ETH 2.0 And High Transaction Fees.. - page 3.

Hellkas

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Activity: 375

Merit: 10

Quote from: Insober on October 11, 2020, 08:52:16 AM

Quote from: BDBitcoinExpart on October 10, 2020, 10:38:36 AM

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.

Do you have any idea why there is such a large gas charge on the Ethereum blockchain?

Closer to the summer of 2020, a hype began around Defi projects, a lot of similar projects were created, after the resounding success of YFI. They were launched on the Ethereum blockchain, since it is very easy to do there, the network was simply overloaded, due to network overload, and there was such a high commission.

With the release of Ethereum 2.0, transactions should be performed even faster and the network should not lie down so easily, I think that this should not happen at all, at least for such a long time.

Now the hype for defi has already begun to subside, so the commissions have already begun to stabilize, a commission of $ 1 is already normal for me)

The problem is not in the hype of defi projects, but in the Ethereum blockchain system.

This blockchain is already very old, it needs an update, just what has been planned for many years - Ethereum 2.0.

But I also don’t believe in this Ethereum 2.0, for how many years they have been postponing everything, feeding us with promises.

And they have only one excuse "We do not want to make past mistakes", of course, on the one hand this is even very good, but many projects, by the time Ethereum 2.0 is released, will become much better, more advanced.

Write that the load on the network has subsided? Yes, she was asleep.
But for how long? So far, the hype has calmed down a bit, but I don't think it will last long, the era of DEFI projects is just beginning.

gaston castano

sr. member

Activity: 1526

Merit: 251

I think it will not be a problem as long as there are still many people who use eth they will get used to it later.
Transactions must still be made, even if the fees are low or high because the market is running automatically, so that minor problems such as fees will not interfere.

Insober

jr. member

Activity: 70

Merit: 1

Quote from: cryptoknightt on October 12, 2020, 07:10:11 AM

ETH will not die, even if the fee will increase more higher than now, because people need it and using it.
you can see when eth network busy and people still swap ETH in uniswap for transaction, even if the fee is bigger at that time.
it mean that still be used, no matter what the problem specially fee.

Yes, it will be used constantly, but the number of users may be getting smaller and smaller.
Many of my friends have already passed to the same Throne from Ethereum.

nrvasquez

hero member

Activity: 966

Merit: 500

no i think it's not. even when this eth 2.0 thing already solved their tx fee problems, everyone in the blockchain community will still consider the ether for the first choice (imo). it's about the pioneer of the blockchain technology, so the ether will still have their ground.

slackovic

legendary

Activity: 2436

Merit: 1215

Quote from: cryptoknightt on October 12, 2020, 07:10:11 AM

ETH will not die, even if the fee will increase more higher than now, because people need it and using it.
you can see when eth network busy and people still swap ETH in uniswap for transaction, even if the fee is bigger at that time.
it mean that still be used, no matter what the problem specially fee.

Of course that Ethereum won't die just because of high transaction fees. The same was back in 2018 when CryptoKitties "broke" Ethereum and it didn't die. High transaction cost means that a lot of people is using Ethereum network. But that's just temporary. With time fees will come down to "normal".

cryptoknightt

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Activity: 1189

Merit: 251

ETH will not die, even if the fee will increase more higher than now, because people need it and using it.
you can see when eth network busy and people still swap ETH in uniswap for transaction, even if the fee is bigger at that time.
it mean that still be used, no matter what the problem specially fee.

Insober

jr. member

Activity: 70

Merit: 1

Quote from: jdnthny on October 12, 2020, 04:53:15 AM

They should take action to this circumstances before it turns to be their lose especially to the ethereum developers. It is very alarming to see that the price of it ethereum fee gets higher and higher if this continues many crypto people will avoid using ethereum anymore.

Many, including myself, have already left this asset.
In general, it is not clear what is happening with the price of this asset, because of the hype around Defi, the price of this coin is growing and growing.
Due to the network load, the transaction fees are also growing.

But fees have already started to fall, the load on the network has subsided, transactions have become faster.

jdnthny

member

Activity: 281

Merit: 10

Futurov

They should take action to this circumstances before it turns to be their lose especially to the ethereum developers. It is very alarming to see that the price of it ethereum fee gets higher and higher if this continues many crypto people will avoid using ethereum anymore.

SquirrelJulietGarden

hero member

Activity: 1344

Merit: 742

Quote from: yurez on October 11, 2020, 03:35:25 AM

The hype around DeFi projects is beginning to calm down, and the course of many tokens of DeFi projects has noticeably decreased. Today's commission at 30 Gwei pleases me.

I checked fee on ETH network seconds ago and the average-speed transaction requires 44 GWei as fee. In fact, hours ago in today too, the fee is at 22 Gwei. At that rate, fee dropped to the rate in July 2020 before the DeFi hype began to make fee became higher and higher and reached crazy levels few weeks ago.

Some sites to track ETH Gas
https://ethgasstation.info/calculatorTxV.php
https://ethgasstation.info/index.php
https://etherscan.io/gastracker
https://txstreet.com/
https://ethgas.watch/
https://www.gasnow.org/

Make sure to read and know steps to cancel or replace your transactions [GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

Quote from: wwzsocki on October 05, 2020, 09:40:39 AM

Stucked transactions occur almost always on very heavily used contracts where gas limits have to be set up much higher also. When we are interacting with very complicated contract or the transaction has to be routed between a few contracts, for example: ETH - wETH - GOLD - wallet, then it makes the gas limit go higher. This is the simplest way to exchange on Uniswap, which needs at least 150.000 gwei gas limit because less will be not successful.

Suggestion: I am using 1inch exchange. You can use their CHI token to lower significantly the ETH gas fees Wink

.
This is a DEX aggregator, so you have all Dex exchanges in one place.

https://1inch.exchange/

Another solution is new DEX nobody talks about called Honeyswap.org

https://honeyswap.org/#/swap

Uniswap clone made on XDAI which makes transactions cost 0.0003$ and there is no network congestion problem, additionally, this is also DEX aggregator.

I think we are seeing a big Uniswap competitor here Wink

.

Rexler

member

Activity: 616

Merit: 12

The Standard Protocol - Solving Inflation

A couple of months ago when the hype on DeFi was much, the cost of transaction fees on eth was really alarming, but since the DeFi hype has started fading away and there's no much congestion on the network the transaction fee has began to reduce drastically, the ETH 2.0 is expected to resolve this high cost of transaction fee issue,can't wait for it to be deployed tho, cus we can't continue paying a high fee for slow transaction, I just hope Vitali can pull this off, can't wait for eth 2.0 Grin

.

int03h

full member

Activity: 532

Merit: 104

Quote from: slaman29 on September 29, 2020, 03:08:45 AM

Quote from: todiefor17 on September 28, 2020, 10:51:39 AM

As long as the transaction costs are not fixed, there is still a dispute over the transaction via auction to be sent out faster.
ETH 2.0 cannot fundamentally change the nature of ETH in transaction processing. They just make transactions faster. The ICO, DEFI projects will continue to take place and costs will continue to increase.

I don't agree here. Fixed costs will kill the competition for miners, make it another POS coin. Allow people to compete for fees, that's the way Bitcoin shows can keep miners in the game and incentivizes them to keep making the network more popular. Defi and ICO will become use cases but the hype we see now isn't lasting. Just wait.

When ETH completely moves to ETH 2.0, it also means that they will completely remove the miner from their system. So fixed costs are essential to maintaining network stability, and auction mechanisms are absent and potentially congestion, but no longer for static costs.
Miners will have to switch to other cryptocurrency mining. We need to accept the change and it is Vitalik's choice.

Insober

jr. member

Activity: 70

Merit: 1

Quote from: BDBitcoinExpart on October 10, 2020, 10:38:36 AM

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.

Do you have any idea why there is such a large gas charge on the Ethereum blockchain?

Closer to the summer of 2020, a hype began around Defi projects, a lot of similar projects were created, after the resounding success of YFI. They were launched on the Ethereum blockchain, since it is very easy to do there, the network was simply overloaded, due to network overload, and there was such a high commission.

With the release of Ethereum 2.0, transactions should be performed even faster and the network should not lie down so easily, I think that this should not happen at all, at least for such a long time.

Now the hype for defi has already begun to subside, so the commissions have already begun to stabilize, a commission of $ 1 is already normal for me)

yurez

hero member

Activity: 2520

Merit: 711

The hype around DeFi projects is beginning to calm down, and the course of many tokens of DeFi projects has noticeably decreased. Today's commission at 30 Gwei pleases me.

NoG-NoG

full member

Activity: 616

Merit: 100

Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

I think that thw developers of ethereum blockchain should look on it and make an immediate action as soon as possible because if the price fee is still high many of their investors and hodlers will definitelt boycott them and it will maybe the end of an era for the ethereum.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: Galley on October 10, 2020, 12:18:27 PM

Why engage in such a thankless task as fortune-telling in advance.

rofl . maybe they just like it but fortunetelling is not a thankless task due to its difficulty. you can get fame and even cash reward as long you guarantee that your predictions are mostly legit and can occur not just by co incidence .

Quote

What will happen, we will see later when there is this update. At least it won't get any worse and Ethereum won't go anywhere, no matter what they say. We will follow this process.

how do you know that it wont get worse ? you predicted it ? but you said your not a fan of predictions and you better wait for the actual team to announce the update but that can take a long time because its been a couple of times since they promise this eth 2.0 but till now they are still making a promise . thats why people are now trying hard of predicting and speculating by themselves because they are itching too

ekeh

jr. member

Activity: 278

Merit: 1

ETH 2.0 it has been a very big concern on alt-coin transaction with a very high charge fee's, and if it keep moving this way with high gas fee charged is going to be something else, because the change fee really affect the system in difference way, in the crypto industries.

qwizzie

legendary

Activity: 2548

Merit: 1245

Quote from: bigcash2011 on October 10, 2020, 03:26:22 PM

Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

Well, if you follow the news, the founder of Ethereum network Vitalik Buterin has clarified this thing in an interview by saying that scaling through sharding is the basic part of phase 0 of eth 2.0 which simply means that they want to resolve scalability issues first than anything else so be happy and stay positive.

Actually phase 0 is PoS (Beacon Chain) and setting up validors for PoS (soft target end 2020)
Sharding is planned for phase 1 & 2 (2021 / 2022, which will most likely get delayed, just like phase 0 got delayed)

Source : https://consensys.net/knowledge-base/ethereum-2/faq/

ETH 2.0 phase 0 will not fix the high fees problem.

zasad@

legendary

Activity: 1736

Merit: 4270

https://ethgasstation.info/index.php

Ethereum commissions dropped dramatically after interest in DeFi projects dropped.

In short, the situation around Phase 2 of Ethereum 2.0 raises many questions.
https://ethereum.org/en/eth2/

"Phase 1.5: mainnet becomes a shard
Expected: 2021

Up until Phase 1.5, the Ethereum we use today on mainnet will continue as a proof-of-work blockchain. Transactions will continue to be processed by miners. But in Phase 1.5, mainnet will officially become a shard and transition to proof-of-stake.

For end users and dapps, this change should be seamless.

Phase 2: fully formed shards
Expected: 2021+

In Phase 2, shards should be fully functional chains. Shards will now be compatible with smart contracts and they'll be able to communicate with each other more freely. Developers may even be able to design shards in their own ways.

Phase 2 is still very much in the research phase.
"

https://github.com/ethereum/eth2.0-specs
"Phase 2 is still actively in R&D and does not yet have any formal specifications."

I hope it is clear that we will not get phase 2.0 soon Cheesy

bustabitsboy

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Activity: 318

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High fees for a slower transaction, this will affect the project because the investor will have to look for a cheaper option. If new updates work with a fee cap, that will be very good. The next step for ETH is to determine. Good coins with low fees are worth looking for, but ETH may be better, so be sure to keep those as well.

CarnagexD

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Leading Crypto Sports Betting & Casino Platform

Quote from: BDBitcoinExpart on October 10, 2020, 10:38:36 AM

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain.

I agree,, people will look for another affordable blockchain rather than eth for sending funds, however if people does that it will start to generate lesser fees due to less activity Cheesy

Besides, I doubt that the ETH v.20 isn't a real upgrade, Vitalik talks about it as faster ETH network so we will experience a low transaction fees.

Quote from: BDBitcoinExpart on October 10, 2020, 10:38:36 AM

This cause the user of ether will decrease. One day ether will lose their user.

Ethereum has a brighter future to be adopted than bitcoin, due to smart contracts, it really is.

Topic: ETH 2.0 And High Transaction Fees.. - page 3. (Read 1525 times)