ETHEREUM: THE RAPID FLUCTUATIONS IN GAS FEES

Rengga Jati

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Quote from: Rebek on November 03, 2021, 04:50:35 PM

-snip-

It doesn't only happen in every 6 hours. In every second, the gas fee is changing.
That is why when we are going to transfer ERC20 tokens, it will be very important to check the recent gas fee for transaction before sending.
And we can wait whether it seems to have decreasing fee or not.
In fact, rights now itself, the gas fee is around 153 gwei for only low transaction, this is very high, isn't this?
And commonly I will delay transferring and waiting for lower gas fee, at least at around 70gwei

Jaered

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That is ethereum for you in a nutshell, and I avoid it like the plague. Its untouchable. I stopped using it honestly when I was faced with an option of send a token worth $30 with gas worth $58. Crazy stuff here

mdzahed134

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Quote from: Luffygroove on November 15, 2021, 12:23:19 AM

I faced the same issue as you but the difference is my transaction was pending for 3 days and I can't stand it then I decided to cancel it with additional fees of course lol. However, we can't do anything about it for now. Take it or leave it. If it's really urgent to do some transaction with ethereum then be it.

Most provably it could be you made transaction with a little bit low gas fee which was below required fee according to ethgasstation or etherscan that's why transaction was pending three days. You have to spend another massive fee to cancel pending transaction i badly face this issue when i see my transaction is go pending more than a week and i cancelled it by metamask.

livingfree

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Quote from: Muslimin mj on November 17, 2021, 12:42:26 PM

although the transaction fees using the ethereum platform are very high, it doesn't make the price of ethereum go down. but few new altcoins are using the ethereum platform due to high transaction fees. and if you want to speed up then you have to increase the cost of the gas needed. if you take the lowest gas then you have to wait a long time for it to be confirmed.

Every transaction that happens in the ethereum network, they're all expensive in fees.

ERC20 and eth are not yet seen to be going down in fees. More than 150 gwei in fees and that's totally a lot that no one will be forced to pay sums of bucks just to continue transaction.

Muslimin mj

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Quote from: Rebek on November 03, 2021, 04:50:35 PM

The ETH blockchain is a crazy place to play now. So I initiated a transaction about 6 hours ago, the transaction took 6 hours before it finally got confirmation on the Ethereum blockchain network, I nearly did the cancel/replace option. First and foremost, I did my checks on ethgasstation and etherscan.io/gastracker before initiating the whole transaction and realised the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided to use 100 Gwei (~$24) yet look at the stress I've been through all day. ETH blockchain is messed up now. What happened to ETH 2.0?.

Imagine if the transaction had failed after 24 hrs, I would have no choice but to cancel/replace the pending transaction with a higher gas fees. Clearly, with a failed transaction, ~ $60 worth of ETH would just go waste🗑

although the transaction fees using the ethereum platform are very high, it doesn't make the price of ethereum go down. but few new altcoins are using the ethereum platform due to high transaction fees. and if you want to speed up then you have to increase the cost of the gas needed. if you take the lowest gas then you have to wait a long time for it to be confirmed.

RussianEnglishTranslation

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Quote from: Rebek on November 03, 2021, 04:50:35 PM

The ETH blockchain is a crazy place to play now. So I initiated a transaction about 6 hours ago, the transaction took 6 hours before it finally got confirmation on the Ethereum blockchain network, I nearly did the cancel/replace option. First and foremost, I did my checks on ethgasstation and etherscan.io/gastracker before initiating the whole transaction and realised the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided to use 100 Gwei (~$24) yet look at the stress I've been through all day. ETH blockchain is messed up now. What happened to ETH 2.0?.

Imagine if the transaction had failed after 24 hrs, I would have no choice but to cancel/replace the pending transaction with a higher gas fees. Clearly, with a failed transaction, ~ $60 worth of ETH would just go waste🗑

My last transaction was quoted at over 500 usd, fk that. I've moved all of my funds to Fantom and NEAR protocol and now I farm exclusively on Spookyswap and Ref Finance. Never looking back.

Luffygroove

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I faced the same issue as you but the difference is my transaction was pending for 3 days and I can't stand it then I decided to cancel it with additional fees of course lol. However, we can't do anything about it for now. Take it or leave it. If it's really urgent to do some transaction with ethereum then be it.

However, I'm confused about the smart contract mechanism. Probably one of you could help me. A project claimed that they distributed airdrop and bounty rewards using their dAPP (smart contract) and set the gas fee at 60-ish gwei. So, if the gas fee touches that point, the rewards will be distributed automatically. But, yesterday the gas fee even touched 53 gwei but nothing happened. What's actually happened? and how the mechanism should be?.

vermigerous

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Although Ethereum network has improved and it's price really takes a high peak, we should expect it's ethereum gas fee to reach high also, but not quite for long time, i think there would come times it goes down its gas fee and we just have to wait for the good timing to have a lower gas fee for ethereum transactions.

aprilnot

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Quote from: Rebek on November 03, 2021, 04:50:35 PM

ETH blockchain is messed up now. What happened to ETH 2.0?.

ethereum 2.0 is still in development and testing stage. You can find the latest update of 2.0 on your favorite cryptocurrency news website. but I don't think this is coming anytime soon. seeing this mess it's better not to make transactions using the ethereum network until they have a solution to this problem.

Quote from: Rebek on November 03, 2021, 04:50:35 PM

Imagine if the transaction had failed after 24 hrs, I would have no choice but to cancel/replace the pending transaction with a higher gas fees. Clearly, with a failed transaction, ~ $60 worth of ETH would just go waste🗑

this is the biggest problem with ethereum, their network is not friendly. and there's nothing we can do about it. we can only surrender. I personally haven't used ethereum for more than 6 months, even though the erc20 token I have has gone up in price. I never once had the thought of selling it, because the fees transaction with the profit earned was not comparable. and it would just be in vain.

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Quote from: Nazmul012 on November 14, 2021, 08:23:47 PM

You may know metamask, Trust wallet, set auto eth fee during sending but myetherwallet, blockchain let you set it manually. don't set gas with hurry because i notice gas price keep changing each eight-ten seconds later. Sometimes it suddenly increase a lot within eight-ten sec from its previous one. So you if check 98 gwei & set 100 gwei, it could verily possible gas increase around 150-160 gwei within next eight-ten sec So suggest you to track gas price for 4/5 minutes, otherwise same will happed with you and so your transaction get stuck even giving more fee than required. It might not be fail but taking long time to done, is really irritating. Eth update is sleeping, it need time to have its development done

This to me is a BIG SHAME for Ethereum as practically the network failed especially the small and ordinary users like me. In the past, one can easily send an ERC-20 token or coin to an exchange from a wallet even if it is just worth $5 because the gas fees required is so negligible but doing that today is tantamount of being insane. Right now, I have an ERC-20 coin in MyEtherWallet and I could not yet send it to an exchange due to impossible transaction fees required and sometimes I feel that we are left alone without any help coming from Ethereum.

yazher

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I'm afraid to say that there's nothing we can do about it right now since the traders are willing to pay no matter how much the transaction fees are. The only few people who are affected are those who are making small transactions which now requires them to pay gas fees more than they paid for a product if it is cheap. If only Ethereum can fix this problem right away, it cannot be defeated by its competitors who have worked hard for the remedy this kind of problem.

Nazmul012

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You may know metamask, Trust wallet, set auto eth fee during sending but myetherwallet, blockchain let you set it manually. don't set gas with hurry because i notice gas price keep changing each eight-ten seconds later. Sometimes it suddenly increase a lot within eight-ten sec from its previous one. So you if check 98 gwei & set 100 gwei, it could verily possible gas increase around 150-160 gwei within next eight-ten sec So suggest you to track gas price for 4/5 minutes, otherwise same will happed with you and so your transaction get stuck even giving more fee than required. It might not be fail but taking long time to done, is really irritating. Eth update is sleeping, it need time to have its development done

makishart

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Quote from: Torps1 on November 05, 2021, 03:43:48 PM

The ethereum network is really making things look so difficult nowadays. I am also having similar situation.

The whales are still actively using ethereum blockchain to trade as their profit can be used to cover all of their transaction fees.

Quote from: Torps1 on November 05, 2021, 03:43:48 PM

I have a token which I intend to swap for ethereum and withdraw from my metamask but the transaction fee alone is bigger than the actual money that will be left after deduction.
Infact, I need help here.

It's quite difficult because none can help you caused by a transaction fees in ethereum can be used to buy lots of pizzas. Cheesy

Quote from: Torps1 on November 05, 2021, 03:43:48 PM

I'm thinking of bridging the token to Bsc network and withdraw using Bsc network even though I would still pay bridging fee.
What do you think...would that be a better idea?

If you're using assets that can be bridged just like USDT, ETH, and any other asset that will let you to swap it from ethereum to the BSC asset and then just do it but the question is bridging was also forcing you to pay big fees. If you can afford it and just do it but remember if you didn't wanna deal with non sense fees in ethereum blockchain and you must use BSC asset rather than buy ERC asset. I have been migrating from ethereum to the BSC and Polygon.

Ozero

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Quote from: bitcon on November 05, 2021, 01:40:54 PM

Ethereum is bad for active work on the crypto market now. It costs too much just to transfer money, but when you invest in a defi-project, you need to run at least two-three transactions so it will take more than 100$ in total. I would recommend you to switch to another network and try Polygon or Binance smart chain that have a huge ecosystem like Ethereum has, but at the same time they are very cheap.

Given the current situation, I just don't use the ethereum network right now, unnecessarily. Everything has its time. In May-June next year, this network will switch to the PoS algorithm, the Ethereum 2.0 update will come to an end and, perhaps, in the middle of next year, transactions will become much cheaper.
Now you just need to come to terms with the congestion of the ethereum network and temporarily use others.

Mamun74

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I think,If you are small investor then very difficult gas fee for You. Now ETH transaction impact very high.Always high Gwei 100+. ETH transaction network evry gas fee now 20$-25$ so it is very high small investor.So we should wait for upgrade 2.0.I think they will upgrade 2.0 as soon as possible and solve this Problem.

el kaka22

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Quote from: Torps1 on November 05, 2021, 03:43:48 PM

The ethereum network is really making things look so difficult nowadays. I am also having similar situation.

I have a token which I intend to swap for ethereum and withdraw from my metamask but the transaction fee alone is bigger than the actual money that will be left after deduction.

Infact, I need help here.
I'm thinking of bridging the token to Bsc network and withdraw using Bsc network even though I would still pay bridging fee.

What do you think...would that be a better idea?

I have many under 20$ stuff in erc20 and I can't withdraw them neither. There is about 218 dollars total there, none of which that I can withdraw right now because it is spread into many smaller stuff, none of which worths to swap because of how expensive gas fees are. So, I agree with you that ETH needs to find a solution for this, otherwise I do not see them survive for too long. However, the moment people start to leave for other coins or tokens, that usually means there are less transactions and that ends up with the gas fee going down which makes ethereum popular again and then gas fee goes up again. It is a vicious cycle that I do not think that we would see it changed.

Teknisi88

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Crypto price fluctuations are difficult to predict. When one crypto asset goes down, another may actually go up. So not all assets will go down at the same time. For example, you have Bitcoin and Ethereum. At some point Bitcoin goes up, and Ethereum goes down or vice versa.
The condition of price fluctuations can be very detrimental to crypto users who do not diversify their assets. Because by owning a variety of different crypto assets, you can avoid serious losses, because there are other assets that can be used as a foundation or even cover the losses of other assets.
Well, if you have spent capital to buy only one type of asset and are just thinking about diversifying your assets, you can exchange these assets into various other types of assets without the need to buy from scratch. The trick is to register on the Remitano exchange and use their swap feature.
That's roughly what I think.

cryptoaddictchie

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Quote from: Rebek on November 03, 2021, 04:50:35 PM

Imagine if the transaction had failed after 24 hrs, I would have no choice but to cancel/replace the pending transaction with a higher gas fees. Clearly, with a failed transaction, ~ $60 worth of ETH would just go waste🗑

So to avoid this, either pick up a new blockchain that has smaller fees and avoid eth, cause the fees is not good for retailers and small quantity of trades would be worthless if the gas fee to pay is too high. Not good on ethereum side as customer and users are jumping ship to other projects but what can users do, its not like we will monitor the lower fee sched for using the network.

letyouearn

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Ethereum blockchain sucks badly and everyone is pretending that everything is alright here

Decentralisation, anonymity, fast and low cost transactions!.. Do you remember all this shill crypto spam coming from every blog or channel?
The king is naked, guys!

magneto

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ETH2.0 I think will solve a lot of these challenges.

Unfortunately with the hype around DeFi as well as NFT gas wars the gas prices have been skyrocketing as a result. Nothing you can really do about it if you are strapped for time for your transactions, but if you have the luxury of time I'd wait until the network is a bit less congested and the NFT hype dies down.

Scaling decentralized blockchains are hard but I think ETH can do it in the long run.

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