The last few days have been like a bloodspattered horror gore-fest; so much red on the crypto exchanges and all driven by FUD. BTC fell by 27% to $45k, ETH fell by 25% to $1400, and the rest of the market with them. To make matters even worse, anyone wanting to conduct a transaction on the ETH mainnet were saddled with astronomical gas fees. Here's @fluffypony showing us what he was asked to pay to move just $1 of USDC:
Yes, you read that right: to move $1 on the Ethereum mainnet in tortoise mode would cost $72! At the jump-the-queue mode it would cost $99!
How does that make sense in a blockchain thats trying to...and currently does... own the smart contracting, programmable crypto space?
This inefficiency shows us how dated the Ethereum blockchain really is. For a network that can only process 15 transactions per second, the flood of transactions rkilled the network and hiked the gas fees beyond the moon (good one for the node operators).
And what did the world's largest exchange do? The one with the competing blockchain for smart contracts, liquidity pools, farming yields, etc.? Simple... they halted transactions for 43mins; in a brutal (and short) bear market thats worth a hundred lifetimes.
With gas fees like these whenever Ethereum gets thousands of transactions, you're probably better off waiting for a bitcoin transaction to clear. Then again, Bitocin might actually be much faster!
Coincidentally, this is how the @fluffypony transaction ended up being executed:
Yes, you read that correctly... on the Binance Smart Chain!
Can ETH 2.0 save the Ethereum Network?
Post note: The author has no BNB.