[Taklimakan Blog] Ethereum Growth Hurts Network Development
We have a blockchain network that, thanks to the DeFi industry, generates a large volume of transactions. This leads to an increase in gas prices, while the cost of gas also increases because it is pegged to the ETH rate.
As a result, the entire ecosystem is under attack, forcing projects to go to alternative blockchains, where the cost of transactions is lower, or to wait until the gas situation stabilizes.
In October 2020, verification of a document on the Ethereum blockchain cost about $1, creating a new collection of non-fungible tokens (NFT) cost between $10 and $15, and exchanging for Uniswap for about $3.
Now you have to pay about $15 for verification, more than $120 for the creation of a new NFT collection, and up to $200 for an exchange for Uniswap.