocurrency is looking for an earning opportunity through trading as well as through holding long term. Very few prefer using it on regular transaction needs. When we think of trading there won't be much of transaction cost consumed as the transaction takes place within the exchange. For long term holding security needs to given importance than thinking about the fee.

Just on the gas cost issue other potential projects won't overcome ethereum. Maybe some potential developments of the projects will give competence to the ethereum.

[MadeMen]

I don't see ethereum getting defeated any time soon. It's a known fact that the ethereum fees are incredibly high but that's going to be corrected very soon. I believe that the developers are weighing their options and timing to accommodate several factors and fix the issue optimally. This may even take a while, but I'm certain it would be fixed.

[lvsca]

It's just that ethereum is too powerful. Until now ethereum is still in the top of the second place after bitcoin. When it comes to rivals, there are Binance smart chains and Solana. But still, the ethereum network is still in use. I see the advantage of the ethereum network today is that it keeps junk projects from growing in ethereum networking because of the expensive transaction costs. But it also makes it difficult to get small-scale investors.

[yazher]

They won't defeat Ethereum Network because the people behind it continue to improve their service and they still developing some strategy to counter the gas fees problem. But right now, it seems like the best smart chain network is the lowest gas fees and has fast transactions. Matic's Polygon is the best with that but they can only do that because they don't have massive users that using their platform. as soon as their system exceeds the limit, they too will have the problem with the gas fees and the network congestion.

[Fundamentals Of]

No, it is simply not possible at all. Ethereum will remain the number one altcoin. It is now even challenging Bitcoin's place although it is next to impossible to happen. The result of Ethereum's terrible gas fees is that people prefer to keep their ETH rather than spend them. That is exactly the same thing that happened to Bitcoin when the transaction fees are rising. That means ETH will even rise in price.

Another effect is that other projects claiming to be better alternatives to Ethereum are gaining their place under the sun. If Ethereum will fully implement ETH 2.0, these alternatives will lose a big slice of their market.

[Shasha80]

It's just that ethereum is too powerful. Until now ethereum is still in the top of the second place after bitcoin...

Yes eth is powerful but sometimes even the most power get defeated at some point, if they don't do something about this continuous rise in gas fees it will get to a point where nobody will want to spend too much just on trx fees, most projects are not finding it easy launch on ethereum network because their users may not want to spend so much on trx fees,
If they are really powerful, this problem should have been fix by now, except they have no clue on what to do.

Indeed until now there is no doubt that Ethereum has quite loyal users and Ethereum is very powerful, but if Ethereum underestimates the high
gas fees, this will be a problem in the future. As you said Ethereum users are starting to lose money by wasting too much money on transaction fees.
But with Ethereum's success so far, I think Ethereum does have a pretty strong development team. So surely the Ethereum team is aware of
the problem of high gas fees, I'm sure the Ethereum team is fixing it right now. So I believe that Ethereum will not lose to competitors, because there is
no way Ethereum will let them lose to competitors.

[michellee]

I don't see ethereum getting defeated any time soon. It's a known fact that the ethereum fees are incredibly high but that's going to be corrected very soon. I believe that the developers are weighing their options and timing to accommodate several factors and fix the issue optimally. This may even take a while, but I'm certain it would be fixed.

Ethereum still has its position in the market. Even Ethereum competitors grow and try to defeat ETH. Maybe they can defeat the ETH gas fee, but they will hard to beat the people's hearts because they use ETH as their investment and will not let the other project defeat ETH.

But it could happen if ETH can not decrease the gas fee in the long term as their competitor can grow bigger and of course, the other competitors can also lift the price and take a better position in the market. But for short, the competitor will not easily defeat ETH and take over ETH's position in the market.

[josephdd1]

Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.

Actually, yes, I see that alternative chains become more popular than ethereum. They are faster and cheaper and also are building an expanded ecosystem with many different defi-projects of different types, so you will not miss anything if you don't interact with Ethereum. Especially small investors prefer alternative chains. Personally I work on Polygon and Binance Smart Chain mostly.

[Strongkored]

This is very likely to happen but can't say for sure what coin will replace ETH whether it's a coin that already exists or there will be another new project emerging.
It won't be easy to beat ETH but if all the inconveniences due to high gas fees have not been resolved, it is very likely that people will switch to other coins that are more efficient and don't have to spend a lot of money just for a transaction.

[Ararbermas]

Probably its happening because a lot of people nowadays were changing assets in order to save to save money because of that fees of ethereum. But when it comes market rank perhaps it's impossible in my personal opinion since ethereum has the fastest market cap in the market.. And for sure that's the only thing what competitors can get from ethereum situation, wherein the demand not the place of ethereum when it comes the market. 

[Dr.Osh]

Well, a lot of people have complained about the very high ethereum gas fee. competitors won't beat ethereum, but users who won't use ethereum anymore. imagine, for 1x transaction, the fee issued above $ 20, even if it's on the DEX, can be more than $ 50. well, if using another chain, it's only about $3 or not even more than that. well, because of that, people must think that what if the money used for fees is used as money for other investments. it could have been more profitable.
well, these are just my thoughts. however, I am currently very clearly avoiding using transactions from ethereum.

[bounceback]

No, they won't be able to beat ETH even though nowadays many people complain about high fees, but on the other hand ETH has been around for a long time and has managed to gain a lot of trust from investors so it will help push ETH to continue to be king among other Altcoins, I hope that ETH 2.0 will be launched soon and become a positive trend for ETH.

[abralzain17]

Developers are rolling network upgrades, yet gas fees on ETH remain the same. It's very expensive to perform transactions on the Ethereum blockchain compared to other competing chains. The ETH 2.0 upgrade will alleviate the situation but developers keep delaying the same. People are getting sick and tired of ETH's "stalling" as fees continue to rise like there's no tomorrow. If I'm not mistaken, developers will delay the difficulty bomb again (by December) in order to prolong the PoW blockchain. The longer it takes for fees to decline on ETH, the bigger its competitors will grow.

Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.

I think it's not that easy to beat ethereum in its development, many blockchains are competing with ethereum but it becomes nil because Erc20 is not their competitor. In my opinion, the high transaction fees on the current erc20 platform do not corner Ethereum in the market.

[otreza]

ETH with its slow, expensive transoms is just deliberately "ruining" its future itself, giving new players like Solana and others the opportunity to squeeze out a huge part of the audience in a short period of time.

In general, the situation is crisis for both BTC and ETH. Both of our top players are hand-assed, clumsy oldies, who should certainly be retired. But the old guys of course are not going to give up, but the fundamental problems can't be solved (and most likely won't be).

[awik p]

Developers are rolling network upgrades, yet gas fees on ETH remain the same. It's very expensive to perform transactions on the Ethereum blockchain compared to other competing chains. The ETH 2.0 upgrade will alleviate the situation but developers keep delaying the same. People are getting sick and tired of ETH's "stalling" as fees continue to rise like there's no tomorrow. If I'm not mistaken, developers will delay the difficulty bomb again (by December) in order to prolong the PoW blockchain. The longer it takes for fees to decline on ETH, the bigger its competitors will grow.

Do you think competitors will defeat ETH due to ever-increasing gas fees? If not, why? Are constant delays a result of miners' opposition against reducing gas fees on the blockchain? Your input will be greatly appreciated. Thank you.

I think it's not that easy to beat ethereum in its development, many blockchains are competing with ethereum but it becomes nil because Erc20 is not their competitor. In my opinion, the high transaction fees on the current erc20 platform do not corner Ethereum in the market.

the gas fee on ethereum does feel big for small transactions, but for large transactions, it can't be said to be expensive. in fact ethereum still has high trust even though the gas fee is more expensive. From this I think people will trust their trusted products more, so I think it will be safer to follow the major currents in the market

[eXtremal]

Ethreum's biggest competitors in my opinion are BNB and SOL. So far ethereum is still at the top of its rivals. However, if ethereum continues to be concerned about the high gas BNB and SOL will be a rival that is ready to replace ethereum in the future. Even now it has begun to prove that some projects are starting to migrate from erc20 networks to bep20 networks on the grounds that ethereum network transaction fees are very expensive.

[cvasy]

I think it's not that easy to beat ethereum in its development, many blockchains are competing with ethereum but it becomes nil because Erc20 is not their competitor. In my opinion, the high transaction fees on the current erc20 platform do not corner Ethereum in the market.

Ethereum has never had a problem with expensive transaction fees so its position is still solid in cryptocurrency and what you say is true because the Ethereum Blockchain is a very big thing for many of its competitors to deal with right now.

[Abiky]

The question is, will Defi remain in the market or it is just a hype and will die down soon in the next bear cycle?

And I think ETH dev will continue to release their v2 with such improvement regarding the fees so it's a work in progress until such time that they have cut the fees itself to even half of today's price, that will be huge in the market.

And one thing: ETH is a prime mover like BTC.

Only time will tell us whenever "De-Fi" will become a widespread success or a failed experiment. The hype is still on-going, so we should give the industry a little more time before it matures enough for mainstream use. As you've said before, ETH is a prime mover like BTC. This gives it a huge advantage over its competitors on the market.

Despite the high gas fees, ETH's position has been untouched because it's the most decentralized cryptocurrency in the world after Bitcoin. No other smart contract platform can outmatch ETH's level of security and reliability these days. While the ETH 2.0 upgrade will diminish ETH's decentralization, it will still be a better choice than competing chains. As long as other platforms fail in prioritizing decentralization, ETH will remain as the leading smart contract platform for a long, long time. Just my thoughts

[alexeyneu]

i think solana may overthrow them. wallet is better at least.

[geegaw]

It's just that ethereum is too powerful. Until now ethereum is still in the top of the second place after bitcoin. When it comes to rivals, there are Binance smart chains and Solana. But still, the ethereum network is still in use. I see the advantage of the ethereum network today is that it keeps junk projects from growing in ethereum networking because of the expensive transaction costs. But it also makes it difficult to get small-scale investors.

Agree, other smart chains are not a formal contract, more precisely, the basic structure of many projects is in the Ethereum database, other branches like Solana and Binance were created just recently, and we all understand that a lot of information to move from one network to another takes a long time, so the old projects keep their system on their main network ethereum and add support from smaller networks to meet the needs of customers. These competitors are not a declaration of war, they are senders of intimate messages to each other to improve the field more, from cost to network.