Is the handling fee of ETH irreversible?
Odaily Note: The article is reproduced from an article published by Leaf Leaf on Medium:"Is the transaction fee of ETH irreversible? "。
Those who are using ETH should have noticed that the recent transaction fee has been maintained at more than 20 Gwei, and only occasionally 10 Gwei can be seen. Compared with the previous 3 Gwei, which can be executed and transmitted, it is really much worse.
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Image source: https://ethgasstation.info/index.php
Before the improvement or upgrade of ETH, the damage to ETH is actually very big. From the perspective of pure transmission, the handling fee of 20 Gwei is about 0.094 usd, which is really good, but for the dapp built on it Depending on the content of the contract, the handling fee for 20 Gwei may start at 1USD...
Unless you think that the operations you perform today can bring greater benefits, the amount of DAPP activities built on ETH will be greatly reduced, which is not good for the ecology of ETH.
After all, Ethereum was originally aimed at a smart contract platform, not cash flow transmission.
I just want to see what USDT thinks...so this article is just my own nagging.
As the veteran of the stable currency, USDT has now been issued on the BTC, ETH, EOS, TRON, and ALGO chains, which can be seen from the official data.
Although USDT has a lot of negative news, such as it does not have a 1:1 US dollar support as the official said, and it has no way to separate the relationship with the Bitfinex exchange, etc., people have reduced trust in it, but as the largest market value, the most The trading pairs supported by the exchange can still be said to be the leading stablecoin without harming it.
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Image source: https://stablecoin.tokenview.com/cn/chart/usdt_txcount
On the one hand, the USDT official intends to move USDT’s activities on BTC to ETH, reduce its circulation on BTC or even stop its issuance, and increase the circulation of USDT on ETH. Currently, USDT’s circulation on ETH is also the largest .
But why can’t we stay on BTC and come to ETH to make trouble? Isn’t BTC’s original goal to be used for payment... Is it really going to turn it into electronic gold? The reason lies in the OMNI protocol itself. Its transfer speed is slower than that of ERC-20, and the handling fee is also higher than that of ERC-20. So what about TRC at this time? The comparison between these three kinds of USDT is roughly like this:
It is generally said that the reason why TRC is less used is that it has the lowest security, but it can be seen from the chart that the number of transactions of TRC is still higher than that of Omni, so the reason why it will be concentrated on eth at present, I think there is another very important reason The important factor is "dapp". For example, defi or decentralized exchanges are the places where usdt wants to attack next. In centralized exchanges, usdt already has absolute influence, but in dapp, In my impression, TRX is spinach, spinach and spinach, and the above is mainly spinach. ETH is relatively diverse, and games, Defi, etc. have developed relatively well, which also makes usdt have more applications in eth. place and have the opportunity to compete with decentralized stablecoins such as DAI.
Therefore, although the Liquid network developed on BTC is better and more stable than the Omni protocol, I think there is little chance of attracting usdt on eth back. On the contrary, if the ecology of TRX is more complete, I think there is still a chance ,
But on the other hand, if USDT is really attracted by other blockchains, it also means that the importance or status of ETH has been surpassed. So I am concerned about whether the gas fee will drop...
In fact, from the time when USDT became active on ETH, it seems that it is generally quite average. Although the high gas fee has been maintained for almost 2 weeks, I believe it will still drop. In the past, the high gas fee was maintained on ETH. phenomenon, nothing more than
The market fluctuates greatly
A certain DApp became popular (such as Crypytokitties, fomo3D, etc.)
Of course, in addition to USDT, other Dapps are also affected. Regarding the performance of Ethereum, I have seen in the past few days that the number of waiting transactions per day is about 70,000-90,000, and there is no feeling of slowing down. , so the problem of handling fees and processing speed will only get bigger and bigger, and the upgrade is urgent~ (but eth2.0 may have to wait until 2022)
Or you can also look forward to the emergence of a large platform for smart contracts in the universe, where thousands of coins will be returned to the ancestors to solve these problems!
I still hope that the handling fee can come down soon.
