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

Ethereum co-founder Joe Lubin said high gas charges are a measure of success, adding his opinion on the ongoing debate about high gas charges as we can see more Ethereum news today.

With the popularity of Ethereum through DeFi and NFT mining, the cost of doing business on the network also increases. The petrol fees or the Gwei amount charged per transaction also increased. That has fueled debates about the usability of the network and given Ethereum challengers like Avalanche, Solana and Polkadot a chance to become 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 gave up ETH even though I supported it in the past. Yes, Ethereum has given up on its users despite having supported them in the past. ”

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

“High gas costs are a measure of success. They are an agony of growing up, they are inevitable. When a new technology becomes successful, it always has size problems. Whether it’s CPU cycles, screen space, or memory, you’re essentially asking software engineers to get the most out of the technology. And it turns out that consumers are getting the most out of the technology. “

Lubin added that ETH 2 says it will arrive in the second or possibly third quarter of next year and will address both transaction costs and energy consumption. He also had some nice words to say to Ethereum’s competitors, noting that these networks are not immune to rising gas fees:

“We saw scalability at Layer 2, and at Layer 2 we see hundreds and tens of thousands of transactions per second that are really cheap – they’re Solana-cheap, Avalanche-not expensive. By the way, these are both great systems, Solana and Avalanche, and as consumers use them more and more, we see the transaction fees for these technologies rise to $ 1 to $ 2. . Ethereum becomes the blockchain of blockchains. It will be the main settlement layer for digital assets and the orchestration layer for various Layer 2 technologies. ”

Lubin noted that  is nearing 200,000 validators on the network, and with the move from Ethereum 2 to a proof-of-stake mechanism, the number will grow exponentially. Lubin had a lot to say about the launch of crypto days after ConenSys announced a $ 200 million fundraising that the business valued at $ 3.2 billion. Lubin said:

“Companies like JPMorgan, Goldman Sachs, etc., in my opinion, FOMO is preparing to join our ecosystem. But they are large regulated banking institutions, so it won’t be easy for them to do. “