[ad_1]
Prominent crypto influencer Lark Davis, or “The Crypto Lark,” has warned that Ethereum’s competitors will continue to siphon off users if Eth2 doesn’t launch soon amid ever-rising gas fees.
Despite the five-digit Ether price prediction in 2021, Davis’s Feb. 19 video, Davis claims that the surge in Ethereum fees means that only “wealthy investors” can afford the network, prompting small users to switch to competitors like Binance Smart Chain (BSC). .
Davis noted that BSC is currently enjoying increasing popularity, with volumes for BSC-based DApps catching up with their Ethereum-based rivals.
Describing the current gas fee prices as “totally loco,” Davis urged Ethereum developers to speed up the launch of Eth2 in response to the surge to prevent a further exodus of users to cheaper alternatives:
“But now we’re at the point where ETH 1.0 – oh we need ETH 2.0 so soon, come on Vitalik, get started, man – ETH 1.0, most regular users are excluded from using the majority of applications on Ethereum. […] A transaction on Uniswap costs $ 50 on average these days and it’s just crazy. “
Eth2 Phase 0 launched in December 2020, allowing Ethereum users to lock down their Ether for staking. Robust scaling capabilities are expected to be activated with the launch of Phase 1 by Eth2, which is expected to introduce partitioning towards the end of 2021 at the earliest.
According to Bitinfocharts.com, average Ethereum transaction prices have skyrocketed to their all-time high of around $ 30. At the time of the crypto market’s flash crash at the end of the session on Monday, February 22, average gas charges hit $ 50.
[ad_2]
Source link