Why Are Ethereum and Bitcoin Fees Skyrocketing? đ„č
Recent reports reveal #Ethereum gas fees exceeding $200 for high-priority transactions, triggering debates on scalability solutions for Ethereum and Bitcoin.
Users share screenshots displaying #triple-digit fees, with Ethereum hitting $220 and Bitcoin reaching $10, a significant increase since May.
Solana supporters highlight its lower fees, contrasting with Ethereum's challenges. Some question the impact on the unbanked and lower-income users.
Before the spike, Ethereum fees averaged $11.35, dropping to $1.40 on Oct. 14. The debate revolves around scaling the base layer versus relying on layer 2 solutions. While developers prioritize decentralization and security, critics argue for monolithic blockchain architectures, citing Solana as an example.
The modular design of Bitcoin and Ethereum, utilizing layer 2s like Lightning Network, faces scrutiny amidst network #outages on Solana due to congestion. The community grapples with the fundamental question: scale the base layer or embrace layer 2 solutions?
