4 ms·

I've found r/ethereum to be pretty level-headed. > Ethereum could be extremely valuable but that its value is currently hurt by the speculation on Ether making

I've found r/ethereum to be pretty level-headed. > Ethereum could be extremely valuable but that its value is currently hurt by the speculation on Ether making transactions far too costly FYI the price of ETH does not affect the transaction costs. The fee market is independent. There's solutions to this in place and more being worked on though. The 3 biggest contributors will be EIP 1559 which is meant to level out the fees and make them more predictable, L2 rollups which scale through sidechains that have the each of their blocks confirmed on Ethereum's L1 with proofs, and sharding of L1. Ethereum is currently in a growing pains phase as these L2 options gain more traction/adoption, UX for them improves, and all activity migrates there. The end goal is for a majority of interaction to occur on L2 with L1 being used mainly for a settlement layer.

samvher 6y ago
Huh, I totally thought transaction fees were set in Ether and that’s why the costs are so high (in fiat of course). If that’s not it, what makes the transactions so expensive? Lot of competition for limited throughout?
- TigeriusKirk 6y ago
  Yes, it's competition for limited throughput. Especially with the DeFi boom, fees have been bid higher and higher to be sure transactions are included in an immediate block. Incidentally, if you're looking to keep up with Ethereum in particular, the newsletter Week In Ethereum News is an excellent resource. It's a links-with-descriptve-blurbs kind of thing. It's still a bit of a firehose if you're catching up on the space, but just pick a few items that sound interesting every week. https://weekinethereum.substack.com/ https://weekinethereum.substack.com/