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

[CaVO32]

Maybe this could be the option for them if they have constantly failed to resolve a single problem everyone has been complaining about.
I was reading this article sometime last year The top 5 ‘Ethereum killers’ of 2021 and it is obvious that these networks can eventually bring the Ethereum network to its knees if these high gas fees persist longer.

It is the high gas fees that confirm that the Ethereum blockchain is the most in demand for the use of DeFi protocols and Yield Farming. They lead to an excessive load of the blockchain, which is the reason for the high cost of transactions. Thus, when the scaling problem is solved, and it will eventually be solved, we will see low commissions again, but they will still be higher than in alternative networks. In addition, the high cost of ETH also negatively affects the cost of transactions.

If this will continue this year, I believe the competitors has high chance to get a large part of market from ETH network. Actually, the number of users are growing in the competitor networks such BSC, SOL, MATIC and others, because they have much cheaper fees than ETH. They may not easily surpassed ETH but they can get good percentage of the ETH's market especially those small traders. This year, we will see what's the status of ETH 2.0 will be.

[TheGreatPython]

Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want.

It wouldn’t be much of a challenge to them in the sense that people wouldn’t leave their platform to start making use of another cryptocurrency. There are already lots of alternative to it (Ethereum); lots of good currencies that we see these days that are known as the ethereum killers, but none of them has been able to leave up to that name, they are no where close to that idea of beating Ethereum to the top position.

So, ETH still maintains its position as king of the altcoins in the market. People are not ready to switch, and very soon the ETH 2.0 as the OP has said, would be released and that would also give ethereum a better edge over other cryptocurrencies in the market.

[darewaller]

This is the same question that we all ask about bitcoin’s high fees and whether it would be replaced by another cryptocurrency with a lower price of transaction. But, ever since then what has happened? Bitcoin has still been able to maintain its top position in the market. So in this case of ethereum, I also believe that ethereum would be able to maintain its position as the number one altcoin in the market.

These coins has the advantage of being the first , and it would be difficult for any other cryptocurrency to take over that position. As long as the coin that we’re talking about here is a coin with a strong community and a really strong platform, then it wouldn’t be overtaken. And also the ETH 2.0 is going to be a better version than what we have now, and the arrival is close.

[7788bitcoin]

It is the high gas fees that confirm that the Ethereum blockchain is the most in demand for the use of DeFi protocols and Yield Farming. They lead to an excessive load of the blockchain, which is the reason for the high cost of transactions. Thus, when the scaling problem is solved, and it will eventually be solved, we will see low commissions again, but they will still be higher than in alternative networks. In addition, the high cost of ETH also negatively affects
the cost of transactions.

You can say that the Ethereum blockchain is in high demand because of the thousands of shit coins that are floating in the market that are built on the ETH platform. So that you cannot literally say that the demand is really high for DeFi and yield farming. The scaling problem is going on for a while and it is almost a year and there is nothing they have done to counter the huge transaction fees and what do you expect they will be planning to implement and when as there is no time frame i can see.

[QueenVera]

These coins has the advantage of being the first , and it would be difficult for any other cryptocurrency to take over that position. As long as the coin that we’re talking about here is a coin with a strong community and a really strong platform, then it wouldn’t be overtaken. And also the ETH 2.0 is going to be a better version than what we have now, and the arrival is close.

Yes you are right, people's are too quick the forget ethereum has been working on itself for years now. They saw the problem of high fees and are trying alternative solution to make fees lesser and immediately that is achieved, I do not think any other smart contract project will be closed to it.

If it is this costly yet has the highest adoption now imagine when it has Solana or Binance smartchain kind of fees. All developers will leave other blockchain and come developer on ethereum not just because it is very easy to work with but because of its popularity and now less fees.

[adiebitsler]

I think it is too far and too complicated to understand. Almost all people are really looking forward to something that can make Ethereum back into a positive conversation and no longer complain about, especially the high gas costs.

Ethereum transaction gas will always remain high as long as there are no good upgrades to the Ethereum network, because the real Ethereum has needed it for a long time because Ethereum enthusiasts are still very large and large amounts of transactions are still happening very often on Ethereum now.

[tvplus006]

If this will continue this year, I believe the competitors has high chance to get a large part of market from ETH network. Actually, the number of users are growing in the competitor networks such BSC, SOL, MATIC and others, because they have much cheaper fees than ETH. They may not easily surpassed ETH but they can get good percentage of the ETH's market especially those small traders. This year, we will see what's the status of ETH 2.0 will be.

Yes, indeed, the number of users in alternative networks is steadily increasing, but there is no significant decrease in the Ethereum network. And there is a reasonable explanation for this, that the total number of users is also steadily increasing, and in addition, each user uses several blockchains for their needs at the same time.

[Pejoh Asu]

Cryptocurrencies competition is of course very tight and anything can happen, look at the current top 10 and compare a year or so ago it will be very different, Ethereum even though it has a strong market and community but it is still easy to shift to other altcoins such as BNB or others.

[indo1]

Actually now we have often seen the ethereum network start to use a little because we have switched to a faster and cheaper network, now that ethereum competitors are getting more and more, AVAX, MATIC, SOL, BNB are competitors that are currently also popular. If ethereum relaxes in dealing with this gas problem ethereum will soon be replaced.

[stadus]

I don't think so, ETH is the second most popular cryptocurrencies after bitcoin and it has lasted more than 5 years, to shift ETH is certainly very difficult, and most ETH investors don't really make transaction fees a big problem because they buy and hold for the medium term or at least 3 months.

If Ethereum is a long-term investment, then your response is correct that big investors don't really care about the cost of ETH gas. However, the Ethereum side should also consider small investors because they make up the Ethereum community a lot.

The high gas fees for ethereum can only be affordable for rich investors but for middle class investors, it will always be a barrier. However, that will not be enough for investors to shift into ethereum's alternatives because as long as ethereum still provides fast and reliable transactions, it will always be worth it. And as the upgrade will be happening soon, thus it will add more growth to ethereum network.

[freedomgo]

I think it is too far and too complicated to understand. Almost all people are really looking forward to something that can make Ethereum back into a positive conversation and no longer complain about, especially the high gas costs.

Ethereum transaction gas will always remain high as long as there are no good upgrades to the Ethereum network, because the real Ethereum has needed it for a long time because Ethereum enthusiasts are still very large and large amounts of transactions are still happening very often on Ethereum now.

On the one hand, it is difficult for ETH competitors to beat ETH because the volume of Ethereum is very high. After that, there are also many supporting communities. ETH 2.0 might be a solution, but it won't be this year.

The most awaited upgrade for ethereum will hopefully solve the issue and create ways to reduce the gas fees, though its still uncertain when will it take place. Meanwhile, while ethereum transaction fees is still not resolved, this will give more chances for the competitors to improve their network so the people will have valid reason to shift to them, and thus a healthy competition will rise. Though its still hard to replace ethereum, but if the competitors have better offers, then why not?

[tvplus006]

...Meanwhile, while ethereum transaction fees is still not resolved, this will give more chances for the competitors to improve their network so the people will have valid reason to shift to them, and thus a healthy competition will rise. Though its still hard to replace ethereum, but if the competitors have better offers, then why not?

Due to the low fees in alternative networks, they have an advantage over the Ethereum blockchain. But this advantage will disappear when Ethereum developers solve the scalability problem. And it will be solved if the implementation of ETH-2.0 is not postponed once again.

[Luqman]

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain?

Although the ETH gas fee is very high compared to other network fees, I am still doubtful that they can defeat the ETH network.
So far, the Ethereum network still become the favorite. although some new projects also change into others.
Ethereum networks may have hard competitors if they cannot decrease the fees. Although they have been number 1 for a long time ago, they should also pay attention to their users.
I know that it may be hard for competitors to defeat Ethereum, but, it may be not good if many more users and developers will prefer to use alternative of Ethereum network?

[bitkanu]

I don't think so, ETH is the second most popular cryptocurrencies after bitcoin and it has lasted more than 5 years, to shift ETH is certainly very difficult, and most ETH investors don't really make transaction fees a big problem because they buy and hold for the medium term or at least 3 months.

Seriously, don't you ever see the fact that happens in the market right now? People are slowly migrating from ethereum network. You can also check it on etherscan as well and it will give you the accurate data about how much daily transactions that is happening in ethereum network and it's less than 2 millions transactions while another blockchain has been performing more than 6 millions transactions everyday. That means if people are more active using another blockchain compared with ethereum but i can sure that if an ethereum user was also using another blockchain as well.
It's only for the ethereum long term investors but that will quite different when it comes to the people who interested to use it for dapps or play the blockchain game.

[Farma]

Due to the low fees in alternative networks, they have an advantage over the Ethereum blockchain. But this advantage will disappear when Ethereum developers solve the scalability problem. And it will be solved if the implementation of ETH-2.0 is not postponed once again.

hope it actually happens in the near future. maybe, there will be a lot of coins that are currently an alternative, will return to dim if ethereum has made the fee cheap again. however, it seems that even when the ethereum fee returns to a low price, the BSC will still be around and used. Until now, there have been quite a number of project developments that have moved their chain from ERC20 to BSC, even for older projects. well, the longer ethereum 2.0 is developed, the more alternatives that currently can make ethereum dim.

[casperBGD]

transaction fees will not ruin Ethereum, it will make it more resilient to spam messages
L1 is not for retail users anymore, you have L2 to use it with low fees, but security attached to Ethereum platform

alternatives that have lower fees are mostly centralized, since you cannot have decentralization, speed and security without compromise on any of them
always DYOR prior to investment

[tvplus006]

hope it actually happens in the near future. maybe, there will be a lot of coins that are currently an alternative, will return to dim if ethereum has made the fee cheap again. however, it seems that even when the ethereum fee returns to a low price, the BSC will still be around and used. ..

Naturally, after the launch of ETH-2.0, all these alternative blockchains will continue to work, since they have their own infrastructure built in these networks. But under equal conditions, users and developers will choose the Ethereum blockchain, as it is currently the most reliable.

[lenovop-70]

I think the Ethereum devs will act as if they haven't heard our complaints about high gas costs, and they will delay 2.0 until when they don't want to know because as long as the blockchain is running, it's enough for them to see us suffer.
I'd rather hope for another blockchain development company with a more reasonable fee than rely on cheap gas fees on the Ethereum blockchain.

[South Park]

Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want.

It wouldn’t be much of a challenge to them in the sense that people wouldn’t leave their platform to start making use of another cryptocurrency. There are already lots of alternative to it (Ethereum); lots of good currencies that we see these days that are known as the ethereum killers, but none of them has been able to leave up to that name, they are no where close to that idea of beating Ethereum to the top position.

So, ETH still maintains its position as king of the altcoins in the market. People are not ready to switch, and very soon the ETH 2.0 as the OP has said, would be released and that would also give ethereum a better edge over other cryptocurrencies in the market.

Ethereum is too big to fall just because there are other alternatives, however it could happen the same thing that happens to old trees, they look great on the outside but on the inside they are completely dead, ethereum is still doing fine, but if something is not done to solve their problems then the competition will keep on taking projects and users out of them, until a breaking point is reached from which it could be impossible for ethereum to recover.

[Vaculin]

Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want.

It wouldn’t be much of a challenge to them in the sense that people wouldn’t leave their platform to start making use of another cryptocurrency. There are already lots of alternative to it (Ethereum); lots of good currencies that we see these days that are known as the ethereum killers, but none of them has been able to leave up to that name, they are no where close to that idea of beating Ethereum to the top position.

So, ETH still maintains its position as king of the altcoins in the market. People are not ready to switch, and very soon the ETH 2.0 as the OP has said, would be released and that would also give ethereum a better edge over other cryptocurrencies in the market.

Ethereum is too big to fall just because there are other alternatives, however it could happen the same thing that happens to old trees, they look great on the outside but on the inside they are completely dead, ethereum is still doing fine, but if something is not done to solve their problems then the competition will keep on taking projects and users out of them, until a breaking point is reached from which it could be impossible for ethereum to recover.

But i believe before it happens, the development team of ethereum are already fixing the problem. But since the problem is not yet fixed, this will give more chances for the other alternatives to improve their services so that they can attract or worst pirate those ethereum users who are seeing the current problem as a big barrier. Though ethereum is still the leading network, and its still the most secured and established one, but that does not guarantee the loyalty of all users if even the most basic problem cannot be resolved.