The recent meme coin trend has brought it to the forefront once again that the Ethereum blockchain is yet to solve its infamous problem of scalability. With rising transactions, Ethereum is facing issues with transaction fees, processing time, and congestion in the network. The ongoing memecoin frenzy has raised the bar for Ethereum's scalability challenge by pushing the network well beyond its capacity of processing 29 transactions per second. It has led to a situation where the users are paying huge transaction fees as well as long waiting times. Even Ethereum founder, Vitalik Buterin, stated back in 2018 that high gas fees should be considered as a "de-facto liveness failure". This goes to show that Ethereum has to tackle scalability issues if it wants to continue riding on its popularity as the preferred network for mainstream meme coins.
Anthony Brooks
- 2023-05-11
Ethereum's Scalability Challenges
Ethereum is facing scalability issues due to an increase in transactions caused by the growth of meme coins. Transaction fees, processing time and network congestion all present Ethereum with a formidable challenge that must be overcome if the network hopes to continue to be a preferred platform for meme coins.
