Etherum Fees Double In a Week As DeFi Heats Up - page 2.

bocyaj

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Quote from: kolbalish on September 19, 2020, 02:26:18 PM

The average fee for transactions on Ethereum has reached its second-highest level ever, after setting the record earlier this month.

In brief

The average Ethereum transaction fee rose to more than $11, more than double last week’s figure.
Daily average fees still haven’t dipped below $2, continuing a record-breaking streak.
More hash power is being added to the network.

Want to read more?- Go through the link- https://decrypt.co/42365/etherum-fees-double-in-a-week-as-defi-heats-up

Defi not only heats up the fee of ethereum,it also reflect on the price of other altcoin. ETH is the source for the many of the transaction.The sad one is the price of ETH was not back to 350$.Some of holders had loss their hope on ETH .This shows that,until unless,the ETH fee reduced.The Eth price will not back to it's old value.

Bezobraznike

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Quote from: barbara44 on September 21, 2020, 02:15:47 PM

I believe it is not going to be as tough as people claim to be. Bitcoin has around 7-10 dollar fee right now and nobody cares about it, whereas ETh has around 2 dollars right now and people act like it is end of the world. If bitcoin can reach to 10k with 10 dollar price, that means ethereum could at least be 2 thousand dollars with 2 dollar fee as well, there is no need to make an overreaction.

We would want both bitcoin and ethereum fee's to be lower, who would be fine with paying such huge fees, considering there are people who use it from third world countries where 2 dollars is literally a meal price, it is understandable to want it lower. However wanting it lower and not using it for the price are different and I doubt anyone is leaving because it is 2 dollars.

This is not the first time for Bitcoin to have high fees. In 2017 we had higher fees for Bitcoin transactions. This time it's the first
time for Ethereum to have so high fees, people are not get used to it like with Bitcoin. I hope they will work something out very
soon, too high fees are good just for whales, for us who think in lower amounts these fees are too high.

barbara44

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I believe it is not going to be as tough as people claim to be. Bitcoin has around 7-10 dollar fee right now and nobody cares about it, whereas ETh has around 2 dollars right now and people act like it is end of the world. If bitcoin can reach to 10k with 10 dollar price, that means ethereum could at least be 2 thousand dollars with 2 dollar fee as well, there is no need to make an overreaction.

We would want both bitcoin and ethereum fee's to be lower, who would be fine with paying such huge fees, considering there are people who use it from third world countries where 2 dollars is literally a meal price, it is understandable to want it lower. However wanting it lower and not using it for the price are different and I doubt anyone is leaving because it is 2 dollars.

lebregone

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This is what I notice also upon transferring my Eth from one wallet to another, the transaction fee is a little bit crazy because of defi hype that is why I am avoiding a small
ETH transactions as of this moment because I will just waste my money for transaction fees.

I will just hope that fees will revert to normal again so I can use Eth freely again without worrying to it's transaction fees.

Google+

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Quote from: jademaxsuy on September 21, 2020, 10:45:45 AM

It indeed was true and had been experiencing a high gas fee during a small transfer of eth from one wallet to another wallet. It seems that DEFI here really has the capacity to slow down or getting a huge ETH number of transactions. It is indeed a possible reason for the eth network to get congested. However, I do believe also that ethereum will be manage as they had already started the upgrade of their software for ETH 2.0.

With the existence of ethereum 2.0, I also see that there is still no way to determine whether gas costs can be cheap again or not because so far there have been more and more transactions in ethereum technology when there are many DeFi projects created, making solid transactions that make gas prices go up.

Yamifoud

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A lot of people keep complaining about the high fees but still, they're making transactions. If they can wait for a few hours to confirm their transaction, I shouldn't think we need to set it into the highest gas fee. But unfortunately, some want instant and it drives then to make huge fees just to fulfill. It helps anyway, but if this will continue, I can't imagine how fees go far.

Maybe I should have to keep my coins and hold for awhile waiting for the moment that hotness calms down.

jademaxsuy

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It indeed was true and had been experiencing a high gas fee during a small transfer of eth from one wallet to another wallet. It seems that DEFI here really has the capacity to slow down or getting a huge ETH number of transactions. It is indeed a possible reason for the eth network to get congested. However, I do believe also that ethereum will be manage as they had already started the upgrade of their software for ETH 2.0.

tyz

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Quote from: kolbalish on September 19, 2020, 02:26:18 PM

The average fee for transactions on Ethereum has reached its second-highest level ever, after setting the record earlier this month.

In brief

The average Ethereum transaction fee rose to more than $11, more than double last week’s figure.
Daily average fees still haven’t dipped below $2, continuing a record-breaking streak.
More hash power is being added to the network.

Want to read more?- Go through the link- https://decrypt.co/42365/etherum-fees-double-in-a-week-as-defi-heats-up

The situation reminds me strongly on the peak of the ICO hype in 2017 and 2018, when the transaction fees in Ethereum were also extremely high on some days and were partly unaffordable. The fact that this situation is recurring now, three years later, shows how little progress Ethereum (and crypto in general) has made in handling larger transaction volumes. The mainstream adaption is still a long way off and I doubt if the switch to PoS can change that.

poodle63

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the massive fee increase actually kinda render these DeFi apps useless. I mean there might be some major advantake to using uniswap but for people with relatively small money using uniswap will cause them losing money a lot more than using centralized exchange and it's just insane. If ethereum dev do nothing about it maybe in the future less and less people will get tired of the fee.

oscarftw

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Quote from: Vishnu.Reang on September 21, 2020, 08:36:12 AM

Quote from: ?? on ??

The increase in transaction prices is indeed very detrimental to users, ethereum needs to improve itself so as not to lose users who keep them afloat. otherwise ethereum will collapse and be replaced by other coins with cheap transaction prices

It is not going to collapse, but a lot of the projects will move to other platforms such as Cardano and Qtum. Right now, many of the users are not paying enough attention, because even after deducting the fee, they are getting good returns. But the mood will change once the DeFi bubble bursts. People will search for convenient scapegoats and Ethereum chain will be on the top of the list.

New projects now have interest in TRON blockchain, EOS or Stellar instead Ethereum blockchain for high transaction cost. Very few projects agree to support CARDANO or Qtum blockchain. Until Ethereum 2.0 and this DeFi hype finished, transaction cost couldn't low. Actually, we can't avoid ETH transaction costs as far as we have ERC-20 tokens in our wallet.

Vishnu.Reang

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Quote from: ?? on ??

The increase in transaction prices is indeed very detrimental to users, ethereum needs to improve itself so as not to lose users who keep them afloat. otherwise ethereum will collapse and be replaced by other coins with cheap transaction prices

It is not going to collapse, but a lot of the projects will move to other platforms such as Cardano and Qtum. Right now, many of the users are not paying enough attention, because even after deducting the fee, they are getting good returns. But the mood will change once the DeFi bubble bursts. People will search for convenient scapegoats and Ethereum chain will be on the top of the list.

nykka

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Ethereum blockchain is too old to complete all requirements of modern world, where DeFi projects are so popular. Most of them are built on ETH blockchain, so load is very heavy and Ethereum need updates, because it`s not good that people pay up to 50$ just for 1 transaction, when in other blockchains transactions can be faster and cheaper. Ethereum developers need to improve it or ETH will lose it`s 2-d line on cmc top

ven7net

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Quote from: kolbalish on September 19, 2020, 02:26:18 PM

The average fee for transactions on Ethereum has reached its second-highest level ever, after setting the record earlier this month.

In brief

The average Ethereum transaction fee rose to more than $11, more than double last week’s figure.
Daily average fees still haven’t dipped below $2, continuing a record-breaking streak.
More hash power is being added to the network.

Want to read more?- Go through the link- https://decrypt.co/42365/etherum-fees-double-in-a-week-as-defi-heats-up

I think the high fees for Ethereum are very bad. I noticed that this issue is pushing many ETH users to use other altcoins. For example, to avoid commission, I exchange my ETH for LTC or TRX on the exchange. Of course, the fact that DeFi is booming on the Ethereum platform is very good, but the fact that the ETH network is weak and cannot cope with such an influx of transactions is very bad.

bitcoinnami

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Sometimes very frustrated because the gas cost of ETH is too high. I think that is the biggest drawback of etherum copper

slaman29

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Quote from: yangongear on September 20, 2020, 11:43:12 AM

It's profitable for ETH miners but bring a poor experiences for users. More than 10$ and 10 minutes for a transaction is not suitable in this market now, when many other platforms can achive better result. I just don't know why many projects still choose ETH to build their token.

I always refuse to pay max price honestly. Same with Bitcoin and same with ETH. I mean,,, I hardly ever need something paid urgently and if fees are way to high to pay with crypto, I go with fiat.

Bitcoin has been problematic in the past but seems to fix their problems. ETH to be fair also I still choose to pay a low fee and it eventually gets accepted. It's all the uniswap guys and mining people who want instant that's the problem.

okala

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This is good for the next work. Defi is a game challenge and I see that even with the high in fees of ethereum transactions people still prefer to used it because of the it speed and reliability.

Paycoinzzz

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yes this is the general situation now. Investors are in high demand for investment and the defi trend is getting hotter and hotter, and fee increases are also normal. Therefore, those who do not want to invest in defi projects should use the TRC-20 platform, it helps us move coins faster and lower fees. I just switched to the TRC-20 platform and felt it was still very good compared to the ERC-20.

Leonard2016

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The gas fee in DEXes is crazy , I just wanted to swap 0.01 ETH as a test to see the gas fee in 1 inch exchange and the gas fee was 16$ !
yeah 16$ for swapping 3.5$ eth to Ampl , that is why DEx has no future and people would rather to go on CEXes .

Kong Hey Pakboy

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The gas fees are increasing since the DeFi projects become a trend or hype up. It is why other people who buy UNI are having trouble selling out their token because its a shame if you will pay every expensive fee when you are trying to buy and sell cryptocurrencies. The Ethereum gas fees are so expensive because the network becomes busier that many people are making transactions like sending and receiving tokens.

rhomelmabini

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It's just saying we have to had some alternatives in it and I think that's when Tron DeFis comes to play. Though some of this Tron DeFis still new but I think they will be the best in terms of speed and the fees. Uniswap should have a best solution regarding that or else they'll lose a big amount of traffic or investors.

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