ETH just gone wild reached $400 mark but transactions fees aren't Friendly!


The main asset of the Ethereum network (ETH) just surpassed the mark of $400 and still climbing increasing it to all-time-high on 2020, making it a whole appetizer to grab it and have on the portfolio.

The asset raise is also proving what speculators have saying during the past months, ETH have a great future ahead, this Blockchain isn't just an asset but a whole system of technology behind it, smart contracts, DeFi ecosystem, market tokenization it's a ecosystem with plenty of usecase and deserve to the great moment season it reached and still going!

But not all are roses in the ETH environment mostly because of the fees the network is charging in Gas to execute a transaction, it gone wild in that field reaching prices that are more than people in many countries pay for a meal.

The DeFi ecosystem is also seeing some retrieve on transactions due to those high fees with small investors not being able to purchase products on the decentralized finances, fees on the network just hit all-time-high on August 12, 2020 with astonishing $6.87M just in fees paid along the ETH mainnet beaten the previous one registered on 2017 situated in $4.55M.

With fees ranging from $3.8 (this money could buy a complete meal for two days in many countries in Africa, South America and Asia) to $15 (in some parts of the world it is a whole family monthly salary) it nearly impossible to small transactions to go thru and definitely blocking the small creditors to live right now in the ETH network.

The price asset will continue to increase and also the transactions fees, led to investors start to lookout for more scalable blockchain leaving the ETH mainnet looking for better ways to make transactions and saving their assets. 

The ETH 2.0 is delayed and people can't wait to see it released, there are voices claiming that it will relief some of those fees to decrease as it will share fees among the miners but until now it's a pain in the a** to use ETH network to make transactions without paying huge fees.

I hope Buterin and his team could accelerate the ETH 2.0 and save us some gas fees, that is hurting many pockets around the cryproe space.

Stay tuned for more Cryptocurrency & blockchain news, don't forget to download Brave Browser and protect your privacy also earn passive income watching non intrusive ads, subscribe for more.

Take care.

How do you rate this article?


8

0

alberdioni8406
alberdioni8406

"...just me carrying the world" _Bitcoin Cash enthusiast _Crypto content creator Always @alberdioni8406 find me online...


Cryptocurrency| DeFi| Brave Browser | Blockchain.
Cryptocurrency| DeFi| Brave Browser | Blockchain.

All topics related to Crypto, Blockchain tools, Cryptocurrency in the world and specially in Africa [the cradle of humanity] becoming crypto catalyst.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.