ETH gas fees are a joke. - page 6. | Bitcointalksearch.org

hd49728

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Quote from: Abiky on April 25, 2023, 10:35:10 PM

I think ETH gas fees are a lot more expensive than on-chain TX fees on the BTC blockchain.

You don't have to think about that because on-chain data shows it all for us.

Since 2018, Bitcoin network has never gave us costly experience when we have to broadcast our transactions with fee rates like 50 sat/vbyte or 100 sat/vbyte to get a first confirmation within 30 minutes to 1 hour. It has never come back in the last couple of years even with Bitcoin Ordinal recent months.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight

Ethereum did not resolve its expensive transaction fee since 2018. Last 24 hours, average transaction fee is nearly $10. https://blockchair.com/ethereum

Full chart https://blockchair.com/ethereum/charts/average-transaction-fee-usd

It becomes cheaper than in the past years but is still very expensive for non-whale users.

Abiky

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Quote from: Farma on April 25, 2023, 04:28:16 AM

not surprised by that. I think many people feel the same way, I've even made transactions with higher fees than that. After all, it's a thing that needs to be done, so like it or not, we have to pay that fee to make a transaction. The only way to make cheap transactions is to always check the gas fee. If at that time the gas is cheap, then make a transaction, that way you might get a cheaper fee.

I think ETH gas fees are a lot more expensive than on-chain TX fees on the BTC blockchain. Being a "multi-purpose" Blockchain does come with a certain number of drawbacks. There's less security, higher fees, and degraded performance. Only L2 scaling solutions and Sharding will solve the "high gas fee" problem. Most people don't like to wait until on-chain fees decline, so L2 would be the most ideal solution for those in a hurry.

While there's also the option of using an alternative chain such as BNB or MATIC, I wouldn't recommend them since they're not as "battle-tested" as ETH is. The OP is free to decide the path to take. Gas fees won't stay high forever, so don't expect ETH to die anytime soon. Just my opinion

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Quote from: Yamifoud on April 24, 2023, 07:01:15 AM

Quote from: tvplus006 on April 23, 2023, 03:39:58 PM

Quote from: TastyChillySauce00 on April 18, 2023, 07:59:00 PM

...I recommend you use L2 blockchain like arbitrum or optimism if you wanna using ethereum. It cost even less than btc transaction.

But in order to use the Arbitrum or Optimism blockchain, you will first have to transfer your funds from the Ethereum blockchain using the bridge. And in this case, you will still need to pay for gas in the ERC-20 network first.

That is a problem as we can't directly convert our ERC-20 tokens to another platform without moving them from our wallet to another. And this gives no option but yeah, we must have to pay for the gas fee for that sake. It is too hard to raise the problem when we know that there is no solution (maybe for now). It was too difficult to imagine paying $100 worth of tokens and paying $10 to transfer, somewhat not fair but we must if we wanted to do it.

I would guess that it is not going to be like that all the time, which means that the solution that we have right now is wait until gas fee goes down. Now you may feel like you can't move and it is horrible that it doesn't give you any option to move the money out. However, is it as terrible as everyone talks about? I mean sure the gas fee is terrible, but that way you could hold your ETH until it is a lot lower and meanwhile you would be able to actually make a profit.

I personally hope that happens and we could make a big change, it helps us do a lot better in the long run and I personally would prefer that for sure. Many people do not want to hold long term but if they can, it will help them a lot because while waiting, you will be in profit.

Farma

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not surprised by that. I think many people feel the same way, I've even made transactions with higher fees than that. After all, it's a thing that needs to be done, so like it or not, we have to pay that fee to make a transaction. The only way to make cheap transactions is to always check the gas fee. If at that time the gas is cheap, then make a transaction, that way you might get a cheaper fee.

bettercrypto

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

I've just converted most of my ETH to BTC, and have $0.5 left in metamask. It claims to have an "advanced gas control" when you hit Send, but it's not showing me that.

Is there a way for me to lower the gas fees from metamask, or otherwise import the wallet into some other software?

What I know is that the gas fee can be adjusted down in metamasl, then the agn transaction fee is still really high in ETH, but if I compare it to the past it is still higher compared to now, so in my opinion maybe it is cheap howsoever.

The transaction fee in ETH is really like that because it also depends on the value of ETH at the moment based on my understanding and knowledge of that concept.

Abiky

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

I've just converted most of my ETH to BTC, and have $0.5 left in metamask. It claims to have an "advanced gas control" when you hit Send, but it's not showing me that.

Is there a way for me to lower the gas fees from metamask, or otherwise import the wallet into some other software?

ETH is too "crowded" right now. You can blame airdrops and NFTs for that. Many believed the initial PoS upgrade would provide some sort of relief when paying gas fees, but it has been all of the contrary. Unless Sharding is rolled out, don't expect fees to decline anytime soon.

Fortunately, you can use L2 scaling solutions that make use of either ZK-Rollups or Optimistic Rollups for complete peace of mind. With zk-sync, Optimism, and Arbitrum, expensive gas fees would become a thing of the past. Many popular dApps (such as Uniswap and Aave) have already begun using one of the aforementioned scaling solutions. If you're skeptical of making "off-chain" transactions, then you'd have no other choice but to wait until gas fees decline on the main ETH blockchain. That, or you could simply use an alternative chain such as Polygon (MATIC) or BNB for better performance and cost-efficiency. I'm fine with ETH the way it is, as long as it stays decentralized and censorship-resistant. Who knows if it outlives many altcoins in the future? Just my opinion

Mpamaegbu

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Quote from: Ojima-ojo on April 18, 2023, 03:05:45 PM

I thought the so-called ethereuem network migration from proof of work to proof of stake will solve their network problems and to hear that ethereum holders still have to pay high gas fees for transactions is a show off of how the so-called proof of stake propaganda was a failed experiment.

It's indeed a very big disappointment to say the least (for me at least). I was among those who also got deceived that ETH2 would be an improvement on what was existing. How wrong I was (I am). The whole long wait and media analysis that trailed the supposed ETH switch for months have now proved it was a mere waste of attention.

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Quote from: tvplus006 on April 24, 2023, 10:19:26 AM

Quote from: bittick on April 23, 2023, 07:12:05 PM

i believe this fee will just never gets resolved, best course of action is just move on, this fee is indeed ridiculous, but that's it, nothing we can even do, even trying to set custom fee might even incur loss, considering the nature of eth blockchain, if your transaction fail in execution you will lose your gas along the way, it's just ridiculous.

We can only wait for the Ethereum team to fulfill its promise and implement sharding technology, which will reduce the commission on the Ethereum network. Actually, it was the implementation of sharding technology that was one of the reasons for the transition to Ethereum 2.0

sharding technology is likely to be released next year, because until now Ethereum has not made a statement regarding sharding,
if you read this article https://watcher.guru/news/what-is-ethereum-sharding-when-is-it -set-to-be-released sharding will be done after Ethereum Merge,
so we have to be patient, Ethereum merge is done and Ethereum sanghai is also done, maybe it will be faster to finish sharding.

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Quote from: bittick on April 23, 2023, 07:12:05 PM

i believe this fee will just never gets resolved, best course of action is just move on, this fee is indeed ridiculous, but that's it, nothing we can even do, even trying to set custom fee might even incur loss, considering the nature of eth blockchain, if your transaction fail in execution you will lose your gas along the way, it's just ridiculous.

We can only wait for the Ethereum team to fulfill its promise and implement sharding technology, which will reduce the commission on the Ethereum network. Actually, it was the implementation of sharding technology that was one of the reasons for the transition to Ethereum 2.0

Yamifoud

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Quote from: tvplus006 on April 23, 2023, 03:39:58 PM

Quote from: TastyChillySauce00 on April 18, 2023, 07:59:00 PM

...I recommend you use L2 blockchain like arbitrum or optimism if you wanna using ethereum. It cost even less than btc transaction.

But in order to use the Arbitrum or Optimism blockchain, you will first have to transfer your funds from the Ethereum blockchain using the bridge. And in this case, you will still need to pay for gas in the ERC-20 network first.

That is a problem as we can't directly convert our ERC-20 tokens to another platform without moving them from our wallet to another. And this gives no option but yeah, we must have to pay for the gas fee for that sake. It is too hard to raise the problem when we know that there is no solution (maybe for now). It was too difficult to imagine paying $100 worth of tokens and paying $10 to transfer, somewhat not fair but we must if we wanted to do it.

nicolas222

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In this case the transaction fees on the eth blockchain are really skyrocketing probably due to the creation of new tokens of great interest such as $pepe

ElmedoRator

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Sometimes it makes us feel uncomfortable during use, but I find this is almost a condition that every market participant needs to learn before using them. We are now using better fees than the previous period of network congestion when it cost hundreds of dollars to make transactions. And that influences a lot of people's usage behavior of small transactions, and it's also one of the factors that new platforms exploit to attract users.

Luffygroove

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You're right; it's really a joke. Even with many efforts to solve it, it really hasn't succeeded until now. What else could we do to handle this? Nothing else than checking the gas fee tracking tools like ethgasstation.info, for example. From time to time, the gas fee could change according to traffic. It's kind of troublesome, but at least we're able to know when the gas fee is cheaper than other times. I really, really hope Vitalik and his team can find the most effective way to overcome this issue in the near future.

RussianEnglishTranslation

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

I've just converted most of my ETH to BTC, and have $0.5 left in metamask. It claims to have an "advanced gas control" when you hit Send, but it's not showing me that.

Is there a way for me to lower the gas fees from metamask, or otherwise import the wallet into some other software?

Q Blockchain has gas fee sharing. Instead of all gas fees going to validators, some of it is redistributed to Q token holders so that you never need to buy Q to pay for gas fees. Plus Q is much faster and more scalable than ETH.

bittick

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i believe this fee will just never gets resolved, best course of action is just move on, this fee is indeed ridiculous, but that's it, nothing we can even do, even trying to set custom fee might even incur loss, considering the nature of eth blockchain, if your transaction fail in execution you will lose your gas along the way, it's just ridiculous.

Dalib

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

I've just converted most of my ETH to BTC, and have $0.5 left in metamask. It claims to have an "advanced gas control" when you hit Send, but it's not showing me that.

Is there a way for me to lower the gas fees from metamask, or otherwise import the wallet into some other software?

Yes, it is common for gas fees to be high when transferring cryptocurrencies, especially during times of high network congestion. Unfortunately, there is no way to avoid gas fees entirely, but there are ways to minimize them.

One way to lower gas fees is to adjust the gas price and gas limit when sending a transaction. Metamask does have an "advanced gas control" feature that allows you to adjust these settings, but it may not be visible by default. You can enable it by clicking on the "Edit" button next to the gas fee estimate when sending a transaction.

Another option is to use a different wallet that allows you to set custom gas fees. Some wallets, such as MyEtherWallet and MyCrypto, allow you to manually set the gas price and gas limit for transactions.

tvplus006

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Quote from: TastyChillySauce00 on April 18, 2023, 07:59:00 PM

...I recommend you use L2 blockchain like arbitrum or optimism if you wanna using ethereum. It cost even less than btc transaction.

But in order to use the Arbitrum or Optimism blockchain, you will first have to transfer your funds from the Ethereum blockchain using the bridge. And in this case, you will still need to pay for gas in the ERC-20 network first.

Jocuserious

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Absolutely during time the high gas fees network in ethereum so that's why i forget. But Don't worry we can jump in bsc network now because low gas fees with faster transaction. We can make small amount transaction with very low fees. Even never upset because every new project has been bsc network and there are many old project realize it now.

Weezenhofnar

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The high ETH gas fees have been a major concern for users, especially during times of high network activity.

It can make small transactions expensive and impractical. However, there are various layer 2 solutions being developed to address this issue.

piebeyb

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If you use Metamask you will find settings when you want to send you can set the gas cost you want, look at the Gas (estimated) section before you press the send button, you can edit the amount of gas you want and it's cheaper but it doesn't guarantee your transaction confirmed quickly, sometimes takes time to get confirmation on the network.

You can visit here https://etherscan.io/gastraker because ethgastation is not really live, so you can see there gas costs recommended by the network, make sure to wait for gas costs to drop sometimes during peak hours and weekends usually gas costs will go down, so it's best to make transactions when gas costs really drop. don't force yourself to follow the network because basically ETH is only for rich people who want to throw their money there just for gas fees and that's why I have been wondering why people buy ETH while their transaction fees are very expensive even though there are many alternatives available blockchain that is more cheap transaction fees, I have never used the ETH network again to put my money in my wallet in the form of ETH tokens. My suggestion is to use a metamask wallet or trustwallet to edit gas costs

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