The Currency analytics
By Ayobami Abiola
Vitalik Buterin, the founder of Ethereum blockchain, on September 2 began explaining the reason behind the huge gas price/ transaction fee on the Ethereum blockchain.
“So what would happen? There would be more demand than there is space, so people would start bidding higher and higher txfees.
He identified that any solutions released by Devs now are only temporary. As revealed by EthGasStattion.
“The high ETH network gas fees is causing problems for most exchanges, running with $10-20 loss on each withdrawal… Will have to adjust our withdrawal fees sooner or later.”
Centralized exchanges advise their users to process transactions on other blockchains. For example, USDT can be processed on the Tron blockchain rather than on the Ethereum…
“If @VitalikButerin doesn’t fix the current issues hampering #Ethereum, be prepared to see a lot of projects switch over to #TRON network.”
In his statement on how to mitigate the high transaction fee problem, Vitalik Buterin concluded:
“Conclusion: the only solution to high tx fees is scaling. Tether, Gitcoin and other apps are doing the right thing by migrating to ZK rollups today.
It seems the only hope for Ethereum enthusiasts is ETH2 which is still undergoing tests and to be expected in months to come.
What do you feel is the solution to Eth high transaction fee