Lark Davis, popularly known as ‘The Crypto Lark’ has urged Ethereum to launch 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 increasing gas fee might drive away many Ethereum users. Rival blockchain networks stand to gain from the exodus if Ethereum developers don’t act fast. Many users have been frustrated by the high gas fees currently charged on the Ethereum network, and they may be forced to consider rival networks if the state of affairs doesn’t change soon.
There is no shortage of cheaper Ethereum alternatives looking to leverage the situation and siphon away ETH users. According to Davis, Ethereum can easily avoid turning the whole thing into a mess by launching ETH 2.0 soon.
Davis had previously predicted that Ethereum would hit five-figure prices at some point this year. The projection now seems less likely amid the increasing gas fees. In a video posted at the end of last week, he explained that the high gas fees have made small users turn to competitors like Binance Smart Chain. Only ‘rich investors’ who can afford the fees have been left on the network.
He pointed out that the likes of Binance Smart Chain are seeing an upswing in popularity that has in turn driven volumes for BSC-based DApps even higher. Davis referred to the gas fees charged at the moment as ‘crazy.’ In his opinion, expediting the launch of ETH 2. 0 may have a positive impact in thwarting the imminent exodus.
“..We need ETH 2.0 so soon, come on, Vitalik, get it going, man – ETH 1.0, most regular users are priced out of using the majority of applications on Ethereum. […] A transaction on Uniswap costs $50 on average these days, and that is just crazy,” he said in the video.
Transaction prices have lately been on an uptrend on the Ethereum blockchain. The average Ethereum transaction price presently stands at $30.8 as per Bitinfocharts.com.
During yesterday’s crypto market flash crash that triggered the second-largest volume of DeFi liquidations, the average gas fee rose to around $50. Over $24.1 million worth of loans were forcefully closed– a liquidation figure second to the $93 million incident involving DAI that happened in the last week of November 2020. ETH users will be keenly following updates around ETH 2.0 as they carefully weigh their next steps.