ETH high gas fee - page 7. | Bitcointalksearch.org

Abiky

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Quote from: onecall123 on August 18, 2021, 11:33:07 AM

Why is ETH gas still so expensive after London Fork? While we thought gas prices would drop, they have gone insane again. The update won't make any significant difference in normalizing gas prices. The purpose of EIP1559 was not to reduce gas fees. Even ETH2.0 is not about lowering user fees but increasing transactions per minute. It is annoying to pay more for gas, but few people are recognizing it.

ETH needs something more than a simple upgrade for fees to remain as low as possible. This is normal for a blockchain network that's widely popular in the mainstream world. We should give ETH some time before it scales for the masses. It's hoped that subsequent network upgrades will remediate the "high gas fee" issue. There are other cryptocurrencies with lower fees and faster transaction confirmation time anyways. So I don't see high fees becoming much of a concern since people can choose another blockchain network to avoid paying high fees and long wait times. Those who care about decentralization will choose Ethereum regardless of the issues mentioned before. Slow and steady wins the race, so I believe that ETH will remain as the "King of Altcoins" for a very long time. Just my opinion

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Quote from: dhemasm on August 18, 2021, 04:42:53 PM

Quote from: ?? on ??

When eth price increases the gas fee also increase this is a natural way but I think they are developed their system may be gas fee is affordable.

Yeah but the current fee was really hiigh and does not make sense, Almost $3-$5/Transaction and doubled for interacting with any dApps while the others chain have lower fee. Basically the london fork will change it but looks EIP-1599 didn't change really much, The only hope it's upcoming Ethereum 2.0 Update, Let's wait and hope the will become much lower in the future.

You know that Ethereum is not just doing business with ETH token, Rather it the main foundation for other altcoins too, Ethereum smart contract also host other ERC-20 based token, Non-fungible tokens and decentralised finance. so, I think It is not anything matter of concern, Not only Ethereum but also all coins transactions are increased gradually after the bull run. In the case of Bitcoin transaction fees for next block has risen, to around 30/40 usd, so it is very normal that the fee of ethereum will increase as well.

Insomnia family

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The situation gets worse when the price per coin gets higher in the market and one of them is Ethereum. we can see for ourselves that the price of Ethereum has reached its new ATH, and this causes congestion on the network and the transaction fees become more expensive. Many projects are starting to notice the negative effects of high fees, leading them to look for other options in the crypto or Blockchain space. Binance Coin's recent surge in popularity, tells us that people are getting tired of the high fees of Ethereum.

dhemasm

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Quote from: ?? on ??

When eth price increases the gas fee also increase this is a natural way but I think they are developed their system may be gas fee is affordable.

Yeah but the current fee was really hiigh and does not make sense, Almost $3-$5/Transaction and doubled for interacting with any dApps while the others chain have lower fee. Basically the london fork will change it but looks EIP-1599 didn't change really much, The only hope it's upcoming Ethereum 2.0 Update, Let's wait and hope the will become much lower in the future.

Anonymous100

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Quote from: VolkoB on November 26, 2020, 04:33:17 AM

When will this madness end?
Who is willing to pay such amounts for a transaction?

According to data from www.coingecko.com, Today's Gas to ETH conversion rate is ETH 0.00312548. There is currently a circulating supply of 13.9 Million coins and a total exchange volume of ETH11,966,45830930, so there is a possibility that gas costs will continue to soar, be patient.

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Quote from: cryptoknows on August 18, 2021, 02:54:02 PM

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In this age of technology, if you have to pay such a large gas fee, it is really avoidable. We see ether gas fee increasing and that is excessive. As a result, the others platform has improved tremendously. If it continues ether users will change their platform immediately.

I completely agree with you, the paradox of gas prices will never change, with a rise in prices or with a fall, gwei can always be incredibly high and there is no way to fight it. Most importantly, there are already projects that can replace the outdated Eth blockchain developing their own ecosystem. Near Protocol, thanks to its Rainbow Bridge, can connect Erc-20 tokens, which greatly lowers transaction fees, especially when used within the Near ecosystem. In addition, this is not one such project with its own blockchain that is trying to solve the problems of the Ethereum Network, which allows the market of cross-chain projects to develop and offer users the best conditions for using cryptocurrency

Cross-chain might the good solution with high transaction fees, it gave traders and investors hope to continue using the system without worrying about paying a huge amount for transaction fees.

Though still in its early adoption and if succeeded many will take action and start using this system, but for those who are not aware another alternative such BSC is already available, devs are also using this system to handle issues with high fees, giving investors good option in choosing what chain to use.

cryptoknows

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Quote from: ?? on ??

In this age of technology, if you have to pay such a large gas fee, it is really avoidable. We see ether gas fee increasing and that is excessive. As a result, the others platform has improved tremendously. If it continues ether users will change their platform immediately.

I completely agree with you, the paradox of gas prices will never change, with a rise in prices or with a fall, gwei can always be incredibly high and there is no way to fight it. Most importantly, there are already projects that can replace the outdated Eth blockchain developing their own ecosystem. Near Protocol, thanks to its Rainbow Bridge, can connect Erc-20 tokens, which greatly lowers transaction fees, especially when used within the Near ecosystem. In addition, this is not one such project with its own blockchain that is trying to solve the problems of the Ethereum Network, which allows the market of cross-chain projects to develop and offer users the best conditions for using cryptocurrency

Snappycoco

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It is really a big loss for small traders that's why BSC is getting strong. Right now even the EIP 1559 didn't solved the problem rather worsen it. In my country, we have this regulated exchange for crypto where they charge a fix 0.0072 eth for every transaction. Very ridiculous amount for just a transaction fee. Uniswap is even higher in some cases where a 100$ for a single transaction is deducted.

King Khaizan

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The high cost of ethereum gas fees is indeed very heavy and becomes a big problem for crypto users, the current high price of ethereum is also one of the triggers.

and I also thought,
Is it true that the high cost of ethereum gas fees is also caused by the transaction time? meaning that the best time to trade ETH is on a Saturday or Sunday—that's when gas prices are lowest. On the other hand, the least favorable times are Tuesday through Thursday, when the grid is busiest and gas prices are at their highest.

Suharti12

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I always monitor changes in the Ethereum Gas fee when I want to send tokens or make transactions, and if I don't think I'm profiting from the transaction then I will postpone it first.
Because this is completely out of bounds, the high ETH Gas fees really hurt people who want to make small transactions.

NicNacCoin

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Yes we can see that the transaction fee of Ethereum platform has been increased much more than before. Currently, if you want to transfer a token, you have to pay a lot of transaction fees. There are a lot of people There is confusion and people are not able to transfer any coins properly. I think this is going to cause a lot of damage to the Etherium platform. Ethereum now forced Ethereum now forced Ethereum platform Is moving to the Binance Merchant platform. I think this issue should be resolved very quickly on the Ethereum platform.

Baimovic

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Quote from: onecall123 on August 18, 2021, 11:33:07 AM

Why is ETH gas still so expensive after London Fork? While we thought gas prices would drop, they have gone insane again. The update won't make any significant difference in normalizing gas prices. The purpose of EIP1559 was not to reduce gas fees. Even ETH2.0 is not about lowering user fees but increasing transactions per minute. It is annoying to pay more for gas, but few people are recognizing it.

I had thought that the London fork would affect gas prices at this time but it turns out that as you said there is no decrease in gas prices on ethereum even at this time when prices are correcting gas is very expensive on ethereum, could it be vitalik plans to reduce gas on platform transactions they? maybe you know info about it.

onecall123

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Quote from: retnoanjani on August 16, 2021, 06:34:51 PM

Quote from: tabas on August 16, 2021, 10:19:10 AM

Quote from: taufik0911 on August 16, 2021, 09:48:12 AM

even now ethereum gas is still high to make an ERC20 token transaction it takes 12$-30$
this is the problem for ETH blockchains that has not been resolved until now is the high fee even some projects are pending distribution because the fee is too high

We thought that the London hard fork will decrease the fees. But with the looks that we have in the market, there's still not that much effect from that fork.
We have no idea until when we're going to see the fee gets lower.

this is a series of long processes that ethereum does to get to ethereum 2.0
Later there will be several proposals made to regulate gas minimum transactions, hopefully they can be used to reduce gas fees which are too high. It seems that we also have to be patient, at least the gas fee has recently begun to be controlled.
the ethereum network is really strong, the ecosystem is wide, even the high fee gas some time ago was not enough to really bring it down. yes, ethereum still exists, hopefully further developments can really be used to control gas fees.

Why is ETH gas still so expensive after London Fork? While we thought gas prices would drop, they have gone insane again. The update won't make any significant difference in normalizing gas prices. The purpose of EIP1559 was not to reduce gas fees. Even ETH2.0 is not about lowering user fees but increasing transactions per minute. It is annoying to pay more for gas, but few people are recognizing it.

Fatunad

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Quote from: retnoanjani on August 16, 2021, 06:34:51 PM

Quote from: tabas on August 16, 2021, 10:19:10 AM

Quote from: taufik0911 on August 16, 2021, 09:48:12 AM

even now ethereum gas is still high to make an ERC20 token transaction it takes 12$-30$
this is the problem for ETH blockchains that has not been resolved until now is the high fee even some projects are pending distribution because the fee is too high

We thought that the London hard fork will decrease the fees. But with the looks that we have in the market, there's still not that much effect from that fork.
We have no idea until when we're going to see the fee gets lower.

this is a series of long processes that ethereum does to get to ethereum 2.0
Later there will be several proposals made to regulate gas minimum transactions, hopefully they can be used to reduce gas fees which are too high. It seems that we also have to be patient, at least the gas fee has recently begun to be controlled.
the ethereum network is really strong, the ecosystem is wide, even the high fee gas some time ago was not enough to really bring it down. yes, ethereum still exists, hopefully further developments can really be used to control gas fees.

It is gradually going down compared on few days where gas were too high.Honestly im not really surprised that the recent London fork update didnt really make such impact or able to resolved high gas fee issue
but we know that effects cant be shown in instant.Let alone for several months to pass and also you could actually check out if you are really that eager to make transactions.
Gasnow.org is the site ive been visiting whenever i do have some transaction but if the price is still high then i dont have any choice but to pay up.

retnoanjani

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Quote from: tabas on August 16, 2021, 10:19:10 AM

Quote from: taufik0911 on August 16, 2021, 09:48:12 AM

even now ethereum gas is still high to make an ERC20 token transaction it takes 12$-30$
this is the problem for ETH blockchains that has not been resolved until now is the high fee even some projects are pending distribution because the fee is too high

We thought that the London hard fork will decrease the fees. But with the looks that we have in the market, there's still not that much effect from that fork.
We have no idea until when we're going to see the fee gets lower.

this is a series of long processes that ethereum does to get to ethereum 2.0
Later there will be several proposals made to regulate gas minimum transactions, hopefully they can be used to reduce gas fees which are too high. It seems that we also have to be patient, at least the gas fee has recently begun to be controlled.
the ethereum network is really strong, the ecosystem is wide, even the high fee gas some time ago was not enough to really bring it down. yes, ethereum still exists, hopefully further developments can really be used to control gas fees.

BitTraderCute

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Quote from: taufik0911 on August 16, 2021, 09:48:12 AM

even now ethereum gas is still high to make an ERC20 token transaction it takes 12$-30$
this is the problem for ETH blockchains that has not been resolved until now is the high fee even some projects are pending distribution because the fee is too high

if this continuely happen in eth platform , dev team will decided to migrate in other platform that have lower transaction fee. its been for months since unswap fee very high. soon or later if core developer didnt solve this problem i am confidence to said, other platform will take eth capitalization .

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Quote from: masterrex on August 16, 2021, 10:01:23 AM

Quote from: taufik0911 on August 16, 2021, 09:48:12 AM

even now ethereum gas is still high to make an ERC20 token transaction it takes 12$-30$
this is the problem for ETH blockchains that has not been resolved until now is the high fee even some projects are pending distribution because the fee is too high

That's true after the anticipated upgrade and implementation of EIP-1559 Ethereum becomes worst, the gas fees even on Ethereum token transfer is now more expensive than before, but besides that problem, Ethereum developers are boosting with pride that the network has continued to burn millions of dollars worth of Eth it seems that they don't care us the ordinary users. I hope more and more projects will bridge Ethereum to other networks such as BSC or Polygon so that the gas problem will be minimized.

Currently many are working on bridge ERC20 to other blockchains. I also feel that after upgrading to EIP-1559 transaction fees are still high even above 30gwei with fees for swaps on Uniswap in the range of $50. Maybe the implementation of cheaper costs occurs after December

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I really can't see the point of pay $6 (in ETH) for billions of tokens to the spend a further $25+ on ETH transaction fees - It's just not sustainable to have a system where the TX fees are 400% of the cost of buying a product.

If that corresponded to the real world, a small "budget" car would cost $ 100,000

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Quote from: Ruvi2000sew on August 16, 2021, 01:51:39 PM

I'm hoping there will be an alternative to Ethereum that is as good as or better than Ethereum. Gas costs have risen to the point where I can't even sell some coins for cash. I'm no longer able to utilize Ethereum as a Bitcoin substitute; I'm hoping that things will improve in the future.

Bitcoin substitute?

You have eyes, but you are too stubborn to see the truth. Why all the wailing and mourning about Ethereum, yet the solution is right there in front of you. Right now, Bitcoin transaction fee rates are so cheap and the mempool isn't even congested. All that matters is the size of your transaction inputs and outputs.

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Quote from: taufik0911 on August 16, 2021, 09:48:12 AM

even now ethereum gas is still high to make an ERC20 token transaction it takes 12$-30$
this is the problem for ETH blockchains that has not been resolved until now is the high fee even some projects are pending distribution because the fee is too high

Although Ethereum transaction fee lowered to $12-$30 or sometimes $60 above, it is still higher than the transaction fee of other blockchain network like bsc. After the London Ethereum upgrade, I though there is a huge changes in Ethereum gas fee but still no effect. I don't think if there will be any changes after two to three months. I just think Ethereum is still on adjustment process right after the upgrade, so I will wait more time.

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