Ethereum (ETH), the second-largest blockchain network in the world, can bring additional benefits for people, according to the Co-Founder of Ethereum Vitalik Buterin who has said in a statement that more people need to support Ethereum (ETH) for payments.
Supporting ETH will open doors for other ERC20 tokens
Vitalik Buterin said in a tweet that more online platforms and people should support Ethereum for payments. He said that when people will support Ethereum they will not only be accepting ETH rather they will also get the support for other ERC20 tokens as well. Supporting Ethereum (ETH) for payments will open new doors to these tokens.
These tokens include the decentralized exchange Uniswap’s governance token UNI, the Maker protocol’s MKR token, Wrapped Bitcoin (WBTC), and some famous stablecoins. People will get more benefits than they can imagine. And the most lucrative thing about this is that people will get support for these coins for free.
Regarding fees, Vitalik Buterin said that there are already present on the mainnet of the Ethereum blockchain the best layer-2 scaling solutions. He stated:
“More people should support ethereum for payments. The nice thing about supporting ethereum is that you’re not just accepting ETH, you also get support for MKR, UNI, WBTC, and every stablecoin for free. And there’s already like three working layer-2 scaling solutions on mainnet.”
This remark from the Co-Founder of Ethereum came in a response to a tweet that said that the financial services and mobile payment company Square has not added support for Ethereum on its platform. The twitter user Spencer Noon said, “No one will ever be able to convince me that @Square refusing to support Ethereum (in addition to Bitcoin) isn’t dumb. It’s the most head-scratching crypto strategy we’ve ever seen from a big corporate, and that’s saying something…”
On the other hand, the Ethereum blockchain has been regarded as “the most significant blockchain” by DappRadar who published a quarterly report for the third quarter recently and reported that Ethereum’s transaction volume reached $119.5 billion in Q3 of 2020.