Topic: ETH's fees on "De-Fi" platforms are ridiculously high - page 2. (Read 1119 times)

Now the fees are ridiculous. The amount to withdrew bitcoin from binance is 10$ for one transaction. It mean, if I had transfer of 20$.I have to pay 10$ as a fee for it. The same was encounter for the ethereum. May gas fee leads to the confused state of the traders. Who will ready to pay hugh fee for less transaction. In the case of tokens, the fee will be unacceptable one.

I hope that Ethereum 2.0 will do something about the high fees problem. I am not sure about whether it can decrease the fees at a high rate. But I believe that it will be very helpful about it. I really missed the low fees. Nobody would like to pay high fees for any transfer they make.

The positive effects of the ETH 2.0 upgrade won't last for long, as "De-Fi" platforms experience ever-increasing demand from people in the mainstream world. Eventually, fees will rise at a fast pace because of too many people interacting on the Ethereum blockchain. Both PoS and Sharding help to reduce the burden on the network. But I believe something else is needed in order to maintain fees in their lows. I think second-layer scalability solutions will be the future of Ethereum, as dApp developers adopt them more thoroughly. "De-Fi" platforms can enjoy dirt cheap fees alongside blazing-fast transactions by making use of a Layer-Two scalability solution such as the OMG Network, and even Zk-Sync. Regardless of what happens on the main Ethereum blockchain, "De-Fi" platforms using Layer-Two tech will be able to maintain unparalleled performance and reduced costs. This will drive Ethereum's adoption all the way to the moon in a blink of an eye.

In the meantime, we're going to have to deal with high fees one way or another. You can either pay a low fee on the Ethereum blockchain when interacting with a "De-Fi" platform, or simply switch to another blockchain (like TRON, EOS, BNB, and many more). With so many alternatives available out there on the market, there's a choice for everyone. The only issue is that most dApps available on the ETH blockchain are not found elsewhere. This will force people to continue using ETH, even if other platforms have cheaper fees and faster transactions. Hopefully, dApp developers would "mirror" their creations on other platforms in order to give people a choice. Just my opinion

The fees are killing. I make profit, I spend that on fees, this has kept me away from Uniswap for some time now, but I am going back to hit on uniswap if I can see good coins. I tried to switch to Binance Smartchain, but uniswap has gotten more liquidity and more pairs.

As eth 2.0 mainnet launch is now just few days away im quite hopeful that high fee and slow transactions will become story of the past and then will come real adoption and real innovation in crypto sphere.

Transaction fees will decrease when Ethereum 2.0 is released. There will be more staking people and that will make processing the blocks faster and with a lower fee. Even we won't be afraid of network congestion because there are too many resources handling blocks in the next month.
This upgrade of Ethereum will be able to make the Defi project emerge again. The traders will make money easily on Uniswap without having to worry about fee and token transfer time.

That's certainly true, mate. The next iteration of the Ethereum blockchain, will certainly improve the fee structure at every level. While the reduction in fees will be noticeable in the short term, additional work is needed in order to keep it that way. Eventually, the Ethereum blockchain will become clogged up as more people join the "De-Fi" craze. Dapp developers are going to need to consider migrating to second-layer solutions in order to maintain fees at their lowest level. It's a collaborative effort between the Ethereum project developers, dApp developers, and individuals as a whole. Otherwise, fees will continue to soar, making Ethereum no different than Bitcoin itself.

With high fees, "De-Fi" will no longer be a viable option for those looking into "decentralized banking". The "De-Fi" industry will only be related to the wealthy, as they'll be the ones capable of paying exorbitant fees on the Blockchain. Luckily, there are several competing blockchain networks with greater transaction capacity than Ethereum. Some say that Binance Smart Chain (powered by BNB) and EOS are Ethereum's top contenders in crypto land. Binance's own blockchain network enjoys of unparalleled performance, while being compatible with ETH-based smart contracts. There are many promising "De-Fi" apps on the BNB blockchain right now. They're certainly much faster and cheaper to use than their ETH counterparts. Ultimately, people will decide whenever they'd want to pay high fees on a blockchain network or not. As long as people choose to pay high fees on the ETH blockchain, "De-Fi" won't be going anywhere. Just my opinion

Every update on blockchain more specifically ethereum as I see kinda slow and need to undergo such complicated process for example ETH 2.0 need to reach some treshold of eth staked before launched and many more. I'm maybe expecting ETH fee to be solved around the start of next year. Even ETH2.0 is not gonna come anytime soon its frustating.

I am sure with this new eth 2.0 system we are going to see much better fee structure and thanks to that there will be a lot better dex platforms that would be used without a problem. I don't know how they are going to deal with it but 2.0 is not something that only focuses on going from proof of work to proof of stake, that is just one part of it, the other parts probably consists of some fee restructure as well because if it doesn't that is going to have a bit of a problem.

However at the end of the day it is us that decide on the fees and the quicker we want to move it the more fee we pay, if all of people who use gas suddenly decide to spend a lot less on fee's we can drop it all together. But everyone wants to pay one gwei higher than others and that keeps making it higher and higher.

I hope so, with this crazy fee maybe the longer the popularity of ETH will decline and it will have a negative impact on it. I hope with ETH 2 the shortage of ETH will be corrected, especially the cost of fee.

When an innovation arrives and people spread good news about that system, more and more people tend to get the first mover advantage. When that happens, systems might get overloaded and hence the performance might get reduced. To overcome such scenarios there should be a mechanism to control the traffic to a manageable level and increasing the transaction fees is once such method of doing so. That will make sure that the users who are willing to pay a considerable amount as fees get a higher priority while ensuring the load on the system does not rise critically.

Will the launch of eth 2.0 reduce the current fees in DeFi platform? Is there some statement coming from eth that they will rectify this increasing gas fees? But for other eth tokens to transfer from MEW to exchange, the fees are somewhat low. So I think, this depend on the eth token you are trading with and what platform you are using.

Stay of zksync. Funds goes missing: https://zkscan.io/transactions/sync-tx:65fd64eaf982104b27b2d018c37ae8e8b7df47398350d8aabc763062326d493d

Check on receiving address show the funds was never received.

"De-Fi" is extremely risky right now. I wouldn't advice anyone to invest into ETH-based "De-Fi" platforms until the blockchain becomes scalable. Fees are ridiculously high, making "De-Fi" suitable only for wealthy people. High fees goes against crypto/Blockchain tech's original promise of "financial inclusion to anyone". If we want to see "De-Fi's" true potential, the Blockchain needs to scale to millions of users worldwide. Otherwise, it'll be nothing more than "Banking 2.0". At least, "De-Fi" platforms are usable on competing blockchain networks such as Tron and EOS. While the number of dApps on these blockchains are extremely limited, the lack of fees make them extremely convenient for the "De-Fi" industry. Developers might as well migrate to these chains (TRX and EOS) if Ethereum is unable to meet the demands of everyday people.

As a short-term solution for reducing fees on the ETH blockchain, "De-Fi" app developers could migrate to "Layer-Two" or "off-chain" scaling solutions. We already have OMG and ZKSync so it's possible to enjoy "De-Fi" on Ethereum without paying exorbitant fees. Everything will depend on developer's adoption of said scalability solutions.

In the meantime, there's nothing we can do other than wait until fees become lower on the ETH blockchain. I'm hoping that the "De-Fi" craze ends for everything to head back to normal. Holding stablecoins on smart contracts until fees are reduced, shouldn't be a problem as funds are secure against malicious actors (as long as you secure your private key and there are no network disruptions). Let's hope the high fee issue is solved in the least time possible, in order to take advantage of "De-Fi's" true benefits against traditional banking. Just my thoughts

You'll often find that there are a handful of wallets that cover the transaction fees for users.

I know FalconSwap does, for OpenPredict at least.

For most transactions, you can actually cut the fees down slightly by sending it using slightly lower than the GWEI recommended by ETH gas station, even 10% or so should be confirmed fast.

Likewise, you can cut fees down on Uniswap by skipping WETH as an intermediary, since that bumps the transaction right up (where possible).

I have a miner friend who has a decent sized business and a lot of rigs, he talked about how he is doing a lot better than he ever did and certainly a lot better than a year ago for example. Ethereum was around 80 dollars for a while and that really wasn't something they were really profiting, it was a horrible moment for them but he kept mining because he believed eth would eventually come back anyway, and now he is living above the clouds, making great returns.

Regular mining calculations can't see this because it usually calculates based on the rewards miners get but not the fee, this new thing made a whole new reason why you should be a miner and make a profit. Obviously if you start now you could be a little too late, still could make a profit obviously but not as much as people used to did and we don't know the future neither.

Now there is a slight decrease in the gas fee, even 325 Gwei transactions will be getting priority in the confirmation and it seems the problem won't solve soon since Uniswap airdropped 1 Billion UNI tokens which the current hot topic in the crypto market which will increase the fee further since people are looking to cash out the tokens with high gas fee because the token has got good value.

Perhaps there is still a little time left and we will wait for the Ethereum 2.0 update, after which the situation with high fees in the Ethereum network should change. In addition, today most of the users themselves offer to pay a high commission, if only their transaction was carried out in the first place.

eth network is still pretty messed up till now thats why your transaction moved slow but the good news is that it arrived .

 just imagine if you use lower fees that what you have used maybe your transaction will be forgoten to proccess by the miners   .  you cant say that miners are only getting rich with this because miners them selves do also pay for thier mining maintenance and with the number of eth related transactions  they probably experiencing issues too .

I'm experiencing some delays with my transaction and it's annoying my gas fee was already high that cost me more ether than usual. I followed my wallet proposed safe gas fee which is 550 Gwei at that time. but still the transaction was confirmed late, Imagine it was already 550 Gwei but still it was confirmed late it sucks, I hope this problem will solve asap because it's unfair only the miners are getting rich in this kind of set up.