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Ethereum Gas Fees Touching Heights – What’s the Solution?

Highlights

    The world’s second cryptocurrency, Ethereum has surged above $400 and managed to find the resistance.

    The gas fees surging day by day- is ETH 2.0 the only solution or Polkadot can solve the issue.

Ethereum Gas Fees recording heights, Is Polkadot or ETH2.0 a solution?

The gas fees of ethereum have been surging nowadays. It also touched the heights and according to some reports, the ETH gas fees has touched $ 7 million for the month of August 2020. 

ETH 2.0 is believed to address the gas fee issue to bring down the heavy fees. However, many other players like Polkadot, IBM, etc also intend to solve the high fee issue. But which protocol is the better option?

Polkadot, a blockchain founded by former Ethereum CTO Gavin Wood, has the ETH 2.0 functionalities integrated already. The security protocols in both are the same where the shards of each network are secured by the main chain.

However, considering the transaction speed, ETH 2.0 can process 100,000 transactions per second(tps) compared to 15 tps in Ethereum. However, Polkadot has declared its transaction speed of 1,000,000 tps. These are the numbers yet to be proved!

Also Read: Ethereum Bullish Rally Made Over 90 Percent Ethereum Holders Profitable

Moreover, the decentralized exchange Uniswap traded more volume than that of the centralized exchange Coinbase. 

Ethereum above $400, dynamically moving towards $500

The stock market remains closed during the weekends, but the cryptos kept on pumping. The second most favoured cryptocurrency just crossed $400 and maintained successfully.

Moreover, a bull rally is expected for ETH which would assist the crypto to surpass $500 very soon.

However, ETH earlier had also crossed $400 but failed to maintain and slipped down below within some days.

It would be interesting now to witness whether the digital asset would perform similarly as in mid of August, where it reached $440 but dropped back to $397.

Collectively, Polkadot is considered one of the biggest rivals of Ethereum 2.0. Both the protocols share a collective common cause of providing fast and secure transactions between various transactions.

Therefore, the ETH bull rally would continue only if the gas fee issues are properly addressed.

Also Read: Bitcoin at $12k Or Ethereum at $500 – What Will Happen First?

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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