My Love Hate Relationship with Ethereum
I love what Ethereum has brought to us in the form of Smart Contracts and I have no doubt in my mind that Ethereum will pave the way for other Cryptocurrencies as it evolves further, but that being said Ethereum has its own fault and the huge fault that has me staying away from Ethereum is its huge Transactional Fees. Don't get me wrong I do own some Ethereum but I keep myself away from any Dapps or Defi systems as participating in them turns out to be quite costly.
I know that Ethereum 2.0 is on the horizon and chances are the transactional fees might get reduced at that point in time but I am sad that it's not here now as I cant participate in Projects like Olympus DAO which if you don't know is currently giving out approximately 7500 percent APY.
Yesterday I talked about Wonderland in this post and I know its APY is huge but I would have much rather chosen Olympus DAO over Wonderland if the fees were lower. A single transaction on the Ethereum Blockchain currently costs around 55 USD approximately while other networks such as Binance, Avalanche, and others cost less than a Dollar.
Etehreum Fees is also the reason I don't own any NFT's well other than Splinterlands Cards as there are no fees there. I just see these huge fees as a hindrance in my Investing in any Dapps or Defi or NFTs on the Ethereum Blockchain. I eagerly am waiting for the low Transaction fees to arrive and until then I will just keep accumulating ETH.
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Is better you invest what you want to invest and forget about the fees,if you get more money on the investment, you don't have to be looking about the fees.
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Yes I do buy Ethereum and just HODL it but there are various Dapps on Ethereum that requires a lot of transactions and that costs add up.
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There transaction is always high sometimes but I don't look for it,I invest on them
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We all owe a debt to Ethereum for being the testing ground for AMMs, decentralized stablecoins, NFTs, etc. but we've got to realize there are incredibly smart people working on alternative platforms like Solana, BSC, Avalanche, etc, which can implement improved versions of the protocols developed on Ethereum.
Due to gas fees, only whales can afford to regularly use Ethereum at this stage, so all new users will be joining faster, cheaper, and easier to use chains. Nothing wrong with holding ETH, but I think these other chains are going to grow relatively faster.
Ethereum definitely deserves a huge round of applause for all that it has done no doubt about that and I know that there are other platforms that are cheaper but I feel like if Ethereum makes their transaction fees cheaper then I know for a fact that there will most definitely be a lot of people switching platforms.
I know I will do that for sure.
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But if Solana, AVAX, or BSC can do everything Ethereum does and remain censorship-resistant, what would be the motivation for people to switch over to Ethereum when they finally get version 2.0 going?
The thing is Legacy matters at least to me and Ethereum is the first of its kind so I feel I will choose Ethereum but I will still keep some allocations in BSC AVAX and others as well.
Currently the allocation is as follows ETH 0% BSC 50% AVAX 30% OTHERS 20% but if ETH fees lowers then it will be like ETH 50% BSC 25% AVAX 25%
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