Ethereum Gas fees too high - page 3.

qwizzie

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Quote from: BestEarningTips on July 27, 2020, 03:25:10 AM

Hard work on DeFi platforms has led to an increase in the number of transactions, resulting in gas or transaction confirmation costs also increasing because of the limited network speed. Hope next month's TestNet of ETH 2.0 will solve this problem, hope Shardings will have the same positive impact as Lightning

Source : https://consensys.net/knowledge-base/ethereum-2/faq/

Phase 0 has a soft target of end 2020.
Phase 0 will not do anything with regards to Ethereum network getting max utilized (currently at 95%) thanks to DeFi.
Phase 0 will not reduce gas fees and it will not reduce transaction confirmation time.

Ethereum will need Phase 1 & 2 for that (the shard chains), which is planned for later years.
In other words : if DeFi transactions keeps increasing on Ethereum network, it will get slower and slower and fees will get higher and higher.

This has happened once before with Ethereum, in 2018. Thanks to a certain Dapp called cryptokitties--> network congestion and high gas fees.
It has happened with Bitcoin too, during its bullrun in 2018 --> network congestion and high transaction fees.

Both networks are still missing transaction scalability.

Onuohakk

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The ethereum gas fees depends on the value of transaction in dollars. Albeit it differ in gwei, the fastness you want it to deliver on
Here is the link of recommended gas gwei of the amount charged the last 30days on ethereum25 leaderboard
https://ethgasstation.info/

lizarder

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now for "Safelow" has started to go down a few hours ago I had to check on ethgasstation site and safelow is 10 gwei this is not guaranteed to survive, but at least if you want to save on transaction costs it doesn't hurt to use gwei around 10-30, and also if you use Safelow this is only for transactions that are not urgent because safelow usually can take quite a long time, currently safelow has risen to 20 gwei.

Kotone

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Quote from: Thomas-s on July 27, 2020, 03:31:44 AM

such transaction prices will simply kill ETH. many projects cannot afford such a price for sending coins, because many users need to send a small amount of money and the commission may be higher than the amount which they sent

This will be a huge issue on their network but since they are going to migrate soon on PoS, I think they could improve the system of the scalability and this problem with congested network. A lot of projects are relying much to the eth network especially the defi ecosystem. The only solution for now is to send higher gas fee if you are trading altcoins or making any transaction.

pikkie

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Quote from: inanilujimi on July 27, 2020, 04:06:13 AM

It is really strange when approaching the renewal instead of getting better but on the contrary.
it is not impossible that ETH users can switch to another altcoin, choosing the cheaper one when making a transaction.

indeed when making a transaction there will be many people who are looking for other coin alternatives that can provide very cheap shipping costs, ethereum is usually only used to seek the benefits of the miners and investors so that if to make transactions between places of exchange I am sure many who prefer alternative coins which has lower shipping costs.

Docbee

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Quote from: CryptoDost on July 27, 2020, 03:20:28 AM

This post is just to complain, i remember in the past - a year ago - a 10 Gwei Gas price would have your transaction confirmed in few minutes. Now it takes days... Average Gas is now 30-40 Gwei.
We recently paid 5$ on a contract with 10 Gwei Gas price, it has taken almost a week and the transaction still not confirmed, meaning can be rejected !
At least in bitcoin it's all transactions, and it does not pretend to be a chain for deploying or interacting with contracts!

If you have been doing transactions on ethereum Blockchain recently, you would have discovered that it's been some weeks now that the transactions fees has been skyrocketing. Transactions that I used to do with $0.1 before has now turned to around $0.7. This could be due to the increase in the price of ETH among other reasons other members have highlighted.

dragon695

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Decentralized Ascending Auctions on Blockchain

Quote from: Reid on July 27, 2020, 04:19:13 AM

The same goes for bitcoin.

Happens mostly when there is a price increase.
We will need to wait when all the transactions that are stuck are confirmed.
Miners are set automatically to confirm transactions with higher payments.
So those which have paid less will really need to wait until they clean up the high priorities tx.
More will pay more thinking there is still profit after they got out.

This is true! The gas fees of ETH are currently high because the price of ETH is increasing and a lot of people are making transactions with ETH. It not only happens with ETH, but it also happens to every single coin when the coin gets increasing in price. It all depends on you, the more you pay, the faster the transaction is. However, consider it with your profits, if you aren't in a rush, waiting is not a bad thing.

Reid

hero member

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The same goes for bitcoin.

Happens mostly when there is a price increase.
We will need to wait when all the transactions that are stuck are confirmed.
Miners are set automatically to confirm transactions with higher payments.
So those which have paid less will really need to wait until they clean up the high priorities tx.
More will pay more thinking there is still profit after they got out.

Dariusburst

member

Activity: 182

Merit: 10

I've never used 5$ for eth gas fee before, making the amount of ethereum you trying to send is big ? The highest I send was 850$ and I sent that with only 1$ to binance exchange, let's wait for the eth 2.0 to get completed

inanilujimi

sr. member

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It is really strange when approaching the renewal instead of getting better but on the contrary.
it is not impossible that ETH users can switch to another altcoin, choosing the cheaper one when making a transaction.

xOdiumNostrumx

full member

Activity: 1064

Merit: 101

Yea, its getting ridiculous on moments. I dont mind paying 50 cents for a transaction, even if that number is crazy high as well, but everything over a dollar is completely unacceptable in my eyes. A week or two ago I paid more than 10 bucks for a single stable coin swap on Kyber, a number that almost threw me out of my chair. ETH 2.0 cannot come fast enough.

hrunya102

member

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I agree, the price is incredibly high, especially if you work with smart contracts, ETH need to do something about it, now only miners are happy.

Twinkledoe

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★Bitvest.io★ Play Plinko or Invest!

Quote from: CryptoYar365 on July 27, 2020, 03:21:58 AM

Yes CryptoDost sir, Ethereum gas fees 5 times than before. Today minimum gas fees amount over $0.50. If I transfer a minimum amount of assets, minimum gas fees 50 cent huge more. Last transaction I already paid 94 cent which is very much. Please Ethereum authority shout take actions. Please reduce Ethereum gas.

But come to think of it, eth transaction is still cheaper than when you transfer bitcoin from one exchange to another. Even eth tx from one exchange to another is relatively cheaper. But I am wondering with this Eth 2.0, will the gas fee be cheaper or expensive? What change are we going to expect in terms of transaction fees?

Vishnu.Reang

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Quote from: Thomas-s on July 27, 2020, 03:31:44 AM

such transaction prices will simply kill ETH. many projects cannot afford such a price for sending coins, because many users need to send a small amount of money and the commission may be higher than the amount which they sent

Transaction fee has remained quite high, for both ETH and BTC for the last few weeks. It is not as bad as the situation we had in 2017 end, when users were paying up to $50 in fee for a single transaction. But if the trend continues, those days may repeat. The last time I checked, average transaction fee with Bitcoin was going at 102 Satoshi/Byte, which is almost 10 times higher than the normal rate.

Thomas-s

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Proof-of-Stake Blockchain Network

such transaction prices will simply kill ETH. many projects cannot afford such a price for sending coins, because many users need to send a small amount of money and the commission may be higher than the amount which they sent

BestEarningTips

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Hard work on DeFi platforms has led to an increase in the number of transactions, resulting in gas or transaction confirmation costs also increasing because of the limited network speed. Hope next month's TestNet of ETH 2.0 will solve this problem, hope Shardings will have the same positive impact as Lightning

CryptoYar365

newbie

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Yes CryptoDost sir, Ethereum gas fees 5 times than before. Today minimum gas fees amount over $0.50. If I transfer a minimum amount of assets, minimum gas fees 50 cent huge more. Last transaction I already paid 94 cent which is very much. Please Ethereum authority shout take actions. Please reduce Ethereum gas.

CryptoDost

jr. member

Activity: 189

Merit: 1

This post is just to complain, i remember in the past - a year ago - a 10 Gwei Gas price would have your transaction confirmed in few minutes. Now it takes days... Average Gas is now 30-40 Gwei.
We recently paid 5$ on a contract with 10 Gwei Gas price, it has taken almost a week and the transaction still not confirmed, meaning can be rejected !
At least in bitcoin it's all transactions, and it does not pretend to be a chain for deploying or interacting with contracts!

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