Crypto YouTuber Lark Davis, urges Ethereum to launch ETH 2.0 faster, or else, the users will flee to other networks where the network fees are cheaper so let’s read more in our latest ETH news.
Prominent crypto YouTuber Lark Davis from the “Crypto Lark” warned that ETH’s competitors will continue draining users away if ETH 2.0 doesn’t launch soon amid the increasing gas fees. Despite the five-figure price predictions for the ETH price in 2021, Davis asserted that the skyrocketing fees on ETH mean that only “rich investors” will be able to afford the network and will prompt smaller sellers to move to competitors like Binance smart chain.
Davis noted that BSC is now enjoying a surge in popularity with the volumes and dapps that are catching up to their ETH=based rivals. Describing the current gas fees prices as crazy, Davis urged Etheruem’s developers to speed up the launch of ETH 2.0 in response to the skyrocketing fees and to prevent a further exodus of users to cheaper alternatives:
“But we’re now to the point where ETH 1.0 – oh we need ETH 2.0 so soon, come on Vitalik, get it going, man – ETH 1.0, most regular users are priced out of using the majority of applications on Ethereum. […] A transaction on Uniswap costs $50 on average these days and that is just crazy.”
The phase 0 was launched in December and allowed users to lock up their Ether for staking. Robust scaling capabilities were slated for activation for the launch of Phase 1 which will introduce sharding towards the end of 2021 which is the earliest time possible. Average ETH transaction prices skyrocketed to their highest levels of $30 as per BitInfocharts.
As reported earlier today, The second-biggest cryptocurrency hit a record high of $2041 during the weekend session which prompted the daytraders to secure their profits. This eventually led to a larger sell-off over the weekend and Monday session which took the ETH/USD exchange rate lower by 26.11 percent to $1508. In other places on the market, every high-cap asset suffered a huge loss as well. Bulls were able to offer support as ETH continued dropping into the Monday session so it seems that they capped the crypto from falling lower on its 50-day simple moving average.
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