Using Ethereum is expensive, acknowledges Joe Lubin, co-founder, and CEO of ConsenSys. But it is also the price of success and the fruit of the popularity of DeFi and NFT on the blockchain.

Ethereum victim of its success, but Eth 2.0 is coming

Anger at Ethereum and its high transaction fees are a recurring phenomenon. Ethereum version 2 should partially address this issue. But for FTX boss Sam Bankman-Fried, Eth 2.0 won't be enough.

A few weeks earlier, it was the boss of the hedge fund Three Arrows Capital who revived the debate. “ Ethereum has abandoned its users even though it has supported them in the past,” Zhu Su said angrily.

Ethereum's Undeniable Popularity

And what do the founders of Ethereum think? Vitalik Buterin has already answered this subject by highlighting the strengths of Layer 2 on scalability. Polygon is also very successful in this area.

The company plans to spend $ 1 billion on zero-knowledge-proof technology. Polygon bought Mir Protocol last week for around $ 400 million.

Another Ethereum co-founder, Joe Lubin, prefers to try to ease tensions around the subject of excessive fees on the blockchain. According to him, the first cause of this problem is the success of Ethereum.

But Joe Lubin acknowledges that these charges are a “growing pain”. He also retains the positive by adding that “high gas costs are a measure of success.” The boss of ConsenSys was speaking at the Decrypt Decentral conference.

Ethereum 2.0 In 2022

“They are a growing pain, they are something that cannot be avoided. When a new technology is successful, it always has scaling problems ”, puts Joe Lubin in perspective.

He notably cites the example of computer processors, CPUs. “Software engineers are going to have to make the most of the technology's capabilities,” he says.

And soon, users and developers of decentralized applications will also be able to rely on Ethereum 2.0. Joe Lubin specifies that the next generation of the network should land in the 2nd or even the 3rd quarter of next year.

As for the competition, like Solana or Avalanche, it does not worry the co-founder of Etherem. “ Ethereum will become the blockchain for blockchains. It will be the primary settlement layer for digital assets. It will be the coordination layer for many different Layer 2 technologies. ”

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