Lark Davis, popularly known as “The Crypto Lark”, has asked Ethereum to start ETH 2.0 as soon as possible to prevent an exodus of ETH users
Davis, who runs a YouTube channel dedicated to crypto, suggested that the rising gas fee could drive many Ethereum users away. Rival blockchain networks can benefit from the exodus if Ethereum developers don’t act quickly. Many users have been frustrated with the high gas fees currently being charged on the Ethereum network and they may be forced to consider competing networks if things don’t change soon.
There is no shortage of cheaper Ethereum alternatives that take advantage of the situation and that ETH users want to skim off. According to Davis, Ethereum can easily avoid turning the whole thing into chaos by launching ETH 2.0 soon.
Davis had previously predicted that Ethereum would hit five-digit prices sometime this year. The forecast now seems less likely given rising gas charges. In a video released late last week, he explained that the high gas charges have led small users to turn to competitors like Binance Smart Chain. Only “rich investors” who can afford the fees have stayed on the network.
He pointed out that Binance Smart Chain is seeing a surge in popularity, which in turn has increased the volume for BSC-based DApps even further. Davis described the gas fees currently being levied as “insane”. In his opinion, an acceleration of the start of ETH 2. 0 could have a positive effect on preventing the impending exodus.
“..We need ETH 2.0 so soon, come on Vitalik, carry on man – ETH 1.0, most regular users have no price for using most of the applications on Ethereum. […] A transaction on Uniswap costs an average of $ 50 these days, and that’s just insane. “ he said in the video.
Transaction prices have seen an upward trend on the Ethereum blockchain lately. The average transaction price for Ethereum is currently $ 30.8 according to Bitinfocharts.com.
During yesterday’s crypto market flash crash that sparked the second largest volume of DeFi liquidations, the average gas fee soared to around $ 50. Loans worth over USD 24.1 million were forcibly closed – a liquidation figure after the USD 93 million incident with DAI in the last week of November 2020. ETH users will be closely following the updates related to ETH 2.0 as they go carefully consider your next steps.