- Ethereum’s Vitalik Buterin recommends more support for payments on Ethereum
- Buterin claims that supporting ETH clears the way to several ERC20 tokens
- The ERC-20 tokens can be integrated into payment platforms like MKR, UNI, WBTC, and Stablecoins
Ethereum News Today – the Co-Founder of the Ethereum network, Vitalik Buterin, has reportedly recommended that more users and online platforms support payments in ETH. According to Buterin, supporting Ether payments has an additional benefit of clearing the way to other essential ERC20 tokens. Claiming that these tokens can be supported too. The tokens he mentioned include digital assets like Maker (MKR), Wrapped BTC (WBTC), Uniswap (UNI), and a host of others. Regarding the rise in fees and the issue of network congestion on Ethereum’s network, Buterin cited that there are now several layer-2 solutions running on Ethereum’s mainnet.
Buterin: More People Should Support Ethereum Payments.
As stated above, Ethereum’s co-founder has recommended that more people support Ethereum payments. There are many benefits. One nice thing about supporting payments in Ethereum is that you are not just accepting payments in ETH, you will also get support for payments in MKR, UNI, WBTC, and every stablecoin. All of which are free of charge. And there are already about three working layer-2 scaling solutions running on the mainnet. Buterin proclaimed while responding to a user’s comment.
The comment had pointed out that the Cash App (a product of the firm Square), has not yet started supporting Ethereum payments. The initial comment on Square came from the crypto community member with the username @spencernoon. The user exclaimed that the fact that Square isn’t supporting Ether was a head-scratching strategy considering how popular the ETH token is.
Here Are Some Reasons to Support Ethereum Payments
The fact that the ETH token is the second-largest digital asset by market cap is a good reason why Buterin’s recommendation (of more people and platforms accepting payments in Ethereum) is important. This implies that it has a large community of traders and investors who would use it (ETH) as a payment option. Another benefit is the DeFi boom. This situation has proven that Ethereum’s users are willing to cope with the high ETH fees triggered by network congestion. Ethereum’s users still believe in the network’s vision.
Additionally, as Buterin already pointed out, there are already layer 2 solutions (like the Matic Network and OMG Network), deployed on Ethereum. Finally, the long-awaited launch of the ETH2.0 solution (which is scheduled for later in the year) and the implementation of EIPs (Ethereum Improvement Proposals) to solve the problem of high gas fees is another important reason. Very soon the high ETH fees will be past tense.