THE Merge of Ethereum is supposed reduce energy consumption by 99.5% of the most attractive blockchain of 2022 and not reduce average transaction fees. This has caused a lot of disappointment on the user side. And we are currently seeing a wave of migrations to chains compatible with the EVM.
BNB Chain, Polygon and others, better than Ethereum
The Merge was a resounding success for Ethereum last September. Coupled with the Shanghai hard fork (aka Shapella) of April 12, this transition from Proof-of-Work to Proof-of-Stake makes Vitalik Buterin’s blockchain one of the most powerful and energy-efficient networks around.
But a recent issue of The Block highlights a declining user appeal for Ethreum. Observers have indeed seen a historic high in the use of blockchains compatible with the Ethereum Virtual Machine last week.
Simply put, they ditched Ethereum in favor of other EVM-enabled blockchains like Avalanche, Polygon and BNB Chain.
” Ethereum gas fees have been increasing significantly since the start of the year, leading to the growth of EVM-enabled chains. [Celles-ci] provide a consistent experience for users and developers familiar with Ethereum. The growth of these chains may be an indicator of interest in an Ethereum-like user experience on the chain. Says Kevin Peng, analyst at The Block Research.
To give you an idea of the case, here are some figures:
- BNB Chain, Avalanche and Polygon have combined a total of 6.77 million daily unique addresses ;
- and in 2021, a record 6.74 million was reported.
More lenient hot blockchains
Kevin Peng pointed out that soaring Ethereum gas fees demotivate users. They are said to have increased by 250% since the beginning of the year. Last December, it took about 2.5 dollars for a transaction. Currently, the average Ethereum transaction fee is $9.
Elsewhere, specifically on BNB Chain and Polygon, however, gas fees are more attractive. On BNB Chain for example, the average cost of a transaction is set between 3 and 5 gwei. THE Binance website noted that 3 gwei represent about $0.02.
Do the subtraction with the 9 Ethereum dollars and you will have a clear difference of $8.98.
We must also not forget that the chains compatible with the EVM keep innovating. BNB Chain, which just successfully completed its Planck hard fork last April, had become more attractive to its innovative solutions like gas-free transactions, meta transactions, relay contracts…
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