I enjoyed this post. I think this part is key to understanding the cost issue:
Even at $3 per transaction this still counts a lot of lower players out of the Ethereum DeFi space as most are a few transactions to take place. In order to stake and convert into a DeFi Ethereum project you're look at about 3-4 transactions in total or a total cost of $12- $20 might not seem like a lot but if someone wants to add in $100 they are now set back 20% if they add in $1,000 they are now set back about 2% doesn't seem that high but it actually is. It means if you want to still play in the defi space you should be adding in roughly $2,000+ on your transactions to make them break even as quickly as possible. Plus you can afford to bump your gas fee up from 45 to 80 to make sure you get filled when you making 900 plays on an arbitrage play or taking profit on the way up or down. As long as you bought enough to make a real profit Ethereum is still good. You just have place the trade and go get something to drink. Sitting with eyes glued to the screen is self abuse. LOL
People need to understand this to understand why Ethereum continues to grow its DeFi offerings in the face of so called high gas fees. Plus you can pay more to speed up your transactions. When your making 900 dollars the 2% hurts, but it’s a small price to pay for the profit.
The recent ERC255 or EP155 really reduced gas fees and improved transaction speed, but it was followed by the flood of doggie meme coins, which clogged Ethereum for a while, but it was short lived. Unfortunately those tokens dropped rapidly in value and liquidity evaporated due small value of assets versus trading fees. The move to BSC for these coins makes sense from this perspective, and humorously the sheer volume of doggie coins fleeing Ethereum created new nodal issues on BSC LOL.
The Soave is often filled with people jumping out of the frying pan into the fire, as FOMO continues to reck traders. Sigh.
In any event thanks fir adding your perspective to this area, as w e see new programs we need unattached skeptical views to keep us safe.
🦁
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