It's no news that gas fees are stupid high right now.
In fact, I spent more on gas fees using uniswap last week than I spent on actual gas the whole of last month!
Bad joke aside, the gas problem has begun to affect Publish0x.
Publish0x is mostly based on ERC-20 tokens, which are even more expensive to send due to the fact that they're another layer upon the Ethereum network.
Many users have decided to not withdraw their tokens till the gas comes down, and that is a motion I will be supporting and taking part of personally.
Publish0x equally has restricted withdrawals to once a month to at least save on gas
While it is a good idea, the fact is that high gas fees may be here to stay. Ethereum wasn't built to be scaled, and with all the new users coming in, the gas is only going to get worse.
Therefore, I have decided to proffer a couple of solutions that I *hope* the team will take into consideration.
1. Pay out only Ethereum
It is significantly cheaper to send Ethereum than to send BAT or LRC for example. If Publish0x can still keep the monthly withdrawal imposition, but only pay out in ETH, they'll save a lot of money on gas.
2. Introduce faster, scalable tokens
This is the option that Publish0x overlooked, but I feel there's a way to make it work for everyone.
Here's what I'm thinking:
Publish0x could introduce BNB: A fast, almost feeless and scalable token that has actual utility. Then users would have the option of cashing out weekly in BNB or cashing out monthly in BAT and LRC.
This would give users choice, and BNB is extremely cheap and easy to use.
These are the two options I have thought of. I feel that they would work rather well.
What do you think is the solution for the high gas fee dilemma? Let me know your thoughts down below.
Thanks for reading.