High Gas Fees Prevent Ethereum From Being Ethereum

Oct 14, 2020 at 14:42 UTCUpdated Oct 14, 2020 at 14:43 UTC.High Ethereum gas prices make it impossible for ERC-20 projects to run any microtransaction payments on Ethereum.

CoinDesk's invest: ethereum economy event starts Oct. 14.The miners' threshold depends on network usage and congestion.

While miners would love to see gas fees going to the moon, this is not good for Ethereum in the long run.

High gas fees are an opportunity for Ethereum competitors to grab a fair share of the market.

The migration to PoS will also see Ethereum miners replaced by validators who stake their ether to maintain the network.

Other assets such as chainlink have outperformed ether this year, but Ethereum being Ethereum will attract more attention.

Six months later, Matter Labs launched a zkSync beta product on the Ethereum mainnet to allow users to send tokens without worrying about high Ethereum gas fees or a network congestion.

The high gas fees are an opportunity for Ethereum competitors to grab a fair share of the market.

The miner fees will naturally go down, or by the time this happens, Ethereum will be using a PoS mechanism.

At some point, normality will return because those who truly care for Ethereum will make sure that Ethereum becomes Ethereum.