Ethereum co-founder says high gas fees are a measure of success

Ethereum co-founder Joe Lubin said high gas tariffs are an indicator of success, adding his take on the ongoing debate on high gas tariffs as we can see more Ethereum news today.

With the rise in popularity of Ethereum through DeFi and NFT mining, the cost of doing business on the network is also increasing. Gasoline fees or the amount of Gwei charged per transaction also increased. This sparked controversy over the usability of the network and gave Ethereum rivals like Avalanche, Solana, and Polkadot a chance to be better and faster alternatives. The ongoing debate over Ethereum fuel fees peaked again last month and was outlined by investor Su Zhu, co-founder of 3 Arrows Cash, who said:

“Yes, I have given up on Ethereum, although I have supported it in the past. Yes, Ethereum has ditched its users despite supporting them in the past. ”

But Joe Lubin, co-founder of Ethereum and CEO of ConsenSys, has denied concerns about gas charges. He says:

“The high cost of gas is an indicator of success. These are the agony of growing up, they are inevitable. When a new technology is successful, it always has sizing problems. Whether it’s CPU cycles, screen space, or memory, you’re essentially asking software engineers to make the most of this technology. And it turns out that consumers get the most out of this technology. ”

Lubin added that Ethereum 2 will appear in the second or possibly third quarter of next year and will deal with both transaction costs and energy consumption. He also gave some nice words to Ethereum rivals, noting that these networks are not immune to gas price increases:

“We saw scalability at level 2, and at level 2 we see hundreds and tens of thousands of transactions per second, which are really cheap – they are cheap for Solana and not expensive for Avalanche. By the way, these are great systems, Solana and Avalanche, and as consumers use them more and more, we see transaction fees for these technologies going up to $ 1-2. Ethereum becomes the blockchain blockchain. This will be the basic settlement level for digital assets and the orchestration level for various level 2 technologies. ”

Lubin noted that Ethereum is approaching 200,000 validators on the network, and with the transition from Ethereum 2 to a proof-of-stake mechanism, their number will grow exponentially. Lyubin had a story to tell about the crypto launch in the days after ConenSys announced a $ 200 million fundraiser, which is valued at $ 3.2 billion. Lyubin said:

“Companies like JPMorgan, Goldman Sachs and others, in my opinion, FOMO is preparing to join our ecosystem. But these are large regulated banking institutions, so it will not be easy for them to do so. “