Fun

Ethereum vs. Avax Social Media Battles Rage as L1 Fees Keep Rising

News Feed - 2021-11-23 08:11:33

Ethereum vs. Avax Social Media Battles Rage as L1 Fees Keep Rising


The Ethereum scaling wars are raging on social media due to the problems that this chain is facing, with fees on layer one (L1) at very high levels. Zhu Su, CEO of Three Arrows Capital, a notable crypto VC company, announced he withdrew his support from the project, criticizing the state in which the chain is now. Emin Gun Sirer, Founder and CEO of Ava Labs, the company behind Avalanche, stated that Avalanche will be able to scale regardless of its growth. Ethereum Facing Heat in Social Media


The high fees that users have to pay to transact on Ethereum L1 are prompting supporters of the chain to be very vocal in social media about the problems these cause. Zhu Su, CEO of Three Arrows Capital, voiced his discomfort with the state of the Ethereum chain right now, and how its proponents have failed to scale its operation. On Twitter, Su stated:


Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past. Ethereum culture suffers massively from the Founders Dilemma. Everyone is already far too rich to remember what they originally set out to do.


Su criticized that, for newcomers, the chain is unusable due to its high fees. The tweet had more than 15K likes, with 4k of them happening during the first hour of being tweeted. This display of discomfort was also complemented by the opinion of other industry insiders, like Ryan Selkis, CEO of Messari, who stated:


It doesn’t matter if Ethereum is a security anymore because the only people who can afford to use it are accredited anyway. Avalanche Enters the Fray


Avalanche is often pitted against Ethereum as one of the most prolific substitutes in the cryptocurrency market right now. While the network does offer lower fees for transacting, this is often attributed to the lower usage it experiences compared to Ethereum. On this, Emin Gun Sirer, founder and CEO of Ava Labs stressed:


Keep hearing this: ‘but but but some day Avalanche will be as slow as Ethereum.’ No. Avalanche brought us the biggest breakthroughs in consensus and bridging. We will address lesser engineering problems without batting an eyelid.


The proponents of the original smart contract chain have focused on scaling the chain with L2 solutions based on rollups, like Arbitrum and Optimism, which has led some users to other chains like Avalanche and Solana, as high fees are unlikely to change soon. Tags in this story Avalanche, AVAX, Emin Gün Sirer, ETH, Ethereum, messari, Ryan Selkis, thre arrows capital, Zhu su


What do you think about the scaling wars between Ethereum and Avax? Tell us in the comments section below. Central Bank of Peru Will Develop a Digital Currency NEWS | 13 hours ago Finiko Founder Doronin Offers to Testify Against 44 Accomplices at Crypto Pyramid NEWS | 18 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAfter Overseeing the Largest Monetary Expansion in US History Biden Renominates Powell to Lead the Fed Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItAustria Plans to Tax Cryptocurrencies Like Stocks, Vows Equal Treatment


As a growing number of governments are looking to tap into crypto profits, authorities in Austria have indicated their intention to tax gains from digital asset investments just like those from stocks and bonds. The move is expected to increase ... read more.Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Finiko Fugitives Suspected of Moving 750 BTC From Crypto Pyramid’s Wallet Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally Meet the Antminer S19 XP — Bitmain Reveals ASIC Manufacturer"s Most Powerful Bitcoin Miner

News Feed

Biden pressured to intervene in US citizens detention by Nigeria
Amaka Nwaokocha12 hours agoBiden pressured to intervene in US citizens detention by NigeriaThe Chamber of Digital Commerce believes that Gambaryan’s detention is arbitrary, without due process, and presents a significa
Ezra Reguerra11 hours agoHow self-sovereign identity helps users own their dataShiba Inu lead developer Shytoshi Kusama recently unveiled plans to integrate self-sovereign identity into its projects.2080 Total views25 To
Turner Wright7 hours agoValkyrie backtracks on Ether futures contract purchases until ETF launchBloomberg analyst Eric Balchunas speculated that the SEC may have pressured Valkyrie to halt ETH futures contract purchases
Elon Musk’s first brain chip patient plays online chess with his mind
Tom Mitchelhill8 hours agoElon Musk’s first brain chip patient plays online chess with his mindThe first patient to be implanted with Musk’s Neuralink device described the experience as “using the force” to contr
Blockchain Groups From Major Universities Are Powerful Voters in Defi Governance Protocols
Blockchain Groups From Major Universities Are Powerful Voters in Defi Governance Protocols Data shows a number of groups from major universities are participatin
Gareth Jenkinson11 hours agoManta Network’s L2 hits mainnet to drive ZK-enabled DApp developmentManta Network has launched its zero-knowledge proof layer-2 scaling network, which promises lower fees and higher throughp
Derek Andersen2 hours agoCentral African Republic expands Sango project to land, resource tokenizationAsset tokenization has been in the works for a year. The ambitious project has also included investor citizenship and
Data Lake Secures First Blockchain-Based Consents for Medical Data
Data Lake Secures First Blockchain-Based Consents for Medical Data press release PRESS RELEASE. December 2th, Warsaw – Poland: Data Lake has collected the first consents on th
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend Bitcoin was closing in on the $17,000 level on Friday, as cryptocurrency markets rebounded heading
ETF Hopes Propel Litecoin 12% Higher, Bullish Predictions On The Cards
Este artículo también está disponible en español. Following its price increase of more than 12% in the past week to roughly $71.50 on October 16, Litecoin (LTC) is attrac
Hong Kong investment firm Victory Securities reveals Bitcoin and Ether ETF fees
Ciaran Lyons2 hours agoHong Kong investment firm Victory Securities reveals Bitcoin and Ether ETF feesDespite the Hong Kong SFC not yet publishing an approved list of issuers, Victory Securities has disclosed its fees fo
KICK․IO Launchpad: The New Haven of Cardano “Venture Capitalists”
KICK․IO Launchpad: The New Haven of Cardano “Venture Capitalists” sponsored Crypto gains are not as good as they once were. The much-ant