Ethereum’s growth has been phenomenal, and its DeFi capabilities make it the one of the biggest blockchains. However, at the same time, the cost of being an Ethereum user has made it difficult for some to operate on the chain. This led to the creation of Layer-2 chains and cheaper L1s. Ergo, the question – […]
growth has been phenomenal, and its DeFi capabilities make it the one of the biggest blockchains. However, at the same time, the cost of being an Ethereum user has made it difficult for some to operate on the chain.
This led to the creation of Layer-2 chains and cheaper L1s. Ergo, the question – Can Ethereum’s recent fee drop change the tide once again?Now, while the use cases of the second biggest blockchain in the world will never be lower than that ofRecently, Ethereum’s fees fell to its lowest mark in over two years, with the average cost of a transaction dropping to 0.77 ETH – A level last seen in October 2020.
Thus, transferring 1 unit of the native currency, even at a low transaction cost of 7 Gwei on Ethereum, can go up to $0.62. On the other hand, 66 Gwei on Polygon will only cost $0.000358. Along with this, the finality time on the networks also plays a crucial role in swaying an investor’s opinion. Polygon’s finality time enables the completion of a transaction in 2.3 seconds. On Ethereum, only six transactions can be completed in one minute.
This is why regardless of the lower base cost, Ethereum will not be able to beat Polygon’s fees despite the latter hiking it.Subscribe to get it daily in your inbox.
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