Okay, fam, let's talk ETH. Ten years in the game? That's like, ancient in crypto years. I saw OKX's CEO Jizhong Star dropped a whole blog post celebrating Ethereum's decade. Cool, cool. DeFi dominance, blah blah blah.… As your self-proclaimed “NFT Queen,” I'm here to hook you up with the underbelly of NFT drops that you don’t get in all those boring corporate press releases.
Is ETH Becoming the Boomer Chain?
Look, I get it. Ethereum was the OG. It birthed NFTs, right? “Let’s keep it 100, the gas fees are out of control. As in, spending more on the gas transaction fee than the NFT itself. That's a yikes from me. And then there’s the speed, don’t get me started on that. We're in the age of instant gratification. We all know that waiting for a txn to confirm is the 5G world hopping on a dial-up internet connection.
This isn't just me being salty. And now I’m witnessing an entire new generation of NFT creators and collectors – my people – leave for other chains. Solana's looking like the cool kid now. Faster, cheaper, and frankly, way more fun. And it’s not only Solana that’s causing a stir. Avalanche, Polygon, and a booming Layer-2 ecosystem all Locking In to win that NFT crown!
Is Ethereum on its way to becoming the blockchain Facebook? You know, something your parents use? The $82.1 billion stablecoin market share and the 60% stablecoin dominance. Who are they? Are they zoomers? We could be having this same discussion on financial inclusion without NFTs being part of the equation.
Gas Fees: The Ultimate Vibe Killer
Let's talk about the vibe. Ethereum’s gas fees are the biggest vibe killer. Imagine you're trying to mint a cool PFP, something that's going to be the next Bored Ape (okay, maybe not exactly Bored Ape, but you get the picture). You’ve got the art, the social fabric, the existential experience, the pizzazz. Then BOOM! Gas fees come in heavy like a brick wall. Suddenly, your dream project is stuck in limbo, or even worse, nobody can afford to mint it.
That’s where this “unexpected connection” comes in. Think about fast fashion. Consumers adore it, largely because it’s inexpensive and convenient. NFTs should be the same. We need to make it easier for people to join so people from all walks of life can get involved. Ethereum in this analogy, with its sky high fees, is the luxury designer brand that only the upper class can afford. At the same time, Solana is the H&M of NFTs – fashionable, cheap and available for everyone.
I get it, I get it, EIP-4844 is around the corner, set to reduce Layer 2 fees by as much as 90%. I’ll believe it when I see it. Crypto promises are like celebrity marriages – they look great on paper, but never seem to stick.
Innovation or Incubation?
In every shape and form, OKX is committed to co-developing and supporting the technical advancements of Ethereum. Cool for them. So sure, Ethereum may be an incubator, but is it even innovating? Yet, all these layer-2 solutions… is it really innovation or just a bunch of bandaids on a broken leg?
This is where the FOMO kicks in. Users are looking around at all the amazing new activity and development that is exploding on every other chain and wondering, “Am I missing something?” The answer, my friends, is maybe. Staying the course on Ethereum is choosing the comfy, long-term relationship that feels familiar. Like, sure you know what to expect, but is that actually thrilling at all? Are you really growing?
I'm not saying Ethereum is dead. Far from it. It needs to hustle. It needs to be in touch with the myriad creators and collectors who are the true lifeblood of the NFT space. It has to do so at lower gas fees, at greater speed, and put a whole lot of other fun back into the ecosystem.
Otherwise, Ethereum risks becoming the "boomer" blockchain, a relic of the past while the rest of the crypto world moves on to faster, cheaper, and more exciting things. And no one wants to be the dinosaur, right? Especially not in crypto.
So Ethereum The question is not will you stop having what you have among the key adaptions as normal, but are you ready to fight for it. That’s because the NFT Queen is listening, and she’s looking out for the next big thing. And at this moment, that thing could be you.
