Renowned cryptocurrency personality and HEX creator Richard Heart recently took to Twitter to suggest that users can circumvent the exorbitant Ethereum gas fees by utilizing the PulseChain contract as a viable alternative. Despite its recent launch on May 14, the platform has already garnered a reputation as the “Ethereum Killer” among users.
Heart has shared an image revealing that a wallet address has recently spent 29.82 ETH, valued at $53,829 in ETH, with a mere 3.04% gas usage over the last 3 hours. In contrast, the fees for 0.38% gas consumption over the last 24 hours amounted to 29.86 ETH or $53,901. These figures highlight the importance of carefully monitoring gas usage to optimize transaction costs.
Despite being touted as an “Ethereum killer” for its impressive throughput and low fees, PulseChain’s launch was met with a slew of issues that hindered the realization of its promised benefits — the initial day of release failed to showcase the platform’s potential, leaving many to question its viability.
On May 14, Eric Wall, the founder of Simp DAO, utilized Twitter to showcase the challenges faced by PulseChain users. He highlighted the platform’s shortcomings through screenshots, despite its impressive $1 billion fundraising efforts to reduce Ethereum fees. The platform’s goal of replicating Ethereum without needing Layer 2 solutions has yet to yield the desired results.
Furthermore, upon its release, the overwhelming demand for PulseChain substantially increased network gas fees. The FreePulse account promptly addressed this concern via a tweet, acknowledging that the cost of withdrawals was prohibitively expensive for the faucet’s efficient operation.
In light of the current circumstances, Wall offered his perspective on the surging fees, highlighting that certain users had shared snapshots depicting fees reaching a staggering $100, taking into account the value of PLS tokens during the initial coin offering.
In addition, Wall emphasized the potential scaling advantages that Ethereum’s upcoming EIP-4844 upgrade could bring to layer 2 networks. He also noted that PulseChain intends to incorporate these upgrades to remain current. However, as PulseChain does not utilize Layer 2s, there will be no improvement in scalability. Instead, the implementation of more intricate code will be necessary.
According to Heart, the gas fees function as intended, prioritizing higher fees over lower ones. This means those willing to pay more will have a better chance of entering a block.
