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Ethereum Co-Founder Says High Gas Fees Are A Measure Of Success

Stefan by Stefan
13/12/2021
in Ethereum News
Reading Time: 2 mins read
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joe lubin says, ukraine, wepon, crypto, ethereum

Joe Lubin

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Joe Lubin, the Ethereum co-founder says the high gas fees are a measure of success adding his opinion into the ongoing debate over the high gas fees as we can see more today’s Ethereum news.

As Ethereum’s popularity from DeFi and NFT mining grows, the cost of doing business on the network increased as well. The gas fees or amount of gwei charged per transaction also increased. That has prompted debates over the network’s usability and gave Ethereum challengers like Avalanche, Solana, and Polkadot a chance to become better and faster alternatives. The ongoing debate over Ethereum gas fees hit a boiling point again last month and outlined by investor Three Arrows Capital co-founder Su Zhu said:

“Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past.”

High Gas Fees, solana, sol, ethereum, network

But Joe Lubin, the Ethereum co-founder and CEO of ConsenSys waved off the gas fee concerns. He said:

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“High gas fees are a measure of success. They’re a growth pain, they’re something that can’t be avoided. When a new technology becomes successful, it always has scaling issues. So whether it’s CPU cycles, or screen real estate, or memory, you’re basically going to have software engineers max out the capabilities of the technology. And it turns out we’re seeing consumers max out the capabilities of the technology.”

Lubin added that Ethereum 2.0 says should arrive by Q2 or possibly slip into the Q3 next year and will address both transaction costs and energy use. He also had some nice words to say for Ethereum competitors and noted that these networks are not immune to rising gas fees:

“We’re already seeing scalability happen at Layer 2, and at Layer 2 we’re seeing hundreds and soon tens of thousands of transactions per second that are actually very inexpensive—they’re Solana-inexpensive, Avalanche-inexpensive. Those are both cool systems, by the way, Solana and Avalanche, and as they get more utilized by consumers, we’re seeing transaction fees creep up to $1 and $2 for those technologies. Ethereum is going to be the blockchain of blockchains. It’s going to be the major digital asset settlement layer, it’s going to be the coordination layer for many different Layer 2 technologies.”

Ethereum Got Another, hard fork, upgrade, altair, arrow

Lubin noted that Ethereum is approaching 200,000 validators on the network and that with Ethereum 2.0 the shift to a proof-of-stake mechanism the number will grow exponentially. Lubin had a lot to say about the adoption of crypto a few days after ConenSys announced a $200 million fundraise which values the business at $3.2 billion. Lubin declared:

“Entities like JPMorgan, Goldman Sachs, et cetera, in my opinion, are FOMO’ing at the mouth to get into our ecosystem. But they’re massive regulated banking institutions, so it’s not going to be easy for them to do that sort of thing.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: ethereum co-founderethereum founderethereum gas feesgas feeshigh gas feesmeasure of success
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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