Ethereum and Bitcoin Dive Together into the Chaos of Exorbitant Fees

Ethereum and Bitcoin are facing an unprecedented storm. Transaction fees on these networks have reached stratospheric levels, propelling the industry into an era of exorbitant fees. This situation, triggered by the rise of EVM inscriptions and ordinals, is radically transforming the use and perception of the world’s two leading cryptocurrencies.

The EVM Inscriptions Revolution: An Exorbitant Cost for Ethereum

Last weekend, gas fees for EVM inscriptions exploded, reaching a record of 8 million dollars.

This surge, far from being an isolated phenomenon, reflects a growing trend on the Ethereum blockchain.

Networks like Avalanche and Arbitrum One have also experienced a significant increase in gas fees. This highlights the growing demand for block space and the current limitations of these systems.

These figures are a clear indicator: innovation comes at a price, and it seems that Ethereum users are paying a hefty cost.

Bitcoin: A Goliath with Feet of Clay in the Face of Fees

Bitcoin, often seen as an unshakeable digital fortress, is also feeling the impact of this wave of high fees.

About 280,000 Bitcoin transactions remain unconfirmed, and fees are climbing up to 37 dollars. In this context, using Bitcoin for peer-to-peer transactions poses a problem.

This situation with Ethereum and Bitcoin raises crucial questions about the long-term viability of digital currencies.

Figures like Adam Back however, point out that this crisis could be a driver for the adoption of second-layer solutions, leading to necessary innovation in the ecosystem.

Impact and Prospects: Between Innovation and Disruption

EVM inscriptions and Bitcoin ordinals are greatly influencing fees. However, they represent a major advancement in the world of NFTs and blockchain.

Collections such as Bitcoin Frogs Ordinals are experiencing a spectacular increase in their value and transaction volume. They now compete with established giants like CryptoPunks and BAYC.

This evolution demonstrates the crypto’s ability to adapt and innovate, even in the face of significant challenges. However, it also highlights the need for a balance between innovation and accessibility, a major challenge for the future of Ethereum, Bitcoin, and the entire crypto space.

The current escalation of fees on Ethereum and Bitcoin could well be a turning point for these cryptocurrencies. While the challenges are real and pressing, they also open up opportunities for innovations and adaptations that could redefine the future of digital finance. In this seeming chaos, perhaps lies the dawn of a new era, where the balance between technological innovation and economic viability will finally be struck. Meanwhile, central banks are preparing for crypto raids.