Topic: ETH high gas fee - page 32. (Read 23741 times)

ETH overhaul is still long approach also so in the event that you truly need to make exchange the best strategy is simply exchanging over. I think until further notice everybody won't try to execute with ETH if the gas costs are high similar to this, possibly they move it by purchasing another Altcoin and afterward selling it with that Altcoin in return.

Completely agree with you, mate. The costs on the ETH blockchain are insane right now. Nobody will want to use "De-Fi" platforms which require you to pay a high fee in return. Only the wealthy will be able to participate in the system, greatly defeating the purpose of crypto/Blockchain tech. At least, there's a temporary solution to remedy the issue called the "ETH 2.0" upgrade. It'll help with the reduction of fees and transaction settlement times within the short term. For long-lasting effects, dApps are going to need to rely on second-layer solutions like the OMG Network and ZkSync. Otherwise, history will repeat itself as ETH becomes clogged up with loads of transactions by people in the mainstream world.

Nonetheless, I wouldn't worry about ETH's fees rising since there are a plethora of options to choose from on the crypto market. People can easily switch to another blockchain network if they don't feel comfortable with ETH. Competing chains like TRON, EOS, Binance Smart Chain, and even Tezos, have better transaction capacity than Ethereum, resulting in lower fees and faster transaction confirmation times for everyone. The only downside is that most dApps are available on the ETH chain, while its competitors lack mainstream adoption. As long as Ethereum remains decentralized and censorship-resistant, nothing else matters. Just my opinion

And then they were so smart to do their airdrop too. Free money for a lot of people, and just brought them a ton of new users, whether or not many actually stayed on didn't make a difference to them I guess! Fees going up is a pain but it's a small price to pay for ETH holders I guess.

I have been paying such fees especially when dealing with lending and borrowing smart contracts. it is not easy. the fight to replace eth is had but it will surely happen. most projects are already moving out to other platforms. we will see more happen in the near future. we are meant to understand that ethereum 2.0 is live but we are yet to see the impact.

doing transaction on decentralized exchange are known to be slow but except maybe on that uniswap that time because it was trendy and many users are actively using it and add in the high gas fee which makes the transaction more faster but at the same time the heavy users on the exchange and on the eth network can also cause a delay .

 now that the uniswap hype is done the fees are also going back to normal and i cant say if that is because of the eth 2.0 update .

ETH is charging high gas fees which is hurting not only me but everyone who is associated with cryptocurrency.
Since most cryptocurrency coins or tokens are made in the Etherium blockchain,
So their transition is through Etherium.
If ever ETH high gas fee is reduced then Kipto Lovers will benefit.

LOL, that was when uniswap became trending which a completely decentralized exchange that is easy and fast when doing the transaction. More and more token that time which is an erc20 or using the ethereum network. This is the reason why at the moment of the OP write this thread the gas fee is so high. Anyway, the upgrade does good in the process and now gas fee are currently low.

The update to fix the scalability problem is not rolling out yet and you guys should forget to think the tx fees of ethereum can do down asap. 1k TPS is just your assumption and the actual result of TPS will be different than what already stated before. You should remember if there might be a possibility for the update will not give a lot of changes.

It all depends and you can set it to a lower fee depending on how much the network requires. You should always check the recommended gas/fee for you to have a successful transaction. Honestly, I don't have a problem with the fee.
2.0 shall solve its scaling issues including the fees.

Actually, I can agree with you that there is no direct correlation between eth 2.0 and the reduction in gas fees that have occurred so far. because I agree that indeed with such a large traffic it is clear that it will compete to provide the best facilities.
It's better to avoid big gas fees by looking at the traffic from ethereum when it's not crowded. You can be sure that gas fees will go down.
but everyone will clearly not avoid it when he or she needs to hurry it is done and there will be a huge accumulation of transactions.

I don't think the gas price will go down with the release of Ethereum 2.0. As with 15 transactions per second, you can make 1000 transactions per second. This is a very huge leap, it's hard to believe in it.

I also experienced the same thing, transactions on the ethereum network require fees above $5, for small transactions will be very disturbed by expensive ethereum transaction fees, I read in several articles if ethereum 2.0 will solve the problem of expensive transaction fees on the ethereum network.

60 gwei means nothing if the gas limit is very high and your tx will be having a very high tx fee ( probably more than a dollar)
Ethereum gas fees will never be stabilized and the only chance to implement the sharding solution can be a lot of advantage to the users. When the chain can process more txs and that means there will be no a lot of queue to be included in the block. It will decrease the fees of ethereum chain.

well its not make satified many people, some people happy with current gas but for another people its still too high. but we have to look another factors from this gas , is it caused by traffic or latency in ethereum network. if it caused by traffice , we should be happy because many demand or traders using eth network and it mean in future or present eth price will increase. dont just look at gas price only, but we have to look another sight from it.

Maybe the full implementation of ETH 2.0 and the alternative transfer by different projects will speed up the process. I also don't like to pay a $6 fee for ERC-20 token transactions but it is what it is. IDEX and similar tokens traded exchanges can ask the average GAS fee per token transaction which is higher than $6 but waiting for less network activity can decrease the total paid fee. The high GAS fee is something for the small transactions because both whales and small traders are not able to pay over $3 for the small ETH transaction. Maybe this policy will change one day in favor of the small traders, at least I hope so.

for now, GAS is only around 60 Gwei, for me this is quite expensive,
if Ethereum can stabilize their GAS at only 10 GWEI I am sure traders will also be very happy

Only Impatient people will agree to pay whatever amount they are told to pay, but I would understand if they pay, maybe they are in need of it urgently, it's not like I the TX fee is always that amount sometimes it's higher than this and sometimes it's very low, so if you don't need your eth urgently kindly exercise patience till the network is no longer congested, then you can make your transaction at a low tx fee, but if you need it urgently you have no other choice than to pay.

It will show a sinusoidal pattern. It will go up, come down and again go further up. It depends on the the load on the nodes resulted by the fluctuations of demand. Also when a coin matures and gets more stable, the fee might be increased compared to others. Let's hope everything will be back to normal in the near future.

That's not true because what increases is the GAS not the Gas value in BTC. If it's the gas value to BTC that increase then people won't shouting about how high the gas fee is.
Moreover it's affected by the rise of BTC as well which makes the gas doubled the initial fee before defi craze comes out.

Though as of now it's already getting better and better. The ETH 2.0 sharding may really takes an effect this time to the fee required for transaction.

Where have you been Eth2 is live since Dec 1,  block 0  https://beaconcha.in/block/0  (Beacon-chain 01/12/2020
Original Proof of Work Eth block 0  https://blockchair.com/ethereum/block/0 (Ethereum-chain 2015-07-30)