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

[wxa7115]

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.

Yeah the recent situation of ETH and it's gas fees is really extremely annoying i have a few tokens that i would like to stake or to claim but i am only a small fish and those tokens are worth only a few hundred bucks each and to claim, to transfer and to stake them, i would need more than 100$ worth of fee at the moment and that is just a joke. Once they are staked i also need to pay a lot of gas fees each and every time i want to claim rewards so ETH really needs to do something in the near future (hopefully in 2022) in order to get the ETH fees down again into a useful region where everyone can use the ETH network as it is intended to be used.

Unfortunately I do not think the developers have a solution for this, I do not think they are ignoring the problem, I think they are incapable of solving it.

And it seems many other independent developers think the same as they are choosing other blockchains in which to release their projects and I cannot blame them, after all if things like what you are experiencing happen to all kind of small holders then this slows down the money velocity of those tokens to almost zero, and when that happens the value of any currency drops to zero as well.

[fvb]

Yes, this is because now almost all projects use BSC. And only a few use ETH. My tokens, for example, are at best slightly more expensive than the transaction price. Hope is only for network updates.

[Abiky]

I don't think that in the long run, it will matter much.

Fact of the matter is that ETH2.0 will bring a lot of the innovation that will curb high fees etc.

The prices of coins that are dubbed as "ETH killers" are already way too overhyped in my opinion. So the likely scenario is that they will all experience a correction when the 2.0 protocol gets released.

We'll have to see what happens after the launch of ETH 2.0. Most probably, ETH's price will skyrocket as people will gain the "FOMO" sentiment. Competitors' prices might stale, as ETH grabs all of the attention of mainstream investors and traders alike. While ETH 2.0 will alleviate the high fee issue, it's not a definitive solution for scaling the blockchain. Fees could go back up again if network load remains high. That's where so-called "ETH Killers" come into play. They may not be as decentralized and reliable as ETH, but they're extremely convenient for day-to-day transfers due to their low fees and blazing-fast speeds.

It's always good to have a diversity of blockchain networks in order to reduce the burden on the main chain. Competitors will never beat ETH, because the latter has first-mover advantage on the market. But they can complement ETH by reducing the load on its blockchain whenever possible. As long as people are able to gain financial freedom, nothing else matters. Just my thoughts

[VanDeinsberg12]

They definitely will because many NFTs are now switching over to MATIC simply because the fee is a lot more cheaper and it’s probably better for the long term and not too depending on the ETH 2.0
Even after many months the problems about the fee in ETH is still unresolved, mainly because I think ETH has reached maximum in its capability.
Although it seems ETH could fix their problems in the future but switching over to platform like BSC or MATIC makes a lot more sense. ETH defeated by BSC or MATIC gonna happening slowly because ETH itself is still too big but if the fee problem still arise I think some of ETH market capitalization will move to BSC, or Matic, such coins. Im feeling curious what makes ethereum developers so long to implement the solution to fix gas fees while bitcoin needs only a single update and it has been decreasing the fees a lot through segwith and lightning network

[FloridaKid]

I don't think so though even I don't have the proper answer for this because I'm not a developer but it seems like ETH is the better choice for developers this days and I'm even hearing a rumour that scam projects are now lesser on ETH platform since it costs more to run on ETH smart contract than BSC or others due to gas fee

[Jaered]

I still think Vitalik Buterin hasn't given up on Ethereum, and when he does, its gonna be a game changer. The ethereum platform has a lot of things and of course, many projects riding on it to screw up perpetually. Crypto is high in competition and its a dog eat dog thin with Polkadot, Solana etc

[kawetsriyanto]

I'm even hearing a rumour that scam projects are now lesser on ETH platform since it costs more to run on ETH smart contract than BSC or others due to gas fee

Besides the gas fee factor, scam projects prefer to choose BSC chain because it is more trending than ETH chain. So, investors will be more interested to choose a project that uses BSC network. Scammers know well how to use a proper and effective way to attract investors.

I still think Vitalik Buterin hasn't given up on Ethereum, and when he does, its gonna be a game changer.

How can Vitalik give up? You are funny, man.
What do you mean by "game changer"? Do you mean Vitalik needs to revolutionize ETH platform?
I don't know what Vitalik can do with the expensive gas fee, but I hear ETH 2.0 can be the beginning to solve this problem.

[Valak]

The number 2 largest crypto currency, Ethereum, also feels the positive impact. But on the other hand, there is one less positive factor, namely Ethereum's very high gas rates. Why are gas rates on Ethereum so high? And when will it come down?

[chakhigh]

I really believe the high gas fees will hold Eth from reaching higher prices in the future. With lower and faster blockchains launch, Eth will suffer from this negative gas fees feature.

I think TRC20 and BSC blockchains will reach higher adoption with projects in the Defi sector, as the upcoming Ferox/FRX decentralized hedge funding, Tron price will grow better. BNB has a brighter future too, thanks to its BSC chain network.

Investors are complaining about the Eth gas fees. It is aggressive and Ethereum has to take the right procedure to lower it before it is too late.

[Fivestar4everMVP]

Ethereum is already a major baller in the crypto sphere and as such, I personally don't think competitors will take over Ethereum in terms of price and market cap(coinmarketcap position), but I do agree that there is a chance that competitors might overtake Ethereum in terms of decentralized app development and number of transactions on the network, but in terms of price, I think Ethereum price will continue to grow as bitcoin price grows because Ethereum is already considered as a store of value by some big investors.

[Abiky]

They definitely will because many NFTs are now switching over to MATIC simply because the fee is a lot more cheaper and it’s probably better for the long term and not too depending on the ETH 2.0
Even after many months the problems about the fee in ETH is still unresolved, mainly because I think ETH has reached maximum in its capability.
Although it seems ETH could fix their problems in the future but switching over to platform like BSC or MATIC makes a lot more sense. ETH defeated by BSC or MATIC gonna happening slowly because ETH itself is still too big but if the fee problem still arise I think some of ETH market capitalization will move to BSC, or Matic, such coins. Im feeling curious what makes ethereum developers so long to implement the solution to fix gas fees while bitcoin needs only a single update and it has been decreasing the fees a lot through segwith and lightning network

I'm afraid so. The more projects switch to alternative smart contract platforms, the faster ETH will lose traction on the market. There are many fierce competitors on the crypto/Blockchain space that are too hard to ignore these days. People are often looking for convenience (instead of decentralization) so they'll choose cryptocurrencies with the lowest fees and fastest confirmation times. Consider why BNB went all the way to the top within just a few years since its inception. It's now the third-largest cryptocurrency by market cap, challenging Ethereum in every way.

I don't get why ETH devs keep delaying scalability upgrades, when competition is already catching up. Of course, decentralization & security/reliability comes first. But further delays will only make people look elsewhere. I hope ETH 2.0 comes into fruition soon, so high gas fees are put to rest for good. If it doesn't become a reality by 2022, then I'm afraid ETH will continue to lose market dominance until another competitor (BNB, maybe?) takes its place. Just my opinion

[K4C]

Offcourse its a absolutely right I said about this point the Ethereum fee is so high so this case the etherium loss there position because the investor are use and support other coins only on reason there Transection fee so many coins defeat Ethereum so i simply said that Ethereum community solve this issue.

[tygeade]

The more projects switch to alternative smart contract platforms, the faster ETH will lose traction on the market. There are many fierce competitors on the crypto/Blockchain space that are too hard to ignore these days. People are often looking for convenience (instead of decentralization) so they'll choose cryptocurrencies with the lowest fees and fastest confirmation times. Consider why BNB went all the way to the top within just a few years since its inception. It's now the third-largest cryptocurrency by market cap, challenging Ethereum in every way.

I am pretty sure that even the ones who have it on ETH are trying to bridge over to Matic these days. I have seen a game that has a lot of different games under one umbrella and they are testing Matic as well. It is called revv racing and they have both revv racing regular game, f1 delta time and have motosports as well, and they are testing out matic with the revv one.

I am pretty sure that when people realize the benefits of it, they are going to go full on with the matic move. I am not saying that they won't do any ETH ever again, some games will definitely stay there no doubt but the new ones are looking at matic and even other networks increasingly more and more.

[wxa7115]

Ethereum is already a major baller in the crypto sphere and as such, I personally don't think competitors will take over Ethereum in terms of price and market cap(coinmarketcap position), but I do agree that there is a chance that competitors might overtake Ethereum in terms of decentralized app development and number of transactions on the network, but in terms of price, I think Ethereum price will continue to grow as bitcoin price grows because Ethereum is already considered as a store of value by some big investors.

I am not so sure this is going to be the case, we know that while the price is affected by many factors, two of them are what kind of problem it solves and how well it does so, and in the case of ethereum and its high transactions fees both of those factors are heavily impacted by it.

This means that if the ethereum developers do not find a way around this then eventually many projects will leave them for other blockchains, limiting the use cases of ethereum and giving other projects the possibility to catch up or even surpass ethereum in the future.

[gamer4156]

Ethereum network much better after the overhaul that is the reason it's deferring however as we probably are aware beneficial things take time so I accept Ethereum engineers will introduce a successful update which will leave a positive effect and on the opposite side I don't think there is any however contender who can contend Ethereum of all time. Indeed, even the famous defis and loaning stages are opening themselves into numerous chains to draw in clients.

[Abiky]

I am pretty sure that even the ones who have it on ETH are trying to bridge over to Matic these days. I have seen a game that has a lot of different games under one umbrella and they are testing Matic as well. It is called revv racing and they have both revv racing regular game, f1 delta time and have motosports as well, and they are testing out matic with the revv one.

I am pretty sure that when people realize the benefits of it, they are going to go full on with the matic move. I am not saying that they won't do any ETH ever again, some games will definitely stay there no doubt but the new ones are looking at matic and even other networks increasingly more and more.

Of course. People will switch to MATIC and other alternative chains, as gas fees on ETH continue to rise like there's no tomorrow. In a world where convenience matters most (not security/decentralization/reliability), smart contract platforms like Binance Chain and Polygon (MATIC) prove to be a better solution than ETH itself. New projects are switching to MATIC these days, so it should only be a matter of time before ETH loses traction on the market. Developers should hurry up with the ETH 2.0 upgrade, or the world's second-largest cryptocurrency by market cap will be "toast". I know that they're focusing on keeping the blockchain as secure and decentralized as possible. But sometimes enough is enough. There should be a balance between decentralization and scalability in order to keep as much users on your project as possible. Otherwise, adoption will slowly decrease until the blockchain network becomes a "ghost town".

I hope that doesn't turn out to be the case with ETH, as developers work on a quick fix for the "high gas fee" problem. Once fees decline, then people will have no need to switch to other chains. I doubt competitors will ever beat ETH, as the latter has first-mover advantage on the market. Saying competitors will beat ETH, is like saying altcoins will beat BTC (which is highly unlikely). As long as decentralization wins, nothing else matters. Just my opinion

[phillipjackson]

@Fatunad I agree. People are opting for other alternatives for Ethereum like Cardano, Solana or polkadot due to the high gas fee but when the Ethereum 2.0 will launch which has negligent gas fees, again people will start opting Ethereum and the price will see a surge.

[Psynthax]

I still think Vitalik Buterin hasn't given up on Ethereum,

Yeah but it's too long for the solution to be implemented while the competitors are starting to evolving as soon as possible to encourage the demand from ethereum and look at the market right now. So many new chains have been surpassing ethereum in term of regular transactions. This is shit to see ethereum developers being inconsistent with what they have said before. They said yes for ethereum 2.0 but this time they said no but tried to rebrand it. It's not only blockchain needs to be fixed but the developers as well.

and when he does, its gonna be a game changer. The ethereum platform has a lot of things and of course, many projects riding on it to screw up perpetually. Crypto is high in competition and its a dog eat dog thin with Polkadot, Solana etc

Yeah but so many loyal supporters are making ethereum is still sitting at the second place of CMC.

[Naficopa]

@Fatunad I agree. People are opting for other alternatives for Ethereum like Cardano, Solana or polkadot due to the high gas fee but when the Ethereum 2.0 will launch which has negligent gas fees, again people will start opting Ethereum and the price will see a surge.

Ethereum still has the largest share of the smart contract market despite its high transaction fees. I agree that if the Ethereum 2.0 launch makes the gas fees to drop to a level similar to the BSC, ADA, SOL or DOT blockchains, it will again start taking over most of the market. However, we are still not sure that the transaction fees will drop after the fork.

[KaliLinux]

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.

This is no longer a question of whether ETH gas fees are affecting the Network but if this is not taken care of by the Developers which also does not seem like they have this under control or are hoping to resolve this anytime soon, it might just cause even the remaining average ETH network users to flee.
Ethereum transaction fees are running sky-high. That's infuriating users and boosting rivals like solana and avalanche
Ethereum May Be Losing Out To Competitors Due To High Gas Fees, Says JPMorgan

It is just a matter of time if this fee issue doesn't get resolved before ever ETh Network Project jump ship.