One long-held critique of the Ethereum blockchain is that it has failed to successfully address the scaling issues that have longed plagued it. These scaling issues became abundantly clear in a recent report that elucidated how the blockchain’s network utilization has reached a whopping 90%.
This report has led one prominent figure within the crypto industry to slam Ethereum, calling it a “technological dead end” and even going so far as to say that it may soon “die.”
Ethereum Network Capacity “Almost Full” Due to Tether (USDT)
A recent report from Bloomberg explained that controversial stable coin Tether (USDT) is the current source behind Ethereum’s 90% network utilization, which may mean that on-chain transaction fees will soon surge to levels that lead many developers and users to move to other chains.
Although Ethereum’s nearly full network capacity is certainly an issue presently, it is important to note that many analysts and developers anticipate these issues to be resolved after the release of Ethereum 2.0, which will introduce Proof-of-Stake and sharding solutions to the chain, which is expected to fix ETH’s current scaling issues.