Ethereum’s gas fees and speeds are costing not only users, but the ecosystem itself, as more players migrate to rival blockchains.
The latest stakeholder to make the move is Crowny – an app rewarding shoppers for various interactions with brands. The date for its migration to Solana is slated for 8 December.
In a Twitter thread, Crowny declared,
“The Solana blockchain offers extremely low costs per transaction and guarantees unlimited scalability for years to come. This cutting-edge architecture is all about speed. It is the fastest blockchain on the market. As the hardware improves, the network also improves.
At press time, Ethereum’s gas fees were high, with an ERC20 transfer costing around $22.63 on average.
Moving day has arrived
Choosing Solana over Ethereum is not a new incident. In July 2021, Powerledger, an Australian tech and energy company, decided to move its platform from Ethereum to Solana.
Co-founder and executive chairman Dr. Jemma Green had commented,
“Our new Solana-based blockchain platform will be tens of thousands of times faster than Ethereum, but also energy efficient. As we launch this project to enable renewable energy scaling, part of our mission is to reduce our own carbon footprint. “
Another example is the privacy-protecting Internet browser Brave. The company announced a partnership with Solana at the Breakpoint Lisbon event in Portugal. Brave’s official release stated,
“The high transaction fees seen on Ethereum (due to increased interest in crypto and DeFi) have kept some users from making transactions. Solana is the world’s fastest blockchain and offers the ability to scale blockchain transactions for as little as 0.001 to 0.002 USD per transaction, saving users significant savings.
Furthermore, the Brave crypto wallet is set to integrate Solana in 2022, for decentralized app support.
Looking at these migrations and their reasons, it seems that speed, expense, and energy efficiency are thorns on Ethereum’s side.
Time to pull out the roadmap
Needless to say, there’s a lot of pressure to bring Ethereum up to speed – literally. At the last All Core Devs meeting, Ethereum developers discussed diverse proposals to reduce transaction fees, which are also rising in rollups.
Developer Tim Beiko also noted that time is running out. He said the proposals had to be dispatched before a fork in February.
