Ethereum Gas Prices Are Out of Control

Author: crypto_spaced

Ethereum gas prices are ridiculous. If you have a few bucks of an ERC-20 and you want to unload it, good luck. What’s really surprising to me is how there hasn’t been an exodus to solid blockchains with substantially less transaction fees. I’m not a developer, but I can’t imagine the cost to build on Ethereum right now, especially if you have a DApp that’s leveraging smart contracts consistently.

I really wonder if this is the new norm for Ethereum? If so, it’s time for Devs to look elsewhere. There are solid blockchains like IOTX, IOST, NULS, TOMO, or even TRX. Many of these are EVM-compatible and don’t require a full retooling to port DApps over. I understand Ethereum has the 1st mover advantage in regards to smart contracts, but let’s be real. Each of the blockchains I just mentioned are faster, cheaper, and more future proof than Ethereum in its current state.

For instance, I had an old Ethereum address that I forgot about and it had a couple of dollars worth of LINK and about $5 dollars worth of ETH. I was trying to KyberSwap my LINK for KNC and the fee for regular transfer was 0.09 ETH!!!! Ridiculous. Hopefully layer 2 platforms like Matic and Celer can alleviate this. I’m not smart enough on layer 2 projects yet, so I’m not sure what their total scope will be for scaling Ethereum. Here’s a picture of my transaction.

Insane Gas Fees

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