Ethereum is considered to be a chain of rich people these days due to its high transaction fees. This could be imagined from the current fees table shown on the etherscan. To transfer USDT which are erc20, it requires a fees of $20 and of you want to swap it for other assets it needs a fees of $100. This is totally ridiculous.
Offcourse Ethereum is still a daddy of all Layer-2 chains but sadly it has become limited to only rich people. An average user even cant think of using ethereum network. A $20 fees is a big amount for an average user and swapping is almost impossible.
For example if you are to send $10 to your family member it would cost you $20 fee which sounds too much higher and is sucked. You would never want to use Ethereum and i am sure that you will be moving your assets to other chains such as BNB or layer-2 chains which are charging significant less fees.
To overcome the high network fees Ethereum went an upgrade earlier today. The upgrade is called Dencun upgrade whose purpose is to reduce transaction fees for layer chains which will indirectly helps to reduce fee on mainnet ethereum.
While it is claimed that Dencun upgrade is successfully deployed which has reduced transaction fees on layer-2 chains but transaction fees on mainnet still stays the same. I am not sure that if it will take more time or it will remain as it is.
I remember the Shapela upgrade on ethereum back in april 2023, that time it was also said that it will help to reduce the transaction fees which never happened till now. Similarly it is being claimed that Dencun upgrade will help to reduce ethereum transaction fees which still doesnt seems to be working even after it is deployed. Well , lets see and wait more if anything helps or not. Lets give it more time.
Ethereum is the second largest cryptocurrency ranked by marketcap. Ethereum is still the powerful chain despite of the transaction fees issue but it could have big issue to go for mass adoption if the issue doesnt gets solved.
Personally i am avoiding to keep funds on Ethereum mainnet as much as possible as i cant afford such a high transaction fees. I am active mostly on BNB and some Layer_2 chains such as zksync and Manta as the fees is very little.
I am not the only one complaining about the high transaction fees , have seen many other people talking about it. This is where HIVE blockchain comes into mind where you pay zero fees for transfering your assets.
Hive is the perfect blockchain for builders as it resolves the fees issue. Hive is the only chain which is fastest and charges zero transaction fees.
I think hive is still undervalue due to lack of marketing. I bet that outsiders do not know about hive potential and its properties such as fastest transaction processing and zero transaction fees which could be game changing for dapp builders on hive. We need to come up with solid ideas to spread hive as much as possible to attract developers into the hive blockchain.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
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