MyEtherWallet Founder Comments On High Ethereum Gas Fees
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Ethereum gas fees continue to be a headache for both everyday users and established companies in the crypto space. Coinbase Pro has announced that it will no longer cover gas fees for users, and ETH 2.0 scalability solutions are still a long way off. So what does this mean for Ethereum?
Kosala Hemachandra, the Founder and CEO of MyEtherWallet (MEW), has this to say about Ethereum gas fees:
“The Ethereum gas price is high due to increased network activity, which means that we have to find avenues to either support this increase in activity, or to reduce it. Both can be done in multiple ways.
Supporting the increased activity with existing technology can be done via increasing the block gas limit to a safe amount, and also by utilizing existing layer 2 solutions. Reducing activity can be done by optimizing smart contracts to do multiple actions at the same time, therefore reducing the number of transactions.”