Despite being the second largest blockchain, a lot of complaints regarding Ethereum aside from its slow transaction time involve its extremely high gas fees. In connection to that, a chart has been uploaded showing the gas fees of the top ten blockchains from Ethereum, the most expensive, to Avalanche, the most affordable.
Ethereum High Gas Fees
Although there has been discussion regarding the high fees of Ethereum, not a lot of people know just how high it is. In order to put things into perspective, a tweet by Lark Davis showed the top ten blockchains and how much their prices differ.
While a lot of enthusiasts have been waiting for Ethereum 2.0 to fix the problems of the main Ethereum blockchain, the fees are unfortunately quite high compared to other cheaper blockchains including AVAX, MATIC, SOL, and more.
It is important to note that out of all the blockchains in the market, only Ethereum charges more than $3.
Here are the Top 10 Blockchains Based on Transaction Fees:
Arbitrum One (Layer 2)
Optimistic Ethereum (Layer 2)
ZKSync (Layer 2)
Binance Smart Chain
Loopring (Layer 2)
Another disappointing problem with Ethereum is that, should transactions fail, the gas fees will not be refunded. A benefit of Ethereum, however, is its security and how the blockchain runs in general.
Ethereum Market Cap
Due to it being a long-time functioning blockchain that is now worth $389.95 billion in market cap, according to CoinMarketCap.com, Ethereum is still one of the top blockchains in the space that is hard to compete with due to the vastness of its ecosystem.
In terms of market cap, BNB or the Binance Smart Chain, which has a market cap of $80 billion follows in third place after Bitcoin and Ethereum. As of the moment, especially with NFT games, there have been multiple new projects launched on BNB due to its ease of use and affordability.
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DYOR When Investing in All Blockchains
There are, however, bad actors creating rug pulls within the space that take advantage of how cheap other blockchains are in order to create these types of scams. This is why, when investing in other smaller blockchains, it is important to DYOR before investing into any project regardless of which blockchain it is.
Although Ethereum remains a strong force in the blockchain scope, other alternatives like BNB, Solana, Polygon, and Avalanche are slowly catching up. As of the moment, the most affordable blockchain is Avalanche with just a fraction in gas fees compared to the current gas fees demanded by Ethereum.
— Lark Davis (@TheCryptoLark) January 13, 2022
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Written by Urian B.
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