At the Token2049 conference, blockchain experts discussed current issues on the Ethereum chain.
Blockchain industry experts discussed the latest innovation and development opportunities during a panel discussion at the Token2049 conference in Dubai.
Discussion participants also touched on the Ethereum blockchain, which is considered a leading smart contract platform. Panelists said Ethereum suffers from scalability issues due to low transaction throughput, leading to higher gas prices and network congestion. New blockchains are designed to be more scalable by increasing transaction speeds.
Experts recognized that developers are interested in developing Ethereum due to first-mover advantage and brand recognition. However, some argue that many layer 1 alternatives are better suited for various use cases than Ethereum in its current form.
Solana co-founder Raj Gokal said that developers and most Ethereum users also have Solana wallets. Furthermore, he said that Solana’s trading volume growth outperformed Ethereum’s index.
“We are doing well, but Ethereum is not.”
Raj Gokal, Solana Co-Founder
Emin Gun Sirer, founder and CEO of Ava Labs, pointed out that the Avalanche blockchain was never positioned as an “Ethereum killer.” Despite these concerns, Ethereum has several advantages, including creating blockchains according to developer rules.
“We are allowing others to launch their own blockchains according to their own rules, which is fundamentally impossible with Ethereum.”
Emin Gunn Siler, Founder and CEO of Ava Labs
In conclusion, Monad's Keone Hon said that Ethereum will ultimately need much better performance if it is to reach hundreds of millions of users.
Last November, Ethereum co-founder Vitalik Buterin announced his intention to redesign the network. Buterin outlined the general strategies he uses to improve Ethereum (ETH) staking and resolve performance issues that arise with addresses. The last point has become a serious problem for networks in recent years.
