Etherum gas! - page 2. | Bitcointalksearch.org

hugeblack

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Quote from: asriloni on October 05, 2024, 10:07:06 PM

I don't think tx cost competition will surpress Ethereum. Though there's a huge gap in the tx cost between eth and new generation of blockchain.

The comparison doesn’t make sense because L2 is based on the blockchain, so the blockchain will always have value if L2 has value. Blockchains like BSC have tried to offer a cheaper network, but most of the liquidity is still in Ethereum.

Quote from: X-ray on October 05, 2024, 10:33:31 PM

I think the main reason ETH could get this far because the easiness of deploying token, no need to create our own blockchain just use the ERC20 protocol and a project already have a token that pretty much has the same capability as coin.

All of these services believe that betting on low fees will attract investors, and it may do so when fees are high, but when fees are acceptable, investors will move to Ethereum again.

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Quote from: hugeblack on October 05, 2024, 03:09:16 AM

If we remove tokens and bridges, I think that Ethereum's uses for deposits are more limited than Bitcoin's, and therefore if the fees for those transactions are low, Ethereum will attract all the liquidity that was going to Solana and other altcoins, and if they are high, the investments will go to those altcoins.

that would completely defeat the sole advantage that ETH is having compared to bitcoin though.

I think the main reason ETH could get this far because the easiness of deploying token, no need to create our own blockchain just use the ERC20 protocol and a project already have a token that pretty much has the same capability as coin.
moreover the smart contracts also proven to be a game changer, but it also comes at cost, since ETH is among the first one to implement smart contract capability anyway, it's inevitable that the deisgn might not be perfect, at least not as perfect as the more recent blockchains e.g solana, bnb and so on therefore the never ending problem of the gas fee.

even it seems ETH just want to offload transactions completely to L2 to mitigate the gas problem and instead focused on creating quality L2 that up to standards.

asriloni

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Quote from: sale1143 on October 04, 2024, 04:44:08 PM

What do you think, whether the current competition will suppress ethereum from the market due to the big difference in transaction costs, because it remains the only one with a huge price for the transaction. I received a token worth 3 dollars on the airdrop, and I had to pay 7 dollars in transfer costs!

I don't think tx cost competition will surpress Ethereum. Though there's a huge gap in the tx cost between eth and new generation of blockchain.

There are many L2 Ethereum blockchain rollups now (see picture). Those blockchains cost less than Ethereum. But, they don't surpress it. This kind of competition has run for years. Yet, Ethereum remains the top blockchain.

As for your problem. Due to high fees, you can't send your airdrop. You must wait for less traffic on the blockchains. This would cost you less than 8 bucks, but if you did it during the high traffic, then it will cost you a lot.

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Quote from: sale1143 on October 04, 2024, 04:44:08 PM

What do you think, whether the current competition will suppress ethereum from the market due to the big difference in transaction costs, because it remains the only one with a huge price for the transaction. I received a token worth 3 dollars on the airdrop, and I had to pay 7 dollars in transfer costs!

The only problem with ethereum coin is gas fees, currently the popularity is a little less due to this problem. But it plays one of the oldest projects, faithfully surviving today in this world market for a long time. Although it is less popular than other coins, this Ethereum coin is in the second position.

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Quote from: Charles-Tim on October 05, 2024, 01:13:27 AM

Quote from: nelson4lov on October 04, 2024, 05:47:45 PM

Ethereum gas fees are even 10 to 15x lower now, I recall that they used to be super high at around 150 to 300 gwei a couple of months ago.
~Snipped

According to what I noticed, ethereum transaction can be of low fee at times but yet the new token fee will be of high fee.

Yes. The gas fee for sending the native token is the standard 21,000 gas. However for any other operations, there is additional gas cost. Tokens are ERC20 standards so they're essentially smart contract in itself and as such, needs to have extra gas consumption for that operation because every time a token is sent or received, the global Ethereum state for that account has to updated.

Quote from: Charles-Tim on October 05, 2024, 01:13:27 AM

Quote from: nelson4lov on October 04, 2024, 05:47:45 PM

The Ethereum protocol team thought it was best to focus on keeping Layer-2s transaction fees as low as $0.01 but not to scale layer 1 to get same cheap tx cost. Very disappointing to say the least.

The fee is not what that even discouraged me more. What that discouraged me more is how they shift from PoW to PoS. Letting people to believe them that whey they did is right as they serve more on electricity. They have forgotten tht if there is no electricity, no job will be created in the electricity sector. The more people use electricity, the more job creation there.

That's fair — I'm actually fine with both consensus algorithms. I believe both algorithms have their merits and dismerits. The only downside I see with Ethereum is the fact that supply is uncapped and being a POS chain with an uncapped max supply doesn't sound well to me.

hugeblack

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If we remove tokens and bridges, I think that Ethereum's uses for deposits are more limited than Bitcoin's, and therefore if the fees for those transactions are low, Ethereum will attract all the liquidity that was going to Solana and other altcoins, and if they are high, the investments will go to those altcoins.

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Quote from: sale1143 on October 04, 2024, 04:44:08 PM

What do you think, whether the current competition will suppress ethereum from the market due to the big difference in transaction costs, because it remains the only one with a huge price for the transaction. I received a token worth 3 dollars on the airdrop, and I had to pay 7 dollars in transfer costs!

Gas fees are not going to all of a sudden become $0.50 so you have to decide if Ethereum & ERC20 tokens are for you. In the situation you mentioned, you had to decide if the airdrop was worth risking paying more for gas than the tokens were worth at the time. The tokens might end up being worth $1,000,000 or they might be worth nothing. You took the risk for $7. If you don't like gas fees on Ethereum then use Solana tokens instead.

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Quote from: nelson4lov on October 04, 2024, 05:47:45 PM

Ethereum gas fees are even 10 to 15x lower now, I recall that they used to be super high at around 150 to 300 gwei a couple of months ago. They went as low as 1 gwei a few weeks ago but only started to go up when some activity went up onchain after being down for months. Of course, it's very shitty now and there's not much you can do about it other than to hope that the gas price drops again to sub 1 gwei.

According to what I noticed, ethereum transaction can be of low fee at times but yet the new token fee will be of high fee.

Quote from: nelson4lov on October 04, 2024, 05:47:45 PM

The Ethereum protocol team thought it was best to focus on keeping Layer-2s transaction fees as low as $0.01 but not to scale layer 1 to get same cheap tx cost. Very disappointing to say the least.

The fee is not what that even discouraged me more. What that discouraged me more is how they shift from PoW to PoS. Letting people to believe them that what they did is right as they save more on electricity. They have forgotten that if there is no electricity, no job will be created in the electricity sector. The more people use electricity, the more job creation there.

mk4

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- Ethereum focuses on decentralization and being able to run a full node using home devices, with faster/cheaper txs pushed to Ethereum L2s
- Solana/etc focus more on UX and faster/cheaper txs, while being less decentralized

It's really up to your opinion on what should be prioritized more.

markm

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Some new platforms set themselves up to keep end-users of apps from paying fees directly at all, the idea being that developers will keep their apps stockpiled with sufficient fee-paying stuff that the apps, rather than the end-users, would pay the fees.

I can understand throwaway scam tokens not "buying in" to such ideas though...

-MarkM-

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I think pretty much some of the trend going on in crypto space has escaped ethereum as a blockchain completely and move over to the cheapest blockchain like ton and solana.
meme coin trenches already escaped ethereum for the most part settling in solana because it's just faster and a lot cheaper.

but honestly, such problem with gas fee can be solved by simply getting the dev deploying their token in the L2, considering the interoperability across blockchain has been getting better than ever, I wonder why some dev still stuck deploying their token and their miniscule airdrop in ethereum, as if their airdrop worth thousand of dollars meanwhile in reality, their airdrop don't even cover half of the transaction fee, ridiculous.

nelson4lov

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Quote from: sale1143 on October 04, 2024, 04:44:08 PM

What do you think, whether the current competition will suppress ethereum from the market due to the big difference in transaction costs, because it remains the only one with a huge price for the transaction. I received a token worth 3 dollars on the airdrop, and I had to pay 7 dollars in transfer costs!

Ethereum gas fees are even 10 to 15x lower now, I recall that they used to be super high at around 150 to 300 gwei a couple of months ago. They went as low as 1 gwei a few weeks ago but only started to go up when some activity went up onchain after being down for months. Of course, it's very shitty now and there's not much you can do about it other than to hope that the gas price drops again to sub 1 gwei.

The Ethereum protocol team thought it was best to focus on keeping Layer-2s transaction fees as low as $0.01 but not to scale layer 1 to get same cheap tx cost. Very disappointing to say the least.

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Quote from: sale1143 on October 04, 2024, 04:44:08 PM

What do you think, whether the current competition will suppress ethereum from the market due to the big difference in transaction costs, because it remains the only one with a huge price for the transaction. I received a token worth 3 dollars on the airdrop, and I had to pay 7 dollars in transfer costs!

That seems to be the natural thing with Ethereum and even with it to solve its scaling issues, it cannot be solved anymore. That's why new layers and new projects are stepping up and helping everyone save fees. Now the thing with Ethereum is that, it's currently on the top and everyone who's holding it are holding for the sake of it being an asset and are not problematic doing transactions so we couldn't careless.

But looking at the gwei of ETH or the gas fee, it doesn't seem to be hurting at all. It's less than a dollar and I think that these platforms that are charging that much are getting commission from the apps where you are getting the airdrops. That's why ERC20 tokens are also being supported in other networks to save some fees.

markm

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Yeah, implementing tokens directly on ETH chain seems silly, better for the main chain to focus on being a substrate and have tokens etc operate at a higher level where they only need to post info to the main chain from time to time to secure their own chain or rollup or whatever higher layer.

-MarkM-

EDIT: If you are a valuable enough transaction to need expensive posting to a main chain might as well stick with bitcoin why go elsewhere to nonetheless pay huge fees yet maybe not get as much security for the price?

sale1143

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What do you think, whether the current competition will suppress ethereum from the market due to the big difference in transaction costs, because it remains the only one with a huge price for the transaction. I received a token worth 3 dollars on the airdrop, and I had to pay 7 dollars in transfer costs!

Topic: Etherum gas! - page 2. (Read 375 times)