I can't stake on DeFi platforms because of the fees!

I don't necessarily have more money, but paying high fees is absurd. An alternative solution will surely come, in my viewfinder I have DOT and Phore

When Phase 2 happens in 2022, that's when ETH 2.0 is complete and the fees will be very small. Like a fraction of a cent per transaction.

Until then, we must rely on Layer 2 solutions for the ETH 1.0 chain, like Loopring and OMG.

You can use Loopring right now and be able to trade or transfer ETH/tokens for a fraction of a cent per transaction. The only thing is that there is still not a lot of liquidity on the Loopring DEX, but it's growing steadily.

loopring.io
loopring.org

by traditional bankers I mean, one of the major complains against banks is that they charge us fees for everything right? and I was thinking that crypto industry to help to get rid of those, but it does not seem true, it just mean that instead of paying fees to bankers we will now pay fees to miners or stakers? and what do you think about the message above? can blockchains like DOT and Phore help to scale ETH? or help to make the fees go down? I don't think we can wait years for ETH to be upgraded to v2

A large list of scams are moving to ETH as wrapped shitcoin meme.
Soon uniswap and other DEFI will be bombarded with old scams trying to get a slice of the pie.
SAFEX is probably the next scam to become wrapped on ETH.
You been warned, you are about to get scammed.

Attached: safex uniswap scam.jpg (339x79, 10.12K)

I will take a look to loopring and try to understand how it works, but it's more an exchange right? in my case that I want to stake a token called arkopolis, it will not help me right?

I have not heard much about this scams, I mean I am aware of the uniswap tokens listed that are a scam, but not uniswap itself
I am looking to REN, that project seems to be very interesting, I mean we can use BTC on the ETH network with wrapped btc, that is not also a scam in your opinion right? to be honest I am not sure what scam are you referring to.

you're partially right and wrong.
If fees are burned and stakers are getting inflation, the net effect is that they earn fees, as long as inflation isn't negative

Right now with Loopring 3.5, it's limited to token swaps and transfers.

In the upcoming 3.6, I think they're going to start allowing for general contract execution and even interaction between Layer 1 and Layer 2. You can read about 3.6 on the website and on their Medium page.

do you mean the whole DEFI is a scam? surely it is a little overrated but in the long run it could be something used by everyone ... I also believe that new projects will approach this with better features. as I wrote above Polkadot and Phore are what I expect to make the leap in quality.

No, i agree with you, i actually believe ETH 2.0 will be a game change, WBTC and other wrapped coins are also great.
What i am talking is about those old scams that want exposure, and will do the wrapped thing to be on the Ethereum network.
Some scams stay dormant for long time, they come back when they see an opportunity, being wrapped is an opportunity to scam.

Fees are going to be driven as low as possible over time, but they have to exist for there to be a reason for transactions to be registered when block reward inflation is driven down to 0 or near it. And if you have limited transactions to register the highest bidder is going to take them.

sure, but we need to keep the fees low, I understand that there should be some kind of reward, but now it's a millionaire reward, I don't think it's fair for people like me that are using the network...

Yeah, that's because they are behind schedule on development and the demand for transactions has outpaced it. That's not what the vision is in the long term. People bid for the transactions but the number of possible available transactions should increase by orders of magnitude.

there are lot's of rumors that ETH will not be able to complete the upgrade,is that realistic or just FUD moved by other interests?

now DEFI is a game for the rich, small investors will take years to recoup the transaction fee. something will change. remember my keywords ... Polkadot and Phore Blockchain

>now DEFI is a game for the rich, small investors will take years to recoup the transaction fee
Contrary to intuition, scaling is irrelevant as a sole competitive advantage because poorest users are priced out first, and poorest users don't have enough wealth to make other platforms grow. This creates a weird dynamic where lack of scalability impairs growth of crypto as a whole as poor newcomers are turned away one-by-one completely, but wealthier aren't, which prevents the emergence of a more scalable alternative.
It would take something like facebook to dump millions of users at once to change this dynamic, but no current 'ethereum killer' has this capability, as inherently this requires a centralized entity to leverage its userbase, which precludes any decentralized network.
In other words, ethereum is there to stay and no decentralized competitor is ever going to unseat it in terms of adoption (market caps are another thing, xrp pumped above eth once). Ethereum has turing-complete smart contracts so there's no functionality left that ethereum can't do at all.

If you thought that's 'anonymity' that's incorrect - few realize this, but full anonymity is coming to ethereum AND those transfers are going to be cheaper than current eth transfers (including for tokens). Xmr with its tiny userbase (13k daily transactions) is going to get eaten alive.

No decentralized ethereum competitor can win (even including DPoS here).
Bitcoin didn't lose dominance in adoption because of scaling, it lost because it didn't have full smart contracts - ethereum could do things bitcoin couldn't at all.

That's a meme because they've been delaying it for years. But it looks like it's just about ready now.

>full anonymity is coming to ethereum

It's already here:

tornado.cash

it's nice but not a full solution, full solution is something like final version of AZTEC or zksync: anonymous transfers of all tokens with arbitrary, encrypted amounts, all in a zkrollup for 1k+ TPS on current ethereum.

great message and it's going to take me some time to read over and over what you just said, but one question, why don't you think projects like the ones mention above DOT and Phore can't help? they have the technology to make this happen today or at least in short term no? anonymity might be an important topic as well.

we need better solutions to uniswap and eth
for everyone to be able to get a piece of the Defi goodies, gas fees are nasty right now

if you want to use my network, you got to pay the fees
your fault for being poor

Attached: fv.png (704x738, 545.83K)

because ethereum killers never get any adoption.
Fees are high because millionaires are willing to pay that much, and as financial markets go, 1000 millionaires are worth more than 1M people with $100 each. So even if that 1M goes elsewhere, most value is going to be where those millionaires are.
Which is why the moment fees on the network with more value go down, richest people from the 'poor' group immediately join it.

As for "what if 100M people with $100 each join" I explained in the previous post why that doesn't happen: poorer users are turned one-by-one, but they would have to move all at once somewhere.