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3/15/2021 8:13:54 AM GMT
The increase of demand from the DeFi industry has caused Ethereum fees to skyrocket, while NFTs could push ETH
transaction costs even higher
.
As tensions arose over EIP-1559, a new EIP has been put forward to ease Ethereum’s transition to proof-of-stake for the ETH miners.
Due to high fees, Ethereum projects could be slowly moving over to other smart contract protocols like Cardano, which expects over 100 projects to migrate.
With the rapid surge of decentralized finance (DeFi) and the latest developments on Ethereum 2.0, Ether’s price has been steadily rising. Ethereum (ETH) recorded a new all-time high in February, breaking the $2,000 barrier mark for the first time. Although Ethereum investors and hodlers have been able to benefit off of the ETH price surge, users on the network have been faced with challenges of high fees and network congestion issues.