Ethereum co-founder says excessive gasoline charges are a measure of success

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Ethereum co-founder Joe Lubin says the high gas fees are a measure of success and adds his opinion to the ongoing debate about the high gas fees as we can see more Ethereum news today.

As Ethereum grew in popularity through DeFi and NFT mining, so did the cost of doing business on the network. The gas fees charged per transaction and the Gwei amount have also increased. This has sparked debates about the usability of the network and given Ethereum challengers like Avalanche, Solana, and Polkadot a chance to become better, faster alternatives. The ongoing debate over Ethereum’s gas fees hit a boiling point again last month and was explained by co-founder of investor Three Arrows Capital, Su Zhu:

“Yes, I gave up Ethereum even though I supported it in the past. Yes, Ethereum has left its users even though it has supported them in the past. “

But Joe Lubin, the co-founder of Ethereum and CEO of ConsenSys, dismissed concerns about gas fees. He said:

“High gas charges are a measure of success. They are a growth pain, they are something that cannot be avoided. When a new technology becomes successful there are always scaling issues. Whether it’s CPU cycles, screen space, or RAM, software engineers will basically take full advantage of the technology’s capabilities. And it turns out that consumers are taking full advantage of the technology’s capabilities. “

Lubin added that Ethereum 2.0 says it should arrive in the second quarter or possibly come into the third quarter next year and will address both transaction costs and energy consumption. He also had some nice words to say for Ethereum competitors, noting that these networks are not immune to rising gas fees:

“We are already seeing scalability on Layer 2, and on Layer 2 we are seeing hundreds and soon tens of thousands of transactions per second that are actually very cheap – they are Solana-low, Avalanche-low. Those are both cool systems, Solana and Avalanche, by the way, and as consumers use them more, we’re seeing the transaction fees for these technologies go up to $ 1 to $ 2. Ethereum will be the blockchain of blockchains. It will be the main settlement layer for digital assets, it will be the coordination layer for many different Layer 2 technologies. “

Ethereum Got Other, Hard Fork, Upgrade, Altair, Arrow

Lubin noted that Ethereum is nearing 200,000 validators on the network and that with Ethereum 2.0 moving to a proof-of-stake mechanism, the number will grow exponentially. Lubin had a lot to say about the launch of crypto a few days after ConenSys announced a $ 200 million fundraiser that valued the company at $ 3.2 billion. Lubin stated:

“Entities like JPMorgan, Goldman Sachs, etc. are FOMO’s at the mouth, in my opinion, to invade our ecosystem. But they are heavily regulated banking institutions, so it won’t be easy for them to do that. “

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