Topic: ETH's fees on "De-Fi" platforms are ridiculously high - page 3. (Read 1119 times)

You have a good point. Really it's true fact, the fee of Eth in many exchange had raised a lot. The buyer in localcrypto exchange will get 35% below the Eth which he had purchased .Localcrypto is good exchange from my knowledge ,I was using this over 6 months of period. I think, same was occurred in De-Fi.

I believe that there are times when eth gets to this level and eventually it dies down but the great thing about eth is that it is a lot more flexible than bitcoin and eventually there will be a recovery for this as well, ethereum team will find a way to make this go away too and make the fee's lower as well. They are very user friendly and not miner friendly. Plus miners are making the last money they are making right now, over time we are going towards proof of stake which means holders will make this money and it would be a lot more beneficial for everyone involved.

The only thing they have to realize is that mining power is a lot more important and makes things faster, if we are in this much trouble with miners, how are we going to handle it with staking?

In the coming months I hope to see ETH come down in value. The team in ETH are not serious to tackle this high gas fee and it's painful to see.

If we take a look into this article https://cointelegraph.com/news/don-t-just-blame-defi-for-paying-high-eth-gas-fees, almost everything had put blame into DeFi platforms.
The huge market demand for these DeFi projects triggers a sudden change on gas fees and isn't really favourable seeing it keeping high. Of course, fees really matters and that what we care this time. Because of this will continue to increase I'm afraid that investors and traders will no longer use ETH but rather to choose other platform or they might turn back to Bitcoin.

Hello yes but this is due to the increased activity that comes with it so overall its great! Anyone here have a look at fiscus.fyi yet? www.fiscus.fyi

and many more not just uniswap and all the transaction made from these dapps all put together it will be humongous. Ethereum surely need solution and maybe lightning network eth version or such?
I don't know whether you're being sarcastic or not but i read article from coindesk it says that the fee right now actually highest fee since 2015

Today was my first transaction with a gas price of 1000 gwei, I love the Ethereum blockchain, I wonder if the price will be even higher ?

Ethereum’s Pending Transactions Jump 30% After Uniswap’s Token Claim Begins
https://www.coindesk.com/ethereum-transactions-surge-uniswap-token


Not exactly a surprise by now.
It is also a clear signal that DeFi is not slowing down on Ethereum network, and neither are the fees.

Well ethereum is selected by majority of dapps because it's just reliable and convenient but seeing that the fee has significantly increased guess it's not the best choice anymore but I'm sure most of developers still settle using Ethereum instead of using other platform because a big chance this fee problem gonna be solved in the future. Though hopefully there's real competition to eth in terms of dapp.

Trading on Uni swaps is more convenient for everyone as they can be bought in bulk without losing too much price. The exchange also has a liquidity pool for every token traded on it. The liquidity pools are profitable for individuals to bet and help prevent slippage for those involved in trading. That's the great feature of Uniswap.
The problem is that the ethereum network is too heavy, the wallet has too many competing transactions to be confirmed faster, thus increasing transaction fees.

Ethereum gas fee is on the highest state currently i think, the safe low gas is 500+ gwei, the average is 700 gwei !!
This is very insane, we cannot send coins or tokens anymore if we don't have eth coin worth $5 for gas fee.
The one that causing the very high gas on Ethereum network is the uniswap platforms.

that's the point mate, so miner confirmation on high fee transaction that will be their priority ? so its why many transaction in uniswap use high gas gwei , cause trader didnt want miss the best price to get. i am agree with your describtion about chanell , and its suitable with current condition.

yes its have different platform , but in defi there are much transaction every minutes and it did in the same time. like a channel , with minimum capacity but used by much user so only transaction that used high fee will allowed to used this channel. isn't it miner will take trx with high fee first ??
and it will be the reason

It's true that high fees would render a technology nobody is actually using to decentralize their finances even less valuable. I think most DeFiers shrug off the fact that their investments are 99% speculative (as opposed to the industry standard of 90-95%) as easily as they shrug off high gas fees being an impediment to adaption. They don't really care about actual usership; only keeping the hype going to lure in new people to sell to later.

Obviously being more expensive to transact than BTC is stifling for the entire network (not just DeFi), but if you are only trading high-risk, pump-n-dump tokens on an exchange then you never have to personally feel the effects of high gas fees, and it doesn't weigh into your assessment of the value of what you are trading. (which is already likely to be zero-value BS anyway)

I think ethereum and DeFi network transactions are not the same they have different platforms, whereas if ethereum has very high gas costs then it is due to the influence of the density of transactions and the high price of ethereum on the exchange, so far what I know is like that.

I learnt that the reason we've had the gas fee escalated to this point is because of Defi projects. Yield farming which is a product of decentralized finance has increased the number of transactions in the ethereum blockchain and since the blockchain is congested, higher gas fee becomes the order of the day.

Defi projects are so much trending nowadays and lots of investors were attracted to it. The high fees which is likely 100$ is just a penny to them. And because of that the transaction fees on Ethereum network are becoming ridiculously high.

Agree. Fees have been extremely high a couple of weeks ago. Luckily, there has been a reduction in network activity, resulting in reduced fees. I can now withdraw my DAI from Compound for only $20 (in USD). It's still a bit high, but affordable to pay for the average person participating in "De-Fi" platforms. ETH needs to scale urgently in order to maintain adoption of such platforms in the mainstream world. Otherwise, people wouldn't want to use "De-Fi" on top of traditional banking. With high fees, making profit through lending becomes widely unfeasible. With ETH's current situation, developers might migrate to alternative smart contract platforms like Tron and EOS. After all, these contenders of the ETH blockchain are extremely fast and dirt cheap to use for daily payments. Using "De-Fi" platforms on these blockchain networks becomes feasible. But somehow, developers have stayed on the Ethereum blockchain after all these years. I guess that decentralization goes above high fees and slow transaction confirmation times.

Nonetheless, time will tell us if "De-Fi" will be able to live up to the task with high fees on the Blockchain. No one serious enough about their money will use "De-Fi" on top of traditional banking. It's more experimental grounds than anything else. Unless scaling issues are fixed, I don't see this going anywhere. "De-Fi" may turn out to be an idea that will slowly fade into oblivion. Just my opinion

It's the gas that is getting too high in price. It's all because of the DeFi hype that the network is getting so congested.
But lately many DeFi projects are doing exit scams which is making the market very unstable for DeFi tokens.
I think we should wait for the DeFi hype to settle and the transaction fees to reduce.
If you have really invested in a potential DeFi project then you need not worry but wait.
Otherwise it might be a trouble since people are already in a panic due to the recent exit scams of shit DeFi tokens.

It is not easy to migrate from one Blockchain to another and then to reverse this after a few months. I would have still considered it, if ERC-677 was a tried and tested platform. But that is not the case, as it is relatively new. I first heard about it in 2018, and have never used the platform to trade or store any of the tokens. I guess very few of the users here in Bitcointalk may have experience with ERC-677.