AlgorandCointelegraph.comEthereum 2.0Fees

Ethereum fees are skyrocketing — But traders have alternatives

The issue of scalability is vital if blockchain and decentralized applications are to accommodate a massive user base.
With the rapid growth of decentralized finance, upcoming scaling developments on Ethereum 2.0, and increased crypto allocation in the portfolios of institutions, the price of Ether (ETH) is rapidly ascending. In fact, we’ve already seen ETH break the $2,000 barrier for the first time, marking a brand-new all-time high. All this action may be bullish for ETH holders and DeFi investors, but for smaller DApp developers and other users on the network — such as traders using ERC-20-based stablecoins — it’s quickly pricing them out.That’s because the cost of using any stablecoin depends on the blockchain network on which it functions. And, once again, the Ethereum blockchain is finding itself plagued with network congestion and rising fees. On Feb. 23, the average transaction fee on Ethereum soared past $39 for the first time, making transacting with ERC-20 tokens like the Ethereum-based versions of Tether (USDT) and USD Coin (USDC) expensive and even prohibitive.While Eth2 with its transition to proof-of-stake may hold the answers in the long term, traders are currently left frustrated. The good news is that there are alternatives to allow them to avoid price volatility by holding their value in stablecoins — without paying hefty network fees.Related: DeFi users shouldn’t wait idly for Eth2 to hit its strideUSDT and USDC on the Algorand blockchainAs a public and open-source smart contract blockchain using a PoS consensus algorithm, Algorand provides the …
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