Will Ethereum 2.0 Lower Gas Fees? • CryptoMode – Crypto Mode

Will Ethereum 2.0 Lower Gas Fees? • CryptoMode – Crypto Mode

CryptoMode Ethereum Gas Fees

While the urge to buy bitcoin is on the rise, the increasing interest in decentralized finance has made the ethereum network quickly reach maximum capacity. The rise in Ethereum transaction fees has made the usage of Dapps much more expensive. This is affecting all developers using the blockchain for their different purposes. The high fees associated with Ethereum gas are creating a barrier to the widespread adoption of Defi. A lot of people prefer to stay away from ethereum and related projects not only in India but across the globe. Many people prefer to buy bitcoin in India because of the high transaction fee related to ethereum.

However, a solution seems imminent.

Ethereum 2.0 is an upgrade that addresses the transaction fee issue and other related problems, making the platform faster. With this upgrade, the platform will be able to handle thousands of transactions in a few seconds. The better performance and reduced fees will ultimately ease the use of the blockchain. 

What is ETH gas fee?

The blockchain is secured by a decentralized group of miners and to use this platform, users pay a certain fee which is called a gas fee to miners in charge of the process. The fees are determined by the miners based on the energy/gas needed to finalize a transaction. They