Ethereum May Be Losing Out To Competitors Due To High Gas Fees, Says JPMorgan
JPMorgan has piled on the ethereum high gas fee issue as a reason why it could end up losing out to competitors like Solana and Cardano. These other projects past significantly fewer transaction fees than ethereum, being one of the major pull points for investors. Due to this, it is increasingly losing users to other […]
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JPMorgan has told its clients that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market due to sky-high transaction fees on the network. “It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains,” said JPMorgan.
Ethereum Losing Ground in NFT Market, Says JPMorgan
Global investment bank JPMorgan sent a note to clients last week explaining that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the....
Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows. Ethereum Fees Are Down Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in....
Vitalik Buterin, the inventor of Ethereum, talked about the obstacles of Eth 2.0., meme coins, upcoming upgrades, stablecoins and their value, and competitors in the Virtual Fintech Forum at StartmeupHK Festival 2021. Despite the success of its ecosystem and an impressive rally, Ethereum’s main critics point towards its technical difficulties, high fees, and the ambition […]
A note from JPMorgan states that Ethereum might be at risk of losing defi dominance as a result of its inability to produce effective scaling solutions fast. The note, written by Nikolaos Panigirtzoglou, managing director of global markets strategy at the firm, further stated that other new smart contracts-enabled blockchains are the ones taking this market share, instead of Ethereum sidechains or other Ethereum-based solutions.
Ethereum Dominance at Stake According to JPMorgan
A note from JPMorgan states that Ethereum might keep losing dominance in the field of decentralized....
Ethereum gas fee had run-up to some of the highest levels back in 2021. Mostly, this was caused by the growth of the decentralized finance (DeFi) and non-fungible tokens (NFTs) space that saw activity on the network spike significantly. This had continued for the better part of the year but as the market has ushered in the new year, activity on the network has begun to stabilize, seeing Ethereum fees drop. Ethereum Fees Drop To Eight-Month Low Ethereum fees have been steadily dropping for the last couple of months. Some of this has to do with the recent bear trend that has seen momentum....