VanEck CEO believes that the transaction fee is a more significant story than the potential approval of Bitcoin or Ethereum ETFs.

Jan Van Eck, CEO of VanEck, expressed concerns about the potential delay of Ethereum exchange-traded funds (ETFs) due to a lack of response from the U.S. Securities and Exchange Commission (SEC). He suggested that the cryptocurrency industry should shift its focus towards transaction fees rather than Bitcoin (BTC) and Ethereum (ETH) or their associated ETFs.

Van Eck highlighted the unpredictability of transaction fees on the Bitcoin and Ethereum blockchains, making it challenging to develop applications within these ecosystems. He emphasized that transaction costs have become more affordable through alternatives like Solana or layer 2 solutions.

According to Van Eck, Solana, often dubbed as an Ethereum competitor, offers cheaper costs and faster transaction speeds compared to Ethereum. Layer 2 solutions, such as Ethereum rollups and the Lightning network on Bitcoin, aim to address scalability issues faced by layer 1 chains like Ethereum.

With the emergence of solutions offering lower and more predictable transaction fees, Van Eck believes that developers can now build more useful applications. However, he expressed doubts about the approval of ether ETFs by the May deadline, citing the SEC’s lack of responsiveness to filings by prospective issuers like VanEck.

In conclusion, Van Eck emphasized the importance of scalable databases with predictable costs in facilitating the development of real-world applications in the crypto space. He anticipates significant advancements in this regard in the coming years.