Topic: ETH 2.0 And High Transaction Fees.. - page 4. (Read 1525 times)

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.

If fees remain high after the ETH 2.0 upgrade (which is very likely to happen), then it'll be the partial death of ETH. It won't certainly die, given that it's the most decentralized smart contract platform in the world with a vast number of developers backing it. But its usage in the mainstream world will be reduced to a point where its competitors will gain the lead. The most straight-forward solution for ETH's high fees is to rely on a second-layer solution for scalability. Something like Bitcoin's Lightning Network for ETH will do the trick. Luckily, we have many solutions like the OMG Network, ZKSync, and more. It's up to dApp developers to use these solutions in order to reduce the burden on the main ETH blockchain. Otherwise, people will continue to face the problem of dealing with high fees on the network.

As it's said in the real world, "slow and steady wins the race". Ethereum's development team may be slow in scaling the blockchain, but the project may ultimately win the race. The number of dApps and tokens available on the ETH blockchain, speak for themselves. No other smart contract platform can compete with Ethereum in this regard. It will all come down to mainstream adoption than anything else. Hopefully, ETH will be able to experience lower fees as a result of new protocol enhancements (upgrades) over time. And once fees become the way they used to before, interacting with smart contracts will become practical again. Just my thoughts

I agree with you, because a few days ago we transacted from ether for only 0.2 ETH or 0.3  cents, but now it dolar 3 to 5 ETH to make a transaction. And in this way if continues, but I think all the people associated with cryptocurrency will find another opportunity ,,,, I'm new here so maybe I could not understand well, forgive me if I am wrong. Thanku all

Well it's not a useless effort for these people to raise awareness that the high transaction fee is literally becoming a burden right now and the devs should put the concern regarding addressing the fee as the most important matter more than anything else when doing either update or upgrade.
Maybe by seeing so many people asking the dev to solve the problem it could probably sped up the devs work as more people might contribute.

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

Ethereum is a pretty good blockchain project and as far as I know it will be pretty hard for the users as well as the organizations to move their smart contract to any other blockchain and with such secure code. So I think even if the fees isn't reduced after the ETH 2.0 goes live on mainnet then too the people will stick to it, although it will be sad for me also to see the high transaction fees in the ETH 2.0 as well, I used to arbitrage the coins on the Dexes but with the high transaction fees involved in these transactions it has become pretty hard to do so.

I remember when people have said the same thing like you in the past and they are not yet moving from ethereum. Maybe the demand will decrease a little big compared with this time but it's clear that the ethereum 2.0 will bring something big for all of components in ethereum blockchain started from the scalability, consensus, passive reward, less inflation and many more.
It's quite impossible for ethereum to lose its demand just because the scalability problem is not yet fixed.

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.

Not just you, there bunches of client disappointed by ETH high charges and to minimize their loss get include another platform. Things are slowed down until ETH takes care of the scaling issue, which has made the high gas charges. The moment that issue disappears ethereum will be back on fire. Sit back and watch..

I see alternatives to move your ETH or ERC20 tokens with lower transactions fees. They are aggregators. You can get more details in the post.

You can use those alternatives or traditional wallets for ETH: Metamask, Myetherwallet, etc. but make sure you always check network status and temporary transaction fees on the network (gas used and gas limits).

Read the guides to cancel or replace your ETH transactions. [GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

Hopefully on ETH 2.0 upgrade, the transaction fees will improved to the economic condition.
High fee on the blockchain is not favorable by the users because it will create more cost just for processing the transactions.
I have seen other blockchain than ETH which have low fee and fast transactions speed, better to use them if ETH fees stay high.

I am not sure how sustainable it will be, obviously it is not going to be too easy to achieve but we are going to somehow see them all. ETH team is a great team when it comes to development and they know that they can't rush anything so they have been working on 2.0 a lot and I am sure they have probably figured out a way to make this better as well but I don't know that method.

It is really tough, we are talking about such an insane amount paid in the transactions right now and we are going to get it even harder with the new blockchain as well I don't know how well the transition process will be neither. Hopefully they will get better results with this new 2.0 otherwise we are going to get harder and harder in the upcoming years when it comes to sending money.

If Ethereum still has very expensive transaction fees and Ethereum's price is still very cheap, then I think Ethereum 2.0 is still not established because if you really want to provide a good solution to a problem, you have to reduce costs, which are getting more expensive and definitely have to increase Ethereum prices because that's all which is needed by many people.

Basically, the scalaility must be matched with the demand that has already gotten by ethereum.
imagine when ethereum will always do any hardfork for the scalability and it will be the worst thing as the bug can appear anytime. There must be a single solution that can be used on ethereum till forever.
Hardfork is something that unethical in the programming as that proves that the system is not yet perfect to be adopted.

Ethereum 2.0 will give more transactions per second so it is like temporary solution pr almost permanent but as long as there is a hype season comes like ICO and DeFi there will be clog and increase in the fee on ethereum blockchain.

I don't see the explanation while ETH 2.0 will fall flat eventually, I can't envision it not arriving at it top in spite of the way that ethereum is the biggest blockchain network, so its 95% that ETH 2.0 will prevail with regards to reaching a conclusion of causing low exchange expense and different highlights into the organization. Defi Boom Fueling ETH Gas Fees, Threatens Viability of Smart Contracts. Developing Ethereum network exchange charges, which contacted new highs as of late, are an immediate result of the expanding number of defi ventures and yield cultivating.

this wont trigger death to eth but the arrival of eth 2.0 can be an asset for eth to live more and became more popular.

  currently the fees are now getting back to normal and take note theres no eth 2.0 that arrived so far but how much more when it finally applied to the system . fees can get lesser compare to today despite of the demand that the new eth will get .

I agree, the development team is doing a great job so everyone has the right to believe they will have a way of solving the problem of too high fees.
Furthermore, investors love Ethereum very much and they have invested a lot of money in it, so ETH is difficult to die.

Have you seen or watched that the whole WP and know what will be coming from the ethereum 2.0? You can expect ethereum will be the same as zilliqa which has already used the layer system to solve the scalability problem.
There are so many solutions that have already mentioned in the proposal. Basically, ethereum didn't need very big scalability.

1k or 10k tx/s will be actually enough.

DeFi projects and ETH rally all together increase the fee. The analysis from glassnode can give you some reasons why fee rises like that.

How DeFi is Driving The Spike in Ethereum's Gas Price. You can read the article for more insightful details but the chart can attract you to read more. This chart gives you a first impression on how DeFi projects (look at top 20 contracts) account for most of total fees on the ETH network in August.