Ethereum Co-Founder Says High Gas Fees Are A Measure Of Success

Joe Lubin, the Ethereum co-founder says the high gas fees are a measure of success adding his opinion into the ongoing debate over the high gas fees as we can see more today’s Ethereum news.

As Ethereum’s popularity from DeFi and NFT mining grows, the cost of doing business on the network increased as well. The gas fees or amount of gwei charged per transaction also increased. That has prompted debates over the network’s usability and gave Ethereum challengers like Avalanche, Solana, and Polkadot a chance to become better and faster alternatives. The ongoing debate over Ethereum gas fees hit a boiling point again last month and outlined by investor Three Arrows Capital co-founder Su Zhu said:

“Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past.”

But Joe Lubin, the Ethereum co-founder and CEO of ConsenSys waved off the gas fee concerns. He said:

“High gas fees are a measure of success. They’re a growth pain, they’re something that can’t be avoided. When a new technology becomes successful, it always has scaling issues. So whether it’s CPU cycles, or screen real estate, or memory, you’re basically going to have software engineers max out the capabilities of the technology. And it turns out we’re seeing consumers max out the capabilities of the technology.”

Lubin added that Ethereum 2.0 says should arrive by Q2 or possibly slip into the Q3 next year and will address both transaction costs and energy use. He also had some nice words to say for Ethereum competitors and noted that these networks are not immune to rising gas fees:

“We’re already seeing scalability happen at Layer 2, and at Layer 2 we’re seeing hundreds and soon tens of thousands of transactions per second that are actually very inexpensive—they’re Solana-inexpensive, Avalanche-inexpensive. Those are both cool systems, by the way, Solana and Avalanche, and as they get more utilized by consumers, we’re seeing transaction fees creep up to $1 and $2 for those technologies. Ethereum is going to be the blockchain of blockchains. It’s going to be the major digital asset settlement layer, it’s going to be the coordination layer for many different Layer 2 technologies.”

Lubin noted that Ethereum is approaching 200,000 validators on the network and that with Ethereum 2.0 the shift to a proof-of-stake mechanism the number will grow exponentially. Lubin had a lot to say about the adoption of crypto a few days after ConenSys announced a $200 million fundraise which values the business at $3.2 billion. Lubin declared:

“Entities like JPMorgan, Goldman Sachs, et cetera, in my opinion, are FOMO’ing at the mouth to get into our ecosystem. But they’re massive regulated banking institutions, so it’s not going to be easy for them to do that sort of thing.”