Major impediment for Ethereum's usefulness.

High fees, according to Ethereum co-founder Vitalik Buterin, remain a serious barrier for the digital asset, posing a threat to the idea of a decentralised economy.

During an interview with Time magazine, Buterin stated that as the transition to proof of stake (PoW) progresses, exorbitant fees are impeding Ethereum's usage.

Buterin also highlighted his dissatisfaction with the impact of exorbitant fees and how they are impeding the realisation of important initiatives. Simultaneously, he expressed optimism that if sharding is implemented, the fees will be reduced.

Aside from the exorbitant fees, Buterin noted that the platform's decentralised purpose may be jeopardised by bad actors seeking personal benefit.

According to the founder, addressing flaws like gas pricing might position Ethereum to serve as a springboard for socio-political transformation.

Despite the fact that Ethereum has been chastised for its high fees, data reveals a shift. According to our study, transaction gas prices on the Ethereum blockchain fell to a six-month low on March 9, the lowest level since August 2021.

Experts attribute the recent increase in gas fees to a growth in interest in non-fungible tokens (NFTs) and decentralised finance (DeFi).