Topic: ETH's fees on "De-Fi" platforms are ridiculously high - page 5. (Read 1119 times)
Well, the fee started scaling when the Defi hype started, it happens every time there's hype, the ETH network gets clogged. I avoided transacting using ETH platform since the hype started. This will hurt small traders a lot.
Actually it is all coin that use Blockchain ETH has increasing its fee. A few day ago, I tried to send USDT to an exchange and you know what the fee that I have to spend was $6 that I think it is still high even before than that the fee was $20 per one transaction, it is getting horrible time by time.
DeFi project has broken the ETH, I think sooner or later there will be many user who leave this coin and move to another coin. Unless they have to make some improvement to avoid this thing, because as you may know fee transaction is one of the factors where these coins can be used by many people.
DeFi project has broken the ETH, I think sooner or later there will be many user who leave this coin and move to another coin. Unless they have to make some improvement to avoid this thing, because as you may know fee transaction is one of the factors where these coins can be used by many people.
Just let your assets sit there for a while. Wait for the defi bubble to pop up and people start getting rekt everywhere, and then the fees might comes down again. Use another coin/token to transfer your asset to exchanges. In short: don't use ETH right now.
Last week i wanted to swap around 0.5 eth to USDT through uniswap and the fee was about 0.08 Eth , that's crazy, I dont know why ehtereum is such a popular platform for dapps and Defi and I dont think it worth it to have a swap like that unless it's necessary, I hope ETH 2 solve this thing .
DeFi project hypes will most likely end by the time Eth 2.0 is implemented just like how ICO ends because of too many scams being created. There's really nothing we can do right now but wait, leave ETH for now, or use centralized exchanges that acceps DeFi projects. But to be honest, this fees are getting too absurd. It's not only affecting DeFi but other ERC-20 tokens too.
The fact is these DeFi projects harms the Ethereum ecosystem we are ok without these DeFi projects several months ago, some traders and investors are now turning to Tron and other coins or tokens with much lower fees to offer, there are also DeFi on Tron those DeFi supporters might transfer because of Ethereum's excessive fees
The reason for the fee being so high is because of the increase number of transaction on ETH blockchain. This is mainly because of the hype in DeFi. As soon as the bubble burst (which will happen soon) the fee will go down.
None of us are here to pay fees like banks charge us, people will soon realise the same and they will start moving out, it is just a matter of time.
None of us are here to pay fees like banks charge us, people will soon realise the same and they will start moving out, it is just a matter of time.
My thoughts, you will need ETH 2.0 phase 1 & 2 for scaling with sharding. Currently phase 0 (PoS) is not even implemented. I bet phase 1 & 2 will get delayed a few times and will take a few years.
Maybe with luck ETH 2.0 Phase 1 takes place in 2022.
Link : https://consensys.net/knowledge-base/ethereum-2/faq/
Which means it takes years before the network congestion and high utilization (95%) can be fixed.
Off Chain outsourcing is not the answer, that just increase the risk that users and developers will leave Ethereum all together for another decentralized platform.
Maybe with luck ETH 2.0 Phase 1 takes place in 2022.
Link : https://consensys.net/knowledge-base/ethereum-2/faq/
Which means it takes years before the network congestion and high utilization (95%) can be fixed.
Off Chain outsourcing is not the answer, that just increase the risk that users and developers will leave Ethereum all together for another decentralized platform.
DeFi project hypes will most likely end by the time Eth 2.0 is implemented just like how ICO ends because of too many scams being created. There's really nothing we can do right now but wait, leave ETH for now, or use centralized exchanges that acceps DeFi projects. But to be honest, this fees are getting too absurd. It's not only affecting DeFi but other ERC-20 tokens too.
Last time I've checked, fees in ETH (gas) for withdrawing tokens from a "De-Fi" platform were well above $100 (in USD). I have around $110 worth of DAI sitting on Compound without being able to withdraw it because of the ridiculously high fees on the ETH blockchain. If the trends continues, "De-Fi's" adoption in the mainstream world will stifle. No one will want to use "De-Fi" platforms for borrowing or lending money if costs aren't negligible. Scaling towards ETH 2.0 is an option, but it may take quite some time before we're able to experience a steep reduction in fees. There are alternative smart contract platforms like EOS and TRON, but the number of "De-Fi" platforms on them are extremely limited.
As of late, Vitalik has been patronizing "second layer" scaling solutions in order to remediate the issue in the short term. It'll be up to "De-Fi" platforms' developers to switch from the main ETH blockchain to a "Layer-Two" scaling solution like OMG or ZkSync. Migration might be a challenging task but not impossible. Sooner or later, ETH will need to scale its own Blockchain network with the adoption of sharding and PoS.
Any thoughts?
As of late, Vitalik has been patronizing "second layer" scaling solutions in order to remediate the issue in the short term. It'll be up to "De-Fi" platforms' developers to switch from the main ETH blockchain to a "Layer-Two" scaling solution like OMG or ZkSync. Migration might be a challenging task but not impossible. Sooner or later, ETH will need to scale its own Blockchain network with the adoption of sharding and PoS.
Any thoughts?
My thoughts, you will need ETH 2.0 phase 1 & 2 for scaling with sharding. Currently phase 0 (PoS) is not even implemented. I bet phase 1 & 2 will get delayed a few times and will take a few years.
Maybe with luck ETH 2.0 Phase 1 takes place in 2022.
Link : https://consensys.net/knowledge-base/ethereum-2/faq/
Which means it takes years before the network congestion and high utilization (95%) can be fixed.
Off Chain outsourcing is not the answer, that just increase the risk that users and developers will leave Ethereum all together for another decentralized platform.
Ethereum 2.0 is already under development which will serve two basic functions:
1) Resolution of Scaling Issues through Sharding etc.
2) Change of algorithm from pow to pos.
Testnet is already live while mainnet is getting ready so I think once the transition to Eth 2.0 happens hopefully in couple more months all the issues will be resolved. Lets stay positive and bear this annoying fee.
1) Resolution of Scaling Issues through Sharding etc.
2) Change of algorithm from pow to pos.
Testnet is already live while mainnet is getting ready so I think once the transition to Eth 2.0 happens hopefully in couple more months all the issues will be resolved. Lets stay positive and bear this annoying fee.
Last time I've checked, fees in ETH (gas) for withdrawing tokens from a "De-Fi" platform were well above $100 (in USD). I have around $110 worth of DAI sitting on Compound without being able to withdraw it because of the ridiculously high fees on the ETH blockchain.
I am yet to use any of these DeFi platforms and hence i am not aware of the transaction charges but if the charges are above $100 then there is no way you will see massive adoption as these are ridiculous charges to make a transactions and think about the third world countries adopting these platforms if the fees are high, when it comes to normal ETH transactions i am spending around $10 to make a transaction which is ridiculous.
The fee is too much I think. It's ridiculous. Yesterday I tried to swap some UNIFI token on Uniswap it was showing me 45$ in fee for only 150$ of token transaction. How a trader will make a profit if he has to give more than 20% as a fee. I am fed up with ethereum blockchain and fees. I suggest Tron blockchain over ETH now. 100 times better than ETH in many prospects.
Last time I've checked, fees in ETH (gas) for withdrawing tokens from a "De-Fi" platform were well above $100 (in USD). I have around $110 worth of DAI sitting on Compound without being able to withdraw it because of the ridiculously high fees on the ETH blockchain. If the trends continues, "De-Fi's" adoption in the mainstream world will stifle. No one will want to use "De-Fi" platforms for borrowing or lending money if costs aren't negligible. Scaling towards ETH 2.0 is an option, but it may take quite some time before we're able to experience a steep reduction in fees. There are alternative smart contract platforms like EOS and TRON, but the number of "De-Fi" platforms on them are extremely limited.
As of late, Vitalik has been patronizing "second layer" scaling solutions in order to remediate the issue in the short term. It'll be up to "De-Fi" platforms' developers to switch from the main ETH blockchain to a "Layer-Two" scaling solution like OMG or ZkSync. Migration might be a challenging task but not impossible. Sooner or later, ETH will need to scale its own Blockchain network with the adoption of sharding and PoS.
Any thoughts?
As of late, Vitalik has been patronizing "second layer" scaling solutions in order to remediate the issue in the short term. It'll be up to "De-Fi" platforms' developers to switch from the main ETH blockchain to a "Layer-Two" scaling solution like OMG or ZkSync. Migration might be a challenging task but not impossible. Sooner or later, ETH will need to scale its own Blockchain network with the adoption of sharding and PoS.
Any thoughts?
Jump to: