Topic: ETH Gas transactions price is about to hit 300 - page 8. (Read 1143 times)

That sounds really strange to me to be honest. I know gas fees are high but yesterday all day I could see it max was 200 for almost instant confirmation. I still sent 150 and it was confirmed in less than 1 minute, for sure 100 would get you 2 minutes.

But you are right, checking etherscan now, it has updated a new recommended gas fee next to price. 320!

DeFi effect, have you see this article ?

As we know Decentralized Finance project has been popping up and become the promising place for investing. Almost all DeFi's project has increased in value even it has beaten the movement price of bitcoin. It gives many effect for the ethereum's chain like the transaction fee has increased for more than 200% so far.

I am worried about ETH Gas fees. A few hours ago need to trx ETH and need confirmation fast. Myetherwallet suggests to me 453GWEI for making trx faster. Which was around 3$+. I didn't pay this amount of fees in my crypto history. If it continues to take higher trx fee then I will not use ETH to pay thourh ETH.

That's so true! In my opinion, launching ETH 2.0 not only can't reduce the fee but also increase them! As we can see, many people are waiting for the launch of ETH 2.0. The reason is that they believe when ETH 2.0 launched, there will be a bullish season for altcoins. Therefore, it can be a factor to even skyrocket the ETH transactions fee!

Transaction fee increase as the transactions increase and the network gets bloated or congested, this has been a long standing issue with ethereum network but i think selling now will not be wise just be patient as they are working on solutions and once they are implemented i am sure eth will fly high.

Well the sad thing about moving to another blockchain is that when you own some erc20 tokens in your wallet, you can't use this coins you mentioned above to pay for fees, you will still have to use eth gas, this is really a tough situation with eth high gas rate, it is getting difficult everytime and it is not making transactions easy, now I can't make small transaction in my wallet because gas fee is way too high.

Yes, for the time being what happens is to enjoy the fact that this is already a decision. if we do not follow the rules of how we want to perform transaction actions. I hope we can go back to the beginning but is it possible? because they also want to enjoy the results obtained. so we have to be patient and don't make transactions with a small value because it is clearly detrimental and must get used and be patient until the value is commensurate.

Even with the ETH 2.0 launch, it will take at least a year for the transaction fees to go down because AFAIK ETH 2.0 will be launched in three phases. Phase 0 which is now phase 1 which is mainnet without smart contracts and phase 2 which will include smart contracts.

Whenever the price of a coin gets doubled or tripled in real short time then more and more people will be interested on buying and selling thoe coins which is the main reason for the transaction prices to gets increase.Few months back the same people suggested ethereum if they want to avoid the high fee of bitcoin transaction but now the things were changed.Maybe some of the people will go for other cryptos but most of them will decide to hold and wait for the normal days.

Even now, the gwei has reached 320 for one transaction, this is going up too fast. I also had a pending transaction when the gwei was still 200 yesterday, and it looks like it will be very difficult to get confirmation.

Eth lovers will prefer to hold no matter what, most especially the whales but I believe things will change with eth network after 2.0 get launched soon, this gas fee issue won't affect the big players, only those with small eth coins will be affected

i prefer to hold transaction of some erc20 tokens, because high fees make me hold it temporarily, rich people think ETH transaction fees are cheap, for us small players it is very expensive, I want to sell my tokens on UNISWAP exchanges but I think it will large transaction fees

i use ethereum just to gamble, i have never held an ethereum since GWEI is increasing day by day because i know one day i will have difficulty sending the ethereum due to the transaction fee is too high, well for, but for now I lock up the intention to move ethereum from my wallet so that GWEI is back to normal as before.

If you plan to transfer your balance regularly then its better to move to other altcoins to lessen the fee you need to use for every transaction. If you are just a holders and want only profit you can stay in ETH since its for investment not for regular use.




no only tokens is base on ETH we have many altcoin that can be use for low fees like tron and trx .

i was surprised when you post this and i went straight to https://ethgasstation.info/ and it is very expensive gas I also don't know with eth I have now whether I should switch to LTC or Doge. this really kills us

Maybe you should take a look at what ETH 2.0 exactly is : https://consensys.net/knowledge-base/ethereum-2/faq/


Now guess which phase will have the scalability solution for the whole network ?
Developers could introduce some ad interim solution to get a grip on gas fees, but so far nothing conclusive has emerged and i doubt all users will see the benefits from that.

And there are enough Altcoins out there that have their own blockchain, and don't rely on Ethereum network.
Switching will be a simple case of reviewing Altcoins on speed, transaction fee cost and usability.

With Dash that will be : 2-4 seconds, $0.004 cents, high usability

I hope ETH 2.0 will be released soon and transaction fee issue will be solved. We can't switch to another coin because most of altcoins now are based on ETH blockchain network.

Of course, people would leave ETH and switch to other coins with lower transaction fees. Currently the Ethereum network is indeed congested, making the required gas higher than usual. But I think this is a sign that the ETH price will increase dramatically like in 2017.

Why on earth are people still using Ethereum for transactions, when they know (or should know) :

ETH network is congested (95% network utilization)
ETH network has an exponentially rising gas price, that is breaking ATH records every day (currently $6,04, which is the highest fee since 2015) --> https://www.coindesk.com/decentralized-finance-frenzy-drives-ethereum-transaction-fees-to-all-time-highs
There is no short term scaling solution, ETH 2.0 phase 1 and 2 are years away and phase 0 contains no scaling solution and only has a soft target for end of this year. Truth is Ethereum was never designed to handle such loads of transactions traffic, it was designed to be a decentralized smart contract platform. With such rising gas price, Dapps developers and users will feel forced to leave Ethereum.Which means Ethereum primary use case (smart contracts / Dapps) will be under threat.
 
Lets take a look at Dash :

Average transaction fee : $0,004 cents (https://terminal.bytetree.com/dash, featured charts)
Avarage transaction time from sender to receiver and with amount getting spendable by receiver : 2 to 4 seconds
Transactions are protected against doublespending  
Network can scale rapidly on-chain safely by increasing its blocksize from 2MB all the way to 8MB (this has been thoroughly researched and tested), which can be done quickly through Dash governance system (which already approved a blocksize increase from 1MB to 2MB way back in 2015)
Network is protected against 51% attacks

Focused on providing in the short term : an user-friendly experience by introducing blockchain names (making it so easy that your grandma can use it), blockchain identites, a decentralized api, a decentralized drive for data storage,
data-driven smart contracts, a payment wallet Dapp called DashPay that will utilize the above. All through Dash Platform, which will be on Dash testnet end of this year.

Be smart, use Dash.
Dash is digital cash.

Klaytn is good in my opinion because the network is similar to ethereum, transaction fees are very cheap and also transaction speed is very fast, it's just that there aren't many tokens made using Klaytn network not many and also not yet developed like projects that use ethereum network, but for Klaytn tokens themselves currently they are almost chasing the ATH they have ever achieved, for Avalanche I'm not following this project but as far i reminder they currently developing their token and also avalanche blockchain network.