Tesla CEO Elon Musk responded to the high gas fees on the Ethereum blockchain Defi projects.
In the present time, huge numbers of Defi platforms are available on the Ethereum blockchain network. But the gas fees on the Ethereum network are very high, so it became a tedious decision for the people to go with Defi projects-based investment.
Crypto news website, Coindesk, pointed this concern of high fees and forbidden retail crypto traders to these platforms and said “high gas fees made Defi inaccessible to retail traders”.
On this, Elon Musk responded and wrote “Dooooge”.
It is a reality that the Ethereum blockchain network is facing high transaction fees but here we should not forget that Dogecoin has no support for the decentralized exchanges (DeFi). And it is because of the unavailability of smart contract features in the Dogecoin blockchain network.
Now here at this end, a question arises, whether the Dogecoin team will work on making the Dogecoin blockchain network favourable to the crypto projects like DEXs or not.
After the response of Elon Musk, many things are now started in the doge community. Because at one side Elon Musk supports Dogecoin because of high-efficiency transactions but on the other hand he is comparing Dogecoin with Ethereum, which is not a fair thing because Ethereum is facing a very high load on its network because of other projects, while Dogecoin is only handling its own Network’ native token Doge.
Here we can also consider that Elon Musk is just trying to use the Dogecoin word anywhere in the crypto community, no matter what the actual discussion is going on.
In the past, Elon Musk tweeted many messages in favour of Dogecoin and also pumped Dogecoin to a very big level.
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