Opinion: Ethereum 2.0 launch won’t solve the problem of high gas fees

Ethereum 2.0’s launch will not be the answer to users’ high transaction costs. The view was shared by experts in the decentralised finance space and developers during the China DeFi Marathon, Cointelegraph.

Sergey Kunz, head of the decentralized exchange 1inch, and Munir Benchemled, founder of ParaSwap, say Ethereum 2.0 is not sufficiently scalable or secure.

“You need to rethink everything. You can translate smart contracts into code, but it won’t scale. To enable scalable solutions, you must create standards and implement new protocols based on a new segmented architecture, for example NEAR, similar to Ethereum 2.0,” said the head of 1inch.

To lower fees, Munir Benchemled proposed layer-two solutions. In this scenario, the transaction load would shift from the main blockchain to an additional network. However, the absence of instant settlement could deter users.

Experts called using existing tools a compromise. Among them is the bloXroute project: three built-in API types increase speed and improve the chances of preventing network congestion that leads to high fees.

“One API enables transactions to reach the mining pool faster than others […] The second API is intended for transaction fees. The third API, which we are working on, is intended for real-time feedback on traders’ operations,” explained Alex Kumanovich, co-founder of bloXroute Labs.

In his view, until Ethereum 2.0 appears, the entire ecosystem should engage the community and attract users.

Recently the average fee in the second-largest cryptocurrency network exceeded $15. As of now the indicator has fallen to $2.60.

Data: blockchair.

Earlier on August 4, the final testnet of Ethereum 2.0 was launched. The rollout was not without problems — some validators did not participate.

For now the new network is supported by Lighthouse, Nimbus, Prysm, Teku and Lodestar. Later Cortex and Trinity will be added.

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