Back in 2021, over 18.36 new Ethereum addresses joined the network but transactions are decreasing from day to day. That means that there were close to 1.53 million new addressed monthly. In the cryptocurrency world, that was impressive growth.
The competition is tough on the other hand and it is hard to stay up top. After Bitcoin, Ethereum is holding the second position in the highest market cap. The current cost of my Ether (ETH) is around $3,000.
Although the growth in 2021 was good for Ether, it started decreasing very slowly since October. There have been only around 10 million new users. Ethereum is a blockchain that consists of NFTs, stablecoins, altcoins, big dApps, and many other ingenious products. As with everything else, all of it comes at a price, and the popularity of Ethereum has driven its fees through the roof.
But in 2022, things seem to appear to be changing. $15.31 is the new average transaction fee, a number that has not been seen since October 2021. Back then, the fee was at its lowest of $13.
Building Quickswap on Polygon as one of the solutions to high gas fees
QuickSwap (QUICK) is an Ethereum token. It allows faster and cheaper transactions on Ethereum. Its usage is to construct and vote on proposals governing QuickSwap. It can also be staked to acquire a piece of trading fees. The founder of QuickSwap was Sameep Singhania. The transaction volume of Ethereum doubled up, thanks to Polygon. Nowadays, it has over 3 million transactions per day.
Polygon is a layer-two blockchain, previously called Matic Network, with Matic remaining its ticker. What layer-two means is that it is produced on top of an existent chain. While on the contrary, Lighting is an example of a layer-two (L2) built on Bitcoin, Polygon is created upon Ethereum.
Ethereum becoming “impractical by more diminutive users”
Using ETH has its pros and cons and Polygon is there to scale it. Singhania believes that out of all the cryptocurrencies out there, Ethereum is the most secure one. Though, it does come with a cost. Very high gas fees and slow transaction times are repellent factors for many users.
Using QuickSwap allows people to make smaller transactions in a more accelerated way. Furthermore, the cost of the transactions between the over 23,000 known pairs would be only a few cents.
Yet another team became interested in building on a sidechain contrasted to the Ethereum mainnet – SpookySwap. It is an automated market-making (AMM) decentralized exchange (DEX) that works for the Fantom Opera Network. Their team would provide more immediate transactions and lower gas fees to its users.
Using either QuickSwap or SpookySwap seems to be an obvious solution to many users. However, certain activities, such as expensive NFTs, will remain conclusively away from the Polygonian suburb. Besides, Singhania believes that there is not much to gain for the users who are making million-dollar trades.
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