Since the ethereum launch, it has been one of the best things in technology since the creation of operating systems. The ability that eth has given developers to create applications via smart contracts because of this Decentralize and Open finance has been able to thrive. Ethereum is this fantastic tool but is not perfect, and neither.
Over the years, many protocols have come to challenge the all-mighty open-source blockchain platform; there’re many out there, including former people who worked at the ethereum foundation (Gavin Wood and others). So far, there are so many right now that people just called them “Ethereum Killers.” I think competition is great, and it benefits users in the long run. While we are waiting for the 2.0 version, we are trying other things like BSC, SOL, Matic, and others, but I would not say these are Ethereum Killers. I think the demise of ethereum can come from other things and the following reason.
Delays, Delays, Delays,
We have been hearing about Ethereum 2.0 for close to 3 years, and while it is a big scale project that certainly is hard to pull off, the media has been talking about it for so long as the new users are starting to flock defi and that means new problems are coming. This can become an issue if the 2.0 version comes and addresses past problems such as transaction processing but facing new ones with maybe ten or more times the amount of users and new ways of people using the dapps.
Gas Fees
As the price of Ethereum goes up, the gas fees follow. This is the most painful and more expensive part if you are new to decentralized finance. A transaction could be so high that you may even lose money for doing something as simple as a trade or a deposit. Now layer 2 has improved this with tools like Matic and Arbitrum but it’s just another layer of complexity to the new user. If you are an experienced user, you could go to a website like gasnow and eth gas station or use layer 2, but if you’re not, you will be on a wild price ride trying to make any transaction.
Way too many apps
You would think this would be an advantage, and to a certain extent, it is. The amount of Defi application in ethereum keeps growing, and this can be the fault of its demise as regulation is coming, and they will have a target on their backs. We have seen many scams already, but nothing to crazy as the hype train keeps going so will be people trying to take advantage of it and ethereum will be the protocol of destination to do so. By doing so, could put a decline in trust and public sentiment. To some extent, I think the ethereum foundation should try to endorse specific dapps to avoid some scrutiny in the future.
The fact is that no matter what blockchain protocols come and go ethereum is here to stay since it was the game-changer in blockchain technology; whether it gets more layer two solutions or eventually ethereum 2.0 the only thing that will be the “Ethereum Killer” is ethereum itself.
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