Transactions on the Ethereum network are reaching astronomical levels as the crypto market took a hard dip this Tuesday. The gas fees have become so high, that the average transaction can cost you nearly $50.
Ethereum has become the second most-used crypto and network preferred by Australians. But now it seems like Aussies will have to migrate to other networks —and the entire crypto community is now seeking alternatives, like BSC —Binance Smart Chain— as not everyone can afford those fees in every small/medium-size transaction they make.
If this seems high, DeFi users are complaining about the extreme gas fees taking place right now, where a single transaction could cost you even up to $14,000, and, not surprisingly, everyone is afraid of getting liquidated.
The crypto community is outraging this week not only because the crypto-market experienced a considerable dip —over 5-10% dip— but how high the gas fees are becoming.
In the DeFi space, over $100M in positions were liquidated, following Bitcoin’s -10% dip.
The Next Exodus
Now analysts and influencers are suggesting ETH 2.0 should come out “anytime soon” before the Ethereum ecosystem becomes unpractical. Lark Davis, a popular influencer from The Crypto Lark, stated that Ethereum could lose a great number of users if these gas fees issues are not solved anytime soon.
Some fees can reach price levels of $150 – $250 with medium-size transactions of $1000 – $2000. This is an outstanding increase considering three months ago, transactions only cost $5 – $7.
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