Ethereum gas fee - page 2. | Bitcointalksearch.org

bluebit25

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

I'm not sure it's complete, but here's what I feel from ETH, reasons why gas fees on Ethereum network are higher than other networks:
- High demand
- Limited scalability
- Fee structure
- ETH value

I find this problem to be actually quite normal as it continues to put a strain on many ETH, high gas fees are a problem for the Ethereum network, and there are also many solutions being developed to solve this problem. Users have the option to use other networks or Layer 2 solutions to reduce transaction costs, as well as the transition to Ethereum 2.0 with its PoS mechanism which is expected to reduce gas fees significantly.

Even so, it is still inevitable that the increase in war activity created by the network does not solve the problems, but it remains a question of whether users accept it, because the service does not serve any individual.

deathcode

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

Transactions on the Bitcoin network also experience the same problem. This may be due to the density of transactions on the Ethereum network which results in transactions requiring more gas to be successful.
This situation has been going on for quite some time, so those who carry out transactions on the Erc network may be better advised to switch to using another blockchain network. This depends on the exchange or your destination whether or not several network options can be used.

ThemFloo

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by network costs. so if you want to exchange to the stock exchange it is more expensive if you go through the ethereum network.
but there are still many options that are cheap.
such as through the bnb network that is cheaper than others.

LogitechMouse

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

Small block size is the main reason why Ethereum has very high gas fees.

Smaller block sizes often lead to network congestion, and knowing how popular Ethereum is, many transactions are waiting to be confirmed. Because of this, it often leads to higher transaction fees because people want to get their transaction confirmed as quickly as possible, and they're willing to pay higher fees for it. This is the reason why Ethereum has high gas fees currently.

TBH, I don't know how Ethereum will solve this high gas fees problem, and to my surprise, there are still many new projects that are being created under Ethereum, and I don't know the reason why.

Silberman

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

It should not be that surprising at all, even if the ethereum developers have made some efforts to alleviate that problem, at the end we are talking about the second most popular coin that exist and that is only behind bitcoin, with the difference there are hundreds of other projects that run above it, so when you think about it we can easily see why the fees on the ethereum network can be higher than what you need to pay with other coins.

Hallroom

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

Currently ERC-20 popularity is very low due to high additional gas fees on the Ethereum platform. If the gas fee was lower, the popularity for it would increase several times more than in the past. Especially most of the projects of BSC20 platform projects are getting more success, that's why all investors are more interested in this BSC platform. If the amount of gas fees on the Ethereum platform is low, then again the popularity of the Ethereum platform will increase.

poodle63

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Quote from: Yogee on February 20, 2024, 05:18:34 PM

I think Zaguru already covered the reasons. Eth transfers could be as low as $1 or less on a good day but it's a different matter when it comes to interacting with smart contracts. It's probably the developers of these platforms on top of Ethereum that sets the minimum gas for transactions to be accepted.

Average prices,
ETH Transfer - 75 gwei or $4.77
Swap - $81.98
NFT Sale $138.54
Bridging - $26.37
Borrowing - $69.55

Data coming from etherscan gas tracker

what baffle is the fact that people sometime are willing to pay that much fee for swapping despite only swapping minimal amount its just crazy to think if i have $200 in form of ERC20 token and I wanted it to convert into Ethereum and along the way i will lose half of it.
but seeing from the ethereum blockchain explorer prominently etherscan showing me many transactions are swapping with irrelevant amount its the fact that people are still trying to hold onto ethereum as much as they can.
even though if you think about it, there are so many L2 why nod developers and people take advantage of that for the sake of saving money.
ethereum right now doesn't make sense, the other blockchain aside from bitcoin only maxed out at few cents for transactions in ethereum its definitely entire different world.
i guess it was right that ethereum is the blockchain for rich people.

Bureau

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Network congestion is the primary reason why the transaction fee goes up. Everyone wants thier transaction to get confirmation faster which leads them to pay high fees. The high fees results in congestion of the network again which leads to more high fees. This is an ongoing issue with the Ethereum blockchain. If you want to pay less fee the use layer 2 solution on the Ethereum blockchain.

Pi-network314159

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

What I will tell you is that if the transaction fee is high, and you are using a CEX exchange, you should sell it off and buy Tron, BNB or LTC and send to the next exchange and sell to USDT and buy ETH rather than spending unnecessary fee. Many people who find themselves in this situation has find one way or the other to make sure the find solutions to high fees. Just as bitcoin transaction fee is so high, DEX like trust wallet and people used multisig wallet like electron or blue wallet to move btc with a lesser fee, so you should device a means to move it without undermining the charge involved. It is only those who don't have knowledge on how to manoeuver it will complain. You can also check above comment to check the one that suits your curiousity.

JeffBrad12

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because so many transactions get executed, even when the transactions aren't so crowded the gas fee is already high because gast cost is high, mainly caused by the fact that ethereum is quite expensive and maybe the devs never expected that ethereum could be this big but maybe im wrong, as you can see in matic even if gas cost 150 gwei its still cheap because matic itself is cheap so people won't sweat spending 0.1 matic for transaction like swapping or NFT buying for example but imagine same scenario playing out with ethereum, a transaction requires 0.1 ethereum that'd be massive and people will definitely complain thats why the transaction fee is kinda high with ethereum because ethereum itself is priced so high.
added with the fact that swapping and bridging or something like that require high gas because there are many smart contract method being called so of course the fee will multiply significantly if compared with just sending ethereum usually 2-3 times of sending ethereum.

Bitcoin_Arena

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If you are withdrawing from an exchange, most of they kept the Ethereum withdrawal fees much higher, making users think that Ethereum fees were as high as they used to be a couple of years back. But the gas fees have dropped as compared to some time back, and the major reason they were so high was because the network was bloated with so many transactions and smart contract calls. In order for one to have their transactions confirmed ass soon as possible, they had to pay very high gas fees.

Kavelj22

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Ethereum relies on a proof of stake mechanism, which requires a large amount of energy to process transactions, which raises the cost of transactions.
Ethereum faces scalability challenges, which means it is difficult to process a large number of transactions at the same time.

Ethereum is working on updates to improve scalability and lower transaction fees, but these updates have not yet been fully implemented.
Speculation also plays a role in high Ethereum fees, as some investors buy Ethereum in the hope that its price will rise, which increases demand for the currency and raises its fees.

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I can't remember when last i did perform a transaction through Ethereum network since last 2 to 3 years I have just space that network, if want to make withdrawal or exchange to exchange I do prefer other network such TRX, LTC, Doge and matic or even BNB with this transaction are more faster and cheaper than using Ethereum network. Whenever someone made mentioned of it it flashes my mind on expensive that network seems to be and for that I have gradually avoided all coin listed in that network except for a trade in exchange i can buy them and trade with it over there after which I sell it of to the currency that can be easily for me to withdraw without passing much stress.

Yogee

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I think Zaguru already covered the reasons. Eth transfers could be as low as $1 or less on a good day but it's a different matter when it comes to interacting with smart contracts. It's probably the developers of these platforms on top of Ethereum that sets the minimum gas for transactions to be accepted.

Average prices,
ETH Transfer - 75 gwei or $4.77
Swap - $81.98
NFT Sale $138.54
Bridging - $26.37
Borrowing - $69.55

Data coming from etherscan gas tracker

batang_bitcoin

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It simply means demand. Despite that there has been scalability issues ever since with Ethereum, it's still being liked by its major community. You see that despite that there have been some other chains that are supporting the other altcoins, there's still a huge demand for it.
Because if there is none to little, it only means that the fees will come down. It's been so long since I've transacted with Ethereum or with an ERC20 token because I am dismayed with the fees so if there's an alternative network, I choose that.

btc78

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Both ethereum and bitcoin have high fees. This is due to network congestion. In a congested network, miners and validators are those who handle these transactions. In handling transactions, miners and validators need to be incentivized. Both coins have only limited space for transactions hence why miners or validators tend to favor or prioritize those who will pay more especially if the transaction requires huge energy. They have different kinds of calculations for fees. Basically their fees depend on different factors.

Ethereum operates or charges gas fees because their fees depend on the gas consumption needed per transaction meanwhile bitcoin operates or charges transaction fees based on the size of the transaction itself. Basically both coins have high fees however ethereum is a tad bit higher.

tyz

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

Ethereum fees are high due to several factors. The high fees on Ethereum are a result of the network's popularity, limited block space, network congestion and the focus on security and decentralization. Ethereum 2.0, a network-wide upgrade aimed at making the blockchain more scalable using PoS, is being developed to address the issue of high fees. This upgrade is expected to improve the scalability of the network and potentially reduce fees in the future .

Zaguru12

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This is scalability problem. The Ethereum network is not scalable enough and just like the bitcoin network, transactions are limited to be included in a block. This limitation causes congestion on the network and that leads to the high fee on Ethereum network. Part of the reasons why it is the most congested network is because of the smart contract build on it network. If you look at the case scenario when inscriptions were built on the bitcoin network you could see the congestion too which causes high transaction fee.

There are other second layers recently that you can use Like the polygon and arbitrum network

Move thread to altcoin board.

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Quote from: Blackie@5 on February 20, 2024, 12:23:20 PM

Why is it when making some transactions on Eth network the gas fee is always higher than other network?

Gas fees in ETH are pretty stable since after they switch from POW to POS algo due to a huge increase in gas fees last September 2022 so I don't think we can see so much increase in gas fees when making a transaction. However, if you are referring to the gas fee in USD value then it is high due to the recent price increase.

If this is related to exchange when withdrawing ETH or transferring it to another exchange I suggest if you don't want to spend high on fees use other networks with lesser fees but if you are withdrawing it from exchanges to your wallet not a good idea if you are going to use other networks to receive ETH.

And why did you made this thread here in the development section you should move this to ~~beginners help section~~ instead (it just moved to the altcoin discussion).

Blackie@5

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Why is it when making some transactions on Eth network the gas fee is always higher than other network?

Topic: Ethereum gas fee - page 2. (Read 337 times)