The Blockchain space has grown to the point where project owners now have several options of chains to launch their projects or users to transact on. All thanks to Ethereum core developers who started web3 cloud computing. At the same time, I'd love to give big kudos to devs who built alternative Layer 1 blockchains also known as Ethereum killers.
Ethereum killers are blockchains built to serve as an alternative to Ethereum. They claim to have the solution to the issues on the Ethereum blockchain. An issue like the high transaction fees. Some of these blockchains are;
- Solana (SOL)
- Binance Smart Chain (BNB)
- Polkadot (DOT)
- Avalanche (AVAX
- Fantom (FTM)
Just to name a few.
Truthfully speaking, I have carried out transactions on the layer1 chains listed above and their fees are 99% lesser than that of Ethereum. This reason has birthed tremendous transactions in these chains over a short period of time. However, there are still Ethereum devotees who aren't moved by other chains' lower fees. Instead of building or transacting on other chains, they stuck to the old chain.
The Bored Ape Yacht Club, for example, is one of the most talked-about Nft projects in the crypto space. And as I pen this, the project has an estimated market cap of 980,147.53 ETH. All these transactions were initiated on the Ethereum blockchain and still counting...
Sometime in April, Yuga Labs of BAYC announced the launch of its Otherside NFT collection which actually crashed the Ethereum blockchain for about 3 hours. At the time, transaction fees were higher than expected and transitions stalled. Users paid thousand of dollars to transact on the network whether it succeed or not.
Due to the expensive event in late April, Yuga Labs once again made a tweet on the 25th of May 2022 about the project hoping to move to its own chain in order to properly scale.
Since the migrations tweet surfaced on the internet, there have been a lot of opinions suggesting that the project should move to other Blockchains with lower fees pending the time they finally build theirs. But the latest proposal on the Apecoin Dao is to Keep ApeCoin within the Ethereum ecosystem. The proposal is ending in 5days from now as I pen this and the majority of the votes are in favor of the proposal.
The ApeCoin Dao and its community are worried that if the project leaves Ethereum, that most of its supporters who are Ethereum enthusiasts might not support the project anymore. They are also concerned about moving the project away from Eth, the home of Net builders, liquidity to an alternative chain that has less liquidity and builders.
Lastly, they are aware that high transaction fee is a big issue and they don't necessarily need to migrate away from Eth blockchain to solve this. They listed layer 2 chains that could be adopted later in the future such as Arbitrum, Optimism, or zk-Rollups rather than moving to other layer1 chains.
I have long time halted myself from performing any transaction on the Ethereum network due to its high transaction fee. But it's amazing to see that there are crypto folks out there who still prefer the chain regardless of the fees.
Do you still transact on the Eth Blockchain?
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