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Home Cryptocurrency news Ethereum

Why Soaring Gas Fees Won’t Let An Ethereum Killer Gain The Upper Hand

Tony Spilotro by Tony Spilotro
7 months ago
in Ethereum, Cryptocurrency news
Reading Time: 3min read
ethereum killer gas fees crypto

Emotional businessman shooting himself over crazy petrol prices

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Ethereum has both benefitted and its rep been harmed from the recent explosion in farming for DeFi tokens. As investors poured liquidity into these tokens, sending and locking up so much ETH sent prices of the crypto asset soaring. But it also at the same time sent gas prices spiking even higher.

As investors became frustrated it led to claims of Ethereum’s untimely demise at the hands of Polkadot, EOS, and all the other proposed “ETH Killers.” However, a crypto fund manager has revealed a strong case to why that’ll never happen.

Crypto’s Hottest Night Club Is Ethereum, And Everyone Wants In But Doesn’t Wanna Pay The Premium

This week, frustrations boiled over regarding rising Ethereum gas fees. The smart contract focused altcoin is the platform of choice for nearly all DeFi tokens. Dapps and DEX platforms are a dime a dozen on Ethereum, prompting using the network to cost a pretty penny.

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Money puns aside, it has become very costly to send ETH or any ERC-20 tokens built on the Ethereum blockchain. An example of it costing $15 in gas fees to send just $50 in USDC made rounds across crypto Twitter showing off just how out of control things have gotten.

Related Reading | Ethereum Slides 14% In 24 Hours, Bear Div Hints At Deeper Drop Ahead

A crypto bashing party broke out, with those participating claiming that if ETH 2.0 doesn’t arrive soon, things could get “gloomy” for the top-ranked altcoin in the future.

However, Felix Hartmann, Managing Partner at Hartmann Capital, has a compelling case for why that just won’t happen, and Etheruem will continue to reign supreme.

ethereum ethusd

ETHUSD Daily - Were Gas Fees Partly Responsible For ETH Dump? | Source: TradingView

Fund Manager Claims No ETH Killer Will Have The Altcoin’s Lunch

Hartmann, who is the head of a crypto asset management firm and a dystopian author, backs up Ethereum with a flurry of facts. The firm he heads is a member of the Forbes Finance Council. He compares Ethereum to the “hottest night club in town” that everyone wants to get into.

When the most popular venue is at max capacity, it doesn’t make it any less ‘the place to be.’ If anything, it can make the venue that much more inclusive, by pushing away outsiders and serving only those willing to pay the premium to build on the best.

Counter-Point | Soaring Ethereum Fees Could Cause A Gloomy Future For The Altcoin

The current trend even benefits the industry as a whole, he says. More people using Dapps means more testing, more innovation, and a faster-growing space with more liquidity for real projects.

According to the fund manager, all mania phases feature silliness, scams, and in the midst, innovation. He says the Sushis, Pizzas, and Hot Dogs currently cooking up the crypto space will eventually die out, but users will already be onboarded on Etheruem and DeFi.

Rising gas fees show this onboarding taking place at a massive, rapid scale. And that cannot be a bad thing.

Tags: cryptoDeFiETHethbtcethereumethusdETHUSDTGasUniswap
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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