Ethereum scalability issues exposed as high gas fees stall DeFi boom
Furthermore, in the wake of this market turmoil, Ethereum network transaction fees have surged, recently achieving an all-time high, thanks in part to the influx of many new on-chain transactions initiated by various decentralized finance protocols that have made their way into the crypto domain in recent months. On the subject, Jordan Earls, co-founder and lead developer of Qtum — a decentralized blockchain platform — told Cointelegraph: One of the most obvious solutions to mitigate the current gas prices could be to reduce the demand for Ethereum transactions.
However, Mike Toutonghi, lead developer at Verus — a zero-knowledge, privacy-oriented blockchain platform — believes that Ethereum’s core design may be at odds with the platform’s ability to regulate its gas prices, especially as consumer interest in ETH, or its various associated offerings, continues to spike. That being said, most experts are fairly certain that the recent circumstances will not result in any major change in Ethereum’s mainstream viability, even though the platform’s public perception has definitely been tested with the current gas price problem — especially since for most people, the argument for crypto has traditionally been that it costs next to nothing to process transfers when compared with traditional avenues such as PayPal, SWIFT, etc.
