Ethereum developers might not be able to stop the EXODUS from Ethereum if they do not act fast.
Davis, who runs a YouTube channel dedicated to crypto, suggested that the increasing gas fee might drive away many Ethereum users. By launching ETH 2.0 soon, Ethereum can easily avoid turning the whole thing into a mess. Davis had previously predicted that Ethereum would hit five-figure prices this year. It now seems less likely due to the increasing gas prices.
A video posted last week explains that high gas fees have pushed smaller users to use BINANCE Smart Chain. Only the ‘rich’ can afford to invest on the network. Binance smart chain is seeing an upswing in popularity, and this in turn, is driving volumes up for BSC DApps.
Gas fees at the moment are described by Davis as ‘crazy.’ His recommendation is expediting the launch of the ETH 2 project. This may have a positive impact on thwarting the imminent exodus. The following phrase captures the sentiment of many of us: “.
As a result, the following statement applies. We need ETH 2.0 as soon as possible, come on, Vitalik, make it happen – ETH 1.0 cost users too much to use the majority of applications on Ethereum. [...] A Uniswap transaction runs on average at $50, and that’s crazy." 0 may have a positive impact in thwarting the imminent exodus.
“..A figure of $24.1 million worth of loans was liquidated– an amount second only to last week’s $93 million liquidation involving DAI. The Ethereum community will be closely following ETH2.0 updates as they plan their next steps. A transaction on Uniswap costs $50 on average these days, and that is just crazy,” he said in the video.
It has been suggested that Ethereum launch its new version of ETH 2.0 as soon as possible to prevent a mass exodus of its users. Davis, who has a YouTube channel dedicated to crypto, has said some Ethereum users may not be able to afford the increased gas fees. The average Ethereum transaction price presently stands at $30.8 as per Bitinfocharts.com.
Many Ethereum users have been frustrated by the high gas fees currently charged by the Ethereum network, and they may be forced to consider cheaper Ethereum alternatives if the situation does not improve soon. There are no shortage of cheaper Ethereum alternatives that are trying to leverage the situation and siphon away ETH users. In recent weeks, Davis has warned that Ethereum's price would reach five figures in the near future. Davis had previously predicted that Ethereum would top $100 per coin by the end of this year. ETH users will be keenly following updates around ETH 2.0 as they carefully weigh their next steps.2/25/2021