Ethereum is making every effort to address the scalability issue caused by its excessively high transaction costs, which have reached $5. This poses a serious obstacle to the further adoption and general effectiveness of decentralized application implementation. Ethereum is now leading the pack when it comes to smart contract platforms.
On the other hand, Layer 2 services like Optimism are starting to show up as the most obvious substitutes. It is providing drastically lowered transaction fees—sometimes as little as $0.01—to users. The methods discussed above aim to improve the Ethereum network by introducing faster processing speeds and lower transaction costs. They also seek to solve issues related to integrating into the Ethereum ecosystem as it now exists.
Ethereum is still the top platform for smart contracts in spite of all the difficulties brought up by the increasing costs. This is entirely due to the strong network that it has gradually built, as well as the vibrant developer community that is committed to its general development.
Optimism is more than just an alternative technology; it’s a Layer 2 platform. They are seen as a crucial part of Ethereum’s dynamic structure. Currently, they are able to address the upgradeability elements that allow Ethereum to continue being the market leader by addressing price and performance issues, meeting user requests, and catering to the growing decentralized application (dApp) sector.
