Ethereum has really become the chain of the rich. When you have $77 fees for a transaction on Uniswap worth a bit under $1,000 you know it's time to look for alternatives. I don't know how many Ethereum killers are out there, but we need to find one asap. This thing is crazy.
Yesterday I saw a tweet from @empoderat shilling DOWS for a quick 10X and thought I should get into it with $1000. I looked for the coin on coingecko and it definitely looked juicy. The only thing salty about it was the fact that it was listed on Uniswap and Gate.io.
I have had some issues with Gate.io and refuse to go through their KYC hence I thought I should try Uniswap. Connected METAMASK to it, transferred some 0.4 something ETH and initiatied the swap... $77 damn dollar for buying 700 DOWS which were worth $870. That's a lot of fees for a damn trade you know...
The shit doesn't end here. I initiated the trade a bit after 12 PM and while I was still awake and active online my order hasn't been filled out. I waited and waited and nothing. Hence I got to sleep and when I woke up in the morning I noticed that there was an error and I had actually no DOWS in my account.
The fee has been taken though from my total ETH and that's when I got pissed off, on both Ethereum and Uniswap. For what have I paid $77 then? I tell you for what... Just to realize that I am a stupid maximalist considering that Ethereum is still the king of DApps and that Uniswap makes any sense. I doubt I've done anything wrong, as the math is quite simple with the exchange, but I got frustrated.
Hence I have simply withdrew my ETH from Metamask, traded it to XTZ on Binance, traded all my UNI that I had on BINANCE for XTZ as well and all of the XTZ got sent on my wallet where I even get interest in my stake. Screw both Uniswap and Ethereum. I'm tired of their fees, slowness and dinosaurs pedigree. Why have I chosen XTZ?
Because the chart was inviting. I lost my trust in fundamentals for this bull market since DOGE got to 10 cents so it's time to look at charts and pick the unpumped ones. XTZ looks like having a chart that has a lot of room for the upside and it's my lucky winner for the rest of the bull market. Highly disappointed about UNI and ETH though...
There are rumors about that upgrade that would lower fees on Ethereum for years now and nothing happens. Just postponed upgrades and insane fees. With XTZ I paid $0.5 for the transaction. It's insanely cheap, HIVE is completely free and there are many other alternatives to ETH. You either go big or go home, Ethereum. Competition is coming at you and you deserve all of it.
Conclusion, I'm not touching any ETH or ERC20 token any time soon. The fees are not justified and there are plenty of alternatives, from both a functionality point of view and an investment one as well. Highly disappointed... I wish I could jump on @empoderat's recommended trade but the planets haven't aligned for me. Maybe next time...
Thanks for attention,
Adrian
