It’s been revealed that as gas fees on the Ethereum smart contract platform are soaring, the crypto influencer Lark Davis calls on Ethereum co-founder Vitalik Buterin to roll out the Ethereum 2.0.
He explained that he is bullish on ETH, but the transaction fees on the smart contract are “insane,” causing a mass migration of traders onto alternative decentralized finance (DeFi) platforms like Binance Smart Chain (BSC).
The launch of Ethereum 2.0 is needed
Davis is addressing Ethereum frontman Buterin to rectify the issue with the long-awaited launch of the team’s scaling solution, Ethereum 2.0.
“You do have to keep it real right now. The fees for Ethereum are crazy, crazy high, which obviously doesn’t matter for the big money guys who are gobbling up Ethereum and waiting for it to go up to five digits. they’re looking at the investment thesis here. But we’re now at the point where ETH 1.0 – oh, we need ETH 2.0 so soon, come on Vitalik [Buterin], get it going, man – ETH 1.0, most regular users are priced out of using the majority of applications on Ethereum,” he said.
He continued and said: “And let’s keep it real, a transaction on Uniswap costs $50 on average these days. That’s crazy, man, come on, come on, that’s not cool at all. And if you want to get into a DeFi farm, you’re probably going to be paying a few hundred dollars to do that, which is loco, man. Totally loco.”
It’s also important to note that Buterin said that the first phase is expected to launch in August or September this year.
At the moment of writing this year, ETH is trading in the red, and the coin is priced at $1,544.27.
Just the other day, we were revealing that some crypto enthusiasts are freaking out at the sight of Bitcoin and Ethereum today. Most coins in the crypto market see a significant drop in price.
But while there are a lot of people who are freaking out, some say that this is just a healthy correction.
Here’s Binance’s CZ post on Twitter, for instance.
#bitcoin crashed, back to its ATH 5 days ago, at $50,000.
— CZ 🔶 Binance (@cz_binance) February 23, 2021