Ethereum is the most used blockchain in the world of crypto. To use Ethereum blockchain, its tokens have to pay gas fees from the ether. This gas fee has to be paid for transacting on the Ethereum network. We use ether blockchain not only for ether-based transactions but also when creating smart contracts, deploying testing, and coding.
As the price of ether is increasing and the use of this blockchain increasing, the users are facing two problems. The first is the slowing down of the Ethereum network and the increase in the cost of the gas fees. There is not much expense on sending ether from one account to another, it is about 4 to 5 There is a dollar but apart from this, the use of blockchain is becoming very expensive.
Deploying a smart contract costs up to about one Ethereum gas fee. Some contracts require three to four contracts to be added simultaneously, which takes two to three Ethereum to make a smart contract. With the price of Ethereum close to $1900, this is a discouraging amount of money for developers.
Another problem that is most common here is for people that stake their Etereum or related coins. The investors who have used the Ethereum blockchain after staking in a project, and when they want to unstack, they have to pay a very high fee, which is close to $70. In this case, the small investor is almost unable to withdraw his money.
If the price of Ethereum continues to increase at this rate, then the gas fee will be even higher, which will end the purpose of stacking in itself due to a higher fee.
The same problem is being faced by NFT makers. The market for NFT is currently the hottest in the crypto space. Most platforms of NFT are also using the Ethereum network, so buying NFT is getting expensive. Even minting an NFT is also becoming more expensive. Minting an NFT is costing more than about $50, and that is one reason that people willing to work in this field are not entering this sector right now.
The increasing price of ether might be good for investors, but the possibility of new investors coming here is decreasing because of a very high transaction fee. This is the reason that other blockchains now getting the attention of developers instead of ether in the crypto-sector.
So In the last year or so, this Business Chain has established its sovereignty over the crypto market. Every new project today wants to use this business chain. This is a kind of 'blow hot, blow cold' type of situation in the market right now.
This is also the case with the swap platform where any token has to be paid very high for swapping it from the ether. The sector is trying to solve it with Ethereum-2 but it is getting too late. Price of ether Since March last year has grown by nearly 20 times and so has its gas fee, but the network is slowing down. If they don’t find a solution NOW probably it will finish the Ethereum market.
