Topic: ETH/ERC20 - Check and select good Gas price (Read 976 times)

After almost one year, the Gas price on Ethereum network was pulled back to where it began a crazy rise.

According to GasNow's Gas Price Forecast, you can have a Fast transaction with rate for Gas Price at 20 Gwei, Low at 18 Gwei, Fast at 22 Gwei and Rapid at 26 Gwei.

It is a very good time to move your ETH or ERC-20 tokens if you have them and plan to sell them on exchanges or swap on DeFi platforms.

With 16 Gwei, you can have average transactions on ERC20 chain. It is very good rate and you can say thanks to DeFi tokens. They have gone and their effects on fees have been blown away too.

https://ethgasstation.info/calculatorTxV.php

You can check the fee from another site and on which you can get the chart for Pending transaction against fee https://www.gasnow.org/

11 Gwei to 16 Gwei can be used to save your fees on ERC20 chain.

My experience with ETH GAS. I am trying to exchange one of my tokens. At that time, gas prices would be around 43 Gwei at the latest. My first experiment was using a Web Browser to connect with Metamask. I chose to use Supreme Gas. I was hoping it would be quick but it isn't. Finally, I installed Trustwallet and swapped here. Surprisingly, with the smallest cost, the time difference is not long with the first try, the process is faster. My exchange was successful. I don't know exactly why the case is like this.
My conclusion for a while is that if you want to make transactions (swap, send) it is more effective to use a wallet application. I don't know if Metamask is any different. Second, choose a time when the network is quiet, for example in the morning or when people are resting this will affect costs.

Having a your transaction stuck as pending could be very disturbing, resulting in cancelation and replacing of transactions at different gas prices or your careful observation on the progress with no definite time frame as you remain unsure of when the transaction would be a success as the system works bases on how congested it is with preference to gas price.

That's why I see this post though not as a perfect solution but, it surely does nail and gives you an idea on how to choose your gas price and an estimation period for transaction success. It's quite a mind elsing post which would save you time and data if applied.

The crazy period on ETH network this year is far away, fee is on the way down to 37 Gwei today ETH Gas Station's Tx Calculator. It is more than 2-fold higher than the fee in early of this year but it is good after 2 months.

I think you can return to use ETH next one to four weeks when DeFi projects won't have big demands from community.

How DeFi is Driving The Spike in Ethereum's Gas Price. Charts highlight DeFi effects very good.

Surely the current situation and fees we have to pay to move ERC20 tokens suck but this ultimately won't last forever once we switch to ETH 2.0 especially for a beginning.

To be honest I even stopped using the Ethereum network a couple of months ago until things get back to normal.

Depends on the network load really, past few days are somewhat decent usually it was 100+ gwei plus don't go with wallets recommended gas price, it will be faster but will burn a whole in your pocket. Even if I go with lowest I get trxn confirmed within an half hour, unless it's really urgent I don't mind it.

Last time I tried to move my tokenin frokdelta last week, the gas price hit 15 $ im use metamask. It was busy when it came to swaps in the defi protocol. That's a very expensive price. Lucky, My Eth balance is only a litle and I chose the lowest price and I just checked the success after a few days pending. Will this last forever? It would be sad if it continued.

Gas price is now dipping to 75 Gwei (for average-paced transactions), according to https://ethgasstation.info/calculatorTxV.php.

Moreover, according to https://etherscan.io/gastracker, with 75 Gwei as gas price, you can get confirmation in 2 minutes.

Will we see days with Gas price is about 21 Gwei in next few weeks? I don't know but now you can enjoy one of good gas price back in later weeks.

Check fees and network before you move your coins or tokens. Sometimes your wallet show's over high fees and if you don't and believe in them you will waste money for fees.

I do not recommend to change the default settings on Myetherwallet or Metamask. This is an advanced feature and should be used only by professionals especially when you are sending ERC-20 tokens. Because if you made a mistake and pay low gas, then your transaction will be stuck or won´t be sent and even that you pay fees. So at the end, you can spend more money than by using default settings .

Everyone makes mistakes, happened to me before too. After that I started to check fees and network like it is my religion before doing any kind of transactions and checking wallet addresses twice just to be sure.

Better to be safe then sorry.

Didn't knew how congested the network was tonight and made a mistake of sending token without checking Ethgasstation and because of that mistake I had to wait for more than an hour for the network to confirm my transaction.

Transferred ETH to my wallet today. The transaction fees surprised me a little. Compared to what was not so long ago, it turned out to be quite high. I have been using the service https://ethgasstation.info/index.php for a long time, it is very convenient and informative.

today ethereum seems to be overloaded because many transactions are delayed and even I make a deposit I have to wait about 40 minutes, if I keep using https://ethgasstation.info/index.php it will have very expensive fees

Presently you don't want mess with ethereum transaction fee (gwei) because of the congestion, fee are pretty high and if you try to adjust manually your coins will be trapped without verify for a long time, even trust wallet warns me now about it

Really a big help not only for a newbie for all of us because I know that not all of us knew about Gwei and how this been used wisely to save some in doing a transfer. And I have to accept myself that not even so familiar to this denomination but only I have to set directly to low fees when sending ETH to another wallet. But I have noticed that 4Gwei is the smallest allowable amount to use (correct me if I'm wrong) because usually, I set on that amount almost of my transaction and I don't have any problem.

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Confirmation may have some delays due to heavy network traffic but still, it arrives at its destination, but if you want to move it faster then we'll have to make it high.

Thanks for sharing this information, really informative for me and probably moreover for other newbies. gas fee always becomes the matter in the crypto world and this always happens to have a certain problem with the amount of the fee and also the speed of the transaction.

Yeah, this is also the main problem that we always face. Moreover, the gas fee is also commonly changing due to the high transaction blocks and they may cost higher in certain hours. yeah, there is a busy time and the cost of the gas fee may be higher than it is commonly. Moreover, on some platforms, the gas fee is also higher than in others. In this case, it is very important to check and recheck the gas fee calculation before the transaction to ensure that we don't spend too much fee for the transaction. moreover, if we are not aware of the transaction fee, it may be silly for it.

In this case, the information completely about the Gwei or gas fee will be very important. We can also find them on certain sites that provides the gas fee explanation for the latest condition. And of course, the fee also is shown on the platform that we used. A higher fee will make speedier transactions. that is what I always think.

Yes you are right, either newbie or professionals, there is no need to go through such farce at all, just import your keys to trust wallet and use the best automatic gwei for instant reflection. Or adjust if it's not urgent. Trust and imtoken wallet does this well

Its not totally random. If you are using a third party app there is an automatic set of gwei that is intended for normal sending of tokens ot even eth. But you can always adjust it to a faster transaction by adding more gwei as per the ethgasstation computation. The default gwei is set to that probably.

Thanks for sharing this topic OPvery helpful to those who are conservative on using fees.

Thank you 1miau and sheenshane. It is a typo and I did not notice it.

It should be like that "Check and select good Gas price (in Gwei) for your needs". It is what I planned to write down (as initial OP has in paragraph contents) but in OP title, I wrote it down mistakenly.
Last week, my transaction with 21 Gwei fee tooks almost 30 minutes to be confirmed. You right that the Ethereum network was busy in latest days.

It's an informative thread most especially to the newbie bounty hunters that commonly they are using Eth for token gas upon selling.

Actually it isn't "Gaswei" and that's a wrong term.

Gwei is a short term for "gigawei" and "wei" the last part which means the smallest unit of Eth. Just like Bitcoin, there is satoshi for the smallest unit.

So, 1 Eth is equal to 1,000,000,000 gwei.

Op, here is the Denominations of Ethereum.


My source.

This for this, I have been using gas calculator for long, in the days when ethereum fees where very low, I just ignore it and use suggested fee. Now this is where I have issues, Imtoken at most times and even trust wallet will fail or pend your transaction, it appears they collect their own charges for providing the wallet and pushes it with small fee, this I believe is Program at auto, someone can correct me if I am wrong but on one occasion, I was charged high on Imtoken but on etherscan a smaller fee was seen.

yes, sometimes people just click send and don't forget to select the gwei
so, random gwei will automatically selected
nice post buddy

Nice collection of useful material to optimize Ethereum transaction fees.  

I've done a transaction of Ethereum a few days ago and used 10 Gwei (far too low) and my tx is still stuck.  
Normally I've been using 4 - 8 Gwei and it was confirmed very fast but recently, the network seems to be very busy...


Check and select good Gaswei for your needs
Do you know if it's really called "Gaswei" (and its abbrevation is "Gwei")?

You acquire not only knowledge but also financial benefits by saving more transaction fees as well as having more healthy life by minimize mentality problems, pressure, annoyance, and other uncomfortable feelings.
I don't know that whether gamers have options to customize their fees when they are playing game. I guess they don't have such like gamblers on casinos. When they are playing games or gamling, no options for them but if they are moving their funds from games or casinos to exchanges/ wallets they can save transactions fees.

Good post and I believe this will help quite a number of users new to ETH. I use those tools also and I consider them common knowledge, but after seeing your post I realized that probably a lot of newbies have no idea about Gas station and similar tools that can save them money and time.

Lots of new crypto users tend to play blockchain games and use metamask to make actions in the game and loose quite a lot of funds by going automatic without any knowledge about gas intricacies.

Check all necessary info on fees and network status (block time) before set up fees and move your funds!

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Transactions on ERC20 usually are done very fast but sometimes you will need to wait longer to get required confirmations on your ETH or token transfers.

On the other hands, transaction fees are always matter for us. We often would like to have fast transactions at as cheap fees as possible. Myetherwallet.com is one of the most used wallets for ETH blockchain. The site recommends transaction fee at 41 Gwei. After login your Myetherwallet, you can see the recommended fee at https://www.myetherwallet.com/interface/send-transaction
It is not always a good fee and sometimes you do need to research and modify fee for your needs. I know a site that can help you doing so.
Check:
ETHGasStation.info.
https://www.myetherwallet.com/convert-units
https://etherscan.io/gastracker

At the welcome page, you will see "Recommended Gas Prices in Gwei"

If you're curious on how transactions will be prioritised to confirm based on different Gwei, you can see at the table TxPool Vision

Back to the Tx Calculator. By default, the Average fee will be chosen but you can modify it (on available fees or customize it further with Other option, then manually type Gwei you want)

You can check fees and the mean time to confirm (Seconds) then make decisions which GWei will be used for your transactions. Moreover, you can check blocktime of Ethereum (in minutes or in seconds)
In minutes: https://bitinfocharts.com/comparison/ethereum-confirmationtime.html
In seconds: https://etherscan.io/chart/blocktime


It is very easy to do but it can do help you to have more comfortable and cheap transactions.

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There are some other alternatives to search for safe Gas price (in Gwei). You can do your own research on 21 ETH explorers that are reviewed on this thread: (Compilation) What is the best Ethereum explorer? (already 21 reviews!!!)

Some examples (from some of explorers)
Etherscan.io
Get it at the top, Safe gas price

Etherchain.org

Denominations of Ethereum
Source: https://www.investopedia.com/terms/g/gwei-ethereum.asp
Credits to sheenshane (that post)

What is Ethereum gas?
Credits to Bitcasino.io

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