Topic: ETH's fees on "De-Fi" platforms are ridiculously high - page 4. (Read 1137 times)

Two of the alternatives people are recommending are EOS and Tron, there are already DeFi in the Tron and they are going to get a slice in the market of these DeFi projects, Tron's fee is very low at 1 cent even if you send a big amount, they are a big challenge now for Ethereum's leadership in the DeFi market.

Everything is relative. The high fees on the Ethereum network are inconvenient for everyone, including me. However, you need to understand that this is a matter of habit. We are accustomed to the fact that on the Ether network there are always low fees, while on the Bitcoin network, they could be both low and high. Miners, for example, are, on the contrary, happy with this outcome of events, because their profits have increased. This is a blockchain and it has exactly these costs. I don't think anything can be done about it. Those who are not satisfied with high commissions, like me, will be forced to adapt or switch to another blockchain. One way or another, this is a guarantee of development.

That's hilarious! how in the world can they make such a huge percentage of transaction fees? I mean, It doesn't make any sense at all. too high my friends. I think if you can find some way like converting it to any other cryptocurrency before transferring it to your main account that would save your day. because that's too much for a fees and day trading would not make much money from them if they won't make any changes to this problem.

I would prefer Stellar Lumens (XLM) blockchain than TRON (TRX) in my opinion. Fees are very tiny plus the transaction speed is unquestionable. This is the only downside of DeFi right now. If they cannot address this ridiculous high gas fees in the DeFi space, there is a big chance that this industry won't last long unless they are moving to another blockchain like TRX. As much as I liked TRX's blockchain, my gut feeling is on Stellar Lumens blockchain.

With all the reaction on High ethereum transaction fee from Defi, there is still less adoption of Defi on other blockchain. Some of the Defi projects that plan to move to their platform or new blockchain are delaying because of the price movement as project on ethereum. Tron tried to attract traction with recent dump on ethereum but didnt last a week.

The resolution would be if the DeFi tokens migrate to the new ERC 677 standard, that is used by Chainlink and XDAI. ERC 677 allows staking and the fees for sending tokens are much lower. This would solve the problem until Ethereum 2.0 comes with more scalable blockchain .

Hopefuly, we have not only ETH for dapps. Why people are ignoring EOS with much higher TPS? I decide to buy more eos inside my ownr wallet after this defi hype begun

Actually i agree with diskodasa. I also think this will trap small investors already invested in DeFi projects because of too high DeFi fees, and if DeFi volume / transactions keeps increasing on Ethereum network then only large investors can afford to use it as these DeFi fees are still small costs too them. Also shady developers of shady token projects will have zero problem with paying a $100 DeFi fee, to exit-scam their project.

Small traders / investors users on the other hand will start switching to other platforms / other cryptocurrencies. DeFi fees seem to rise exponentially and should not be confused with gas fee.
I would not be surprised to see DeFi fees increase with a factor of 2 or 3, if DeFi volume keeps getting higher.

There is currently no benefit to trading on Uniswap. Uniswap's biggest problem is transaction fees. If you have to pay a fee of 10 to 15 dollars per transaction So it will harm you and not benefit you. It is better to use another platform.

This is like the shittiest justification I have seen. As far as I know, a majority of those who invest in the DeFi projects are small and medium sized investors. Do you want to limit the DeFi projects just for the uber-rich? And also, what makes you think that the rich may not complain about the ultra-high transaction fee? And do you guarantee that the coins will go up by 2x or 3x, as you have written. In such case people would not bother much about the fee. Seriously, some of the newbs in this forum seems to be suffering from "foot in mouth disease".

This is obviously one of the main options.
As trader you also should understand that high fees are that high only because of incredible defi demand at the moment - that exact demand gives huge boost to some alt's price and thus your trading can be profitable in the first place.
But that comes in with a price and you surely can switch to Tron or other blockchain.
I've decided to hold my funds and wait for things to settle down / or for ethereum to be updated

Its true. Scaling gas fee should have been the priority first before going to any additional feature. Due to this, Ive been using different blockchain for now until gas fee goes back to a little bit lowered. A 30 to 100$ gas fee is unacceptable. If eth wanted their user to stay then fixed this. Cause a lot of complained has been observed. If that includes tapping layer 2 solution then si be it.

In general, the trend of investing in DeFi projects is attracting a lot of big investors, so the $100 fee is probably a small thing for them.

Also, those coins are very easy to increase in price and can be x2 or x3 in just a short time so that is enough for them to make a huge profit. I hope that Ethereum 2.0 will fix this problem soon as the high gas fees also make me feel very uncomfortable when trading.

I know this too. So many ethereums have been sending into the one transaction and I suspect if that was the stolen amount by investors. This makes people can't go out from their lost as the scammers have been taking all of their ethereum.

The network is not so crowded right now. Less number of tx means the block can processing the tx asap.

This will make people didn't need to put more fees to make it will be included in the next block.

$100 fee is really high, it's way bigger than Ethereum's network fee, so what's the reason for that? Must be because of some specific DeFi mechanisms, right? But regardless, some people would still be using DeFi right now, if they put thousands of dollars, and expect quick returns, $100 isn't a big fee for them. Also, there's no adoption of DeFi in real world anyway, right now it's just a toy for crypto enthusiast to make high risk investments. No one in real life is putting their money into DeFi instead of traditional funds.

That sucks. If it takes a long time for the ETH blockchain to scale, I don't see "De-Fi" platforms getting mainstream adoption at all because of the ridiculously high fees. Fortunately, there are "Layer-Two" scaling solutions on the ETH blockchain that could remedy the issue. But that up to dApp developers to migrate their "De-Fi" platforms from the main ETH blockchain to a "Layer-Two" scaling solution such as OMG or ZkSync. There's even a Lightning Network version on the ETH blockchain called the "Raiden Network". Still, these solutions are far from being stable and easy enough for the average person to understand.

I believe that if fees continue to rise on the ETH blockchain, competitors like TRON and EOS will take the lead. I know that the number of "De-Fi" apps on these smart contract platforms are extremely limited. But if developers decide to build their own solutions on both TRON and EOS, high fees will no longer be an issue. After all, these blockchain networks' fees are completely free (especially EOS). Anyone will be able to use "De-Fi" platforms without worrying about paying high fees just to make a deposit or a withdrawal. I'd wish that Compound.finance and Aave were available on TRON or EOS. It would make my life much easier. There's nothing we can do right now, expect to wait until ETH fees become cheaper or dApp developers migrate to another blockchain network or "Layer-Two" scaling solution. Just my thoughts

It's bound to happen, but I don't know if Defi platforms are going to switch to a Layer Two solutions. It should be Ethereum who need to adjust, scale or be obsolete, otherwise traders will have to shoulder the huge fees and in the long run, it will not be good for the industry. So Ethereum developers needs to work their butt off to include scaling in their Eth2.0 release.

That was when gas fee was more than 500 gwei right? Right now it is still high but 100 gwei only,,, I always think it is better to wait for times like this. but to spend more than 10% of your transaction of a few hundred dollars as miner fee? Impossible for me to ever do that.

The price or fee has dropped significantly perhaps because of panic due to some failing or exit scam defi projects, resulting in reduction in the number of transactions and also the fee due to relief in the congestion of the ethereum network.

There is a popular opinion that Defi projects are the reason we have a massive increase in the gas fee of ethereum protocol. There's little that could be done to reduce the cost of the gas unless the ethereum 2.0 project is effective. If this increase continues there's a high tendency of projects moving out of the ethereum platform.