When will Vitalik prioritize utility over meme coins that are harming Ethereum?
A recent article in CoinGeek claims that unless Ethereum delivers solutions that can best its competitors, it will not be relevant for much longer. The article cites the recent gas fee increase caused by meme coins on the Ethereum blockchain, which proves that the network is wholly unsuitable as anything other than a novelty network for pet projects that don’t require serious scaling. It further suggests that the era of easy money, VCs throwing bags of cash at everything with the word blockchain in it, and rogue stablecoins like Tether pumping speculative tokens like BTC and ETH to insane heights is over. In the new era, where blockchain startups have to do something useful to earn their money, they’ll need utility blockchains that scale with low fees. The article cites Bitcoin SV as an example of a blockchain designed for utility, which is currently processing millions of transactions daily with fees of just $0.000007. Meanwhile, Ethereum’s inability to scale on-chain and predict its costs weekly or month to month will be its downfall. In the era of utility, those who have been focused on scaling and building superior technology are going to rapidly catch up with and overtake those who have been focused on pie-in-the-sky layer-two networks and coin prices, says the article. While Ethereum has been in the limelight during the early days of the industry, unless it delivers solutions that can best its competitors in the next year or two, it’s not going to be relevant for much longer.