Topic: ETH 2.0 And High Transaction Fees.. (Read 1583 times)

It's about time. Delay after delay, people were getting desperate with ETH's high transaction fees. Even after the ETH 2.0 upgrade, the reduction in fee costs will be minimal. That's largely because there are a lot of dApps with high transaction volume on the Blockchain. Sharding and PoS will help alleviate the issue in the short term. But for the long term, developers are going to need to rely on "Second Layer" solutions for scalability in order to maintain dApp fees as low as possible. I believe that "De-Fi" platforms will largely benefit from the ETH 2.0 upgrade, as they usually consume a lot of "gas" (fees) on the Blockchain.

Nonetheless, Ethereum's constant development will allow it to improve over time. We might reach a point where fees are negligible making interaction with smart contracts seamless. Until then, we're going to be stuck with high fees for a while. With so many competitors on the market, high fees and slow transaction confirmation times on ETH will no longer be a concern among people in the mainstream world. Just my opinion

I think that they'l launcj ether 2.0 and announce lower transaction fees on ether's 3.0 version release) cmon, ether is not gonna die, it might become a bit less popular due to high fees.

Are you very sure about Ethereum 2.0 release in just 6 to 8 weeks from now?
Why am asking is because 6 to 8 weeks is just a few days from now and you know, this year is fast running out.
But anyways, I really hope they are telling the truth cus I read a news about 3 or 4 days about how eth 2.0 test failed the second time, if they can be able to release it this year, and everything goes well with the release, I think ether will moon again, fingers crossed, really hoping for the best for Ethereum.

I wish all stacking coins will move to BSC is cheap and seriously faster but you know what I think the problem is congestion when everyone is trying to get CORED make quick entry There are so many projects on the network and crazy amount of transaction maybe hopefully ETH 2.0 will take over that

The upgrade will allow more transaction. that is the major upgrade of ethereum 2.0. the blockchain will take in the double of what it access Now making it to fast and better than the current ethereum version 1. it is like creating more room to accommodate high transaction Although there is an update that the upgrade failed again for the second time but hopefully will be resolve before November launch.

Irrespective of what the gas fee is, that will not stop the usage of ethereum. Ethereum is very useful in the crypto space, we have a lot of use for ethereum, even if we are not ok with the higher gas fee at times, we still cannot do without using ethereum. So many projects are on the blockchain of ethereum which will make it more difficult for ethereum to die.

Ethereum 2.0 will solve existing problems, including reduce the cosmic gas price. It remains to believe that they will succeed.

If ethereum wants to launch a new project, it should first provide a solution to the existing problem because if it does not solve the problem of very high gas costs, ethereum 2.0 does not attract investors, it will only make Ethereum even more collapsed.

 ConsenSys developer Ben Edgington suggests that Ethereum 2.0 could be launched this year, in 6-8 weeks. Developers are well aware that people are already tired of testnets.

“I think people are getting a bit bored of testnests. It’s time to move on [...] we need to launch Phase 0 asap.”

a source: https://cointelegraph.com/news/ethereum-2-0-deposit-contract-to-launch-this-week-consensys-dev

I don't know what is happening at this time with Ethereum, with shipping costs that are getting more and more expensive, it is difficult for someone to transact with Ethereum at this time, the constraints and problems have not been fixed at all, making many projects switch to TRC20 and not use ERC20 anymore because difficulty with gas costs that much ..

It's possible that Ethereum will die if this happens continuously in the future without any improvement at all ..

https://etherscan.io/gastracker

I perfectly understand how bad this must have made you feel bro, I was in same situation some days ago where bounty manager said he has no eth to distribute hunters token and ask we the hunter to support, he requested that we all send 0.002 for gas, I was reluctant to send it cus I had no eth in my wallet, those who had it where sending and they were getting their tokens credited to their wallet, I had to run around to sort for atleast 0.05 eth, before I could send mine, those who sent earlier and got there tokens had already dumped the price of the token from 0.03 to 0.0008, I was so disappointed and angry.

I don`t think that in such situation Ethereum can die, but it will be very big failure that can be cause of replacement Ethereum as 2-d most popular cryptocurrency. There are many projects that can be a potential replacement for ETH. But nonetheless, I think Eth team have been working for years to make everything great and I don`t believe that ETH 2.0 can be failed, now it`s only question of the time

With the defi hype going down, and prices of almost all these projects going down, eventually there will be nothing of sorts in the world and eth fee's will return to normal. Even right now it is looking much better. All the summer the prices surged and most of it was around 3-4 levels and peaked at around 12 as well, now it is nowhere near that, it is already at 1.5 and this is just the start of the fall as well, we are definitely going to levels of fifty cent or so.

When that happens we are going to actually end up with a lot better results, we are going to have eth 2.0 and it will not really make anyone look anywhere else. Think of world's second biggest crypto currency giving you money just because you have money, people will flock to it like candy and the price will surely skyrocket.

This is where it all went. Uniswap is not to blame for fraudsters placing their coins on it. This exchange was created decentralized and so that everyone can add their own coin that they want. This is what decentralization is, when no one can forbid you to place your coin on the exchange. It is important to carefully watch what you buy and then there will be no problems with scammers.

recently I have begun to doubt that ethereum 2.0 will be able to overcome the expensive gas fees.
moreover, they are always delaying the release of ethereum 2.0, this makes me continue to lose faith in them.

but I will still wait and hope that the release of ethereum 2.0 will be better than before and able to overcome the problem of expensive gas fees.

Defi hype over and people have been realize about so many scam projects were starting to sell the gimmick of defi platforms.
have you read the whitepaper of ethereum 2.0 and what's features that have alreayd mentioned in the whitepaper too?

If you have not read it yet and then start to read it as soon as possible. it has some solutions to solve the scalability problems.

gas fee back to normal again while defi hype slowly decrease. in uniswap defi project now lost trust after several projects exit scammed, and now investors clearly thinking to avoid speculation . trading volume and frequence now decrease after many project scammed, investors really carefully to new project in uniswap and i think there is no correlation with weekend.

Now the workload of the Ethereum network is dropping because the DeFi segment is beginning to gradually lose demand from investors. More and more scammers started to appear there, which discourages honest people from investing. When there is no inflow of new investments, the market starts to shrink little by little. Also, the drop in gas prices is currently associated with the weekend, people want to relax and not trade.

yeah, it will scare the people away from gaming, but for financial transaction, particularly DeFi, where big amounts of money are involved, $10-15 transaction fee is not that much, if we are talking about security that is much better than on other networks, which are mostly fairly centralized

and there are second layer solutions for gaming platforms, i am playing sorare, and purchasing players without fees at all, so it could work well in this high fee situation as well

Agree. ETH needs to scale fast. Otherwise, its huge transaction fees will scare away people in the mainstream world. ETH's competitors have taken advantage of their high transaction throughput, providing themselves to be an alternative in the smart contracts industry. They may not be as decentralized as Ethereum, but they're extremely convenient for mainstream payments. In a world where people prefer convenience on top of security/reliability, competing blockchains like TRON and EOS might be able to gain greater market share in the future. At least, the ETH dev team has taken the approach of scaling the Blockchain safely by doing it at a slow and steady pace. As it's said in the real world, "slow and steady wins the race". But even ETH 2.0 proponents, say that the upgrade is NOT enough to reduce ETH's high transaction fees. If that turns out to be the case, then the only way people will be able to enjoy low fees is by either using a second-layer solution for ETH (OMG, ZKSync, etc.) or an alternative smart contract platform (TRON, EOS, Polkadot, Tezos, etc).

Nonetheless, high transaction fees are not much of an issue if ETH remains decentralized. You get what you pay for by enjoying a high level of security, decentralization, and reliability unlike any other smart contract platform in the world today. Those who dislike ETH's high fees, have ample options to choose from. Time will tell us if ETH will be able to retain its place on market cap and mainstream adoption or not. Just my thoughts