Unpopular Opinion: High Gas is actually Good for Ethereum

As everyone knows from the constant articles being linked Gas in the eth network is very high, 160 gwei last i checked.

Now, it used to sit around 2-300 on the regular but the value of eth is now so high that 160 in terms of USD is incredibly expensive. Prohibitively so for little fish.

How could this actually be a good thing?

Simple, You little fish in terms of the broader market, really don’t matter. Sorry but its what it is. People with 100 dollars in eth don’t drive the market, and L2s exist for access to low fees. There are options even in the Ethereum ecosystem for people who don’t want to eat this insane fees right now.

High gas drives value in two ways, reducing eth supply via 1559 and increasing the inherent value of Ethereum assets by creating opportunity cost and friction in trading.

Right now there is an NFT mania driving up gas, and by burning all that eth this mania is being distributed to all the hodlers by charging participants high fees which are burned.

Everyone Hodling should be happy right now

Edit:Thanks so much for the awards, especially whoever gave me gold!