• As a result, users are preferring Solana over Ethereum

  • As more players migrate to competing blockchains, Ethereum’s gas fees and speeds are costing not only users, but the ecosystem as a whole.

    Crowny, an app that rewards shoppers for various interactions with brands, is the most recent stakeholder to make the switch. The date for its relocation to Solana has been set for December 8th.

    Crowny stated in a Twitter thread,

    “The Solana blockchain provides extremely low transaction costs and ensures limitless scalability for years to come.” The focus of this cutting-edge architecture is on speed. It is the world’s fastest blockchain. The network improves as hardware improves.”

    At the time of publication, Ethereum’s gas fees were high, with an ERC20 transfer costing an average of $22.63.

    Moving day has arrived.

    Choosing Solana over Ethereum is not a new occurrence. Powerledger, an Australian technology and energy company, decided to migrate its platform from Ethereum to Solana in July 2021.

    Dr. Jemma Green, co-founder and executive chairman, stated,

    “Our new Solana-based blockchain platform will be tens of thousands of times faster than Ethereum while also being more energy efficient.” We started this project to allow renewables to be scaled, and one of our goals is to reduce our own carbon footprint.”

    Brave, a privacy-protecting Internet browser, is another example. At the Breakpoint Lisbon event in Portugal, the company announced a partnership with Solana. According to Brave’s official press release,

    “High transaction fees on Ethereum (as a result of increased interest in crypto and DeFi) have deterred some users from transacting.” Solana is the world’s fastest blockchain, allowing users to scale blockchain transactions for as little as $0.001 – $0.002 USD per transaction, resulting in significant cost savings.”

    Furthermore, the Brave crypto wallet will support decentralized apps by integrating Solana in 2022.

    Looking at these migrations and the reasons behind them, it appears that speed, fees, and energy efficiency are stumbling blocks for Ethereum.

    It’s time to get the road map out.

    Needless to say, there is a lot of pressure on Ethereum to catch up – literally. Ethereum developers discussed various proposals to reduce transaction fees, which are also increasing in rollups, at the most recent All Core Devs meeting.

    Tim Beiko, the developer, also stated that time was of the essence. He claimed that the proposals had to be submitted before the fork in the road in February.

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