Gas Fee Of BNB Is Increasing - page 13.

TastyChillySauce00

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Quote from: TelolettOm on August 29, 2021, 05:10:03 PM

Yes, seeing how increasing the ERC20 gas fee is, it may be due to the increasing transaction because the bullish market is probably heading.
And about the increasing gas on BNB or BSC network, it seems very normal. If the network is being busier and busier, many more people using that network, the transactions will be many more. It will influence the process of transferring.
That is why there will be some increasing gas fees. Fortunately, the gas of the BSC network is still low, not as high as ERC20

BSC gas is still very cheap compared to ETH for token in my opinion. I personally think it's because the investors in BSC are increasing and starting to prefer this platform compared to ETH. But, because the fee in BSC is also increasing compared to the fee that usually needed, in my opinion many people started to think if BSC gonna follow ETH in term of fee and become as expensive which I don't think will be happening to BSC because the fee can go down again anytime.

erep

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Quote from: bhooscream on August 29, 2021, 05:37:05 PM

According to the information about gas fee you enclosed above, it is clear BEP-20 which has the cheaper price. Why do you think Matic is the best solution? Although there is an increase of gas fees, I think BNB is still better than Matic or Ethreum. We shouldn't be panic and too easy saying that BNB gas fees are expensive. I think it is still normal, the gas fee becomes higher probably is caused by the increase in transactions. Just wait the number of transactions is decreasing, if you want the gas fee cheaper.

BNB gas fees are currently among the cheapest so they are friendly in trading for short-term profits on the exchange dex, it is very reasonable if at certain moments the BNB gas fee increases slightly due to increased transactions. The number of altcoins in the BSC network has increased dramatically because traders are not worried about trading all the time regardless of transaction gas fees.

livingfree

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Quote from: TelolettOm on August 29, 2021, 05:10:03 PM

Yes, seeing how increasing the ERC20 gas fee is, it may be due to the increasing transaction because the bullish market is probably heading.
And about the increasing gas on BNB or BSC network, it seems very normal. If the network is being busier and busier, many more people using that network, the transactions will be many more. It will influence the process of transferring.
That is why there will be some increasing gas fees. Fortunately, the gas of the BSC network is still low, not as high as ERC20

Yes, that's one reason.

More transactions and it is not new when the transactions for Ethereum have been on the high price, there's always the effect of it and that is to have high fee.

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Quote from: Questat on August 29, 2021, 06:05:06 PM

Quote from: Rana590 on August 27, 2021, 01:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

That probably was the demand for both the miners and exchanges. Like many others, as long as the demand is getting high, they also have to increase the fees. But I'm going to be afraid if this could be like ETH?

But anyway, as long as it was still accepted by the majority, that gonna be fine and this sure it comes. But if the moment that it wasn't fair enough, that gonna be the time to take action and stop using BNB. If the team will let this thing happen to them, they are simply giving away to choose another platform.

sooner or later, they will increase their fees as the demand gets higher and higher. just like eth, if you want to move your tokens at a faster rate, you will pay higher gas fees. can binance team find a way not to increase their fees while accepting a lot of transactions in their network? if they can, that would be great. but expect that fees will change in the coming years. i don't think every network can maintain their original fees while maintaining their business operations.

Questat

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Quote from: Rana590 on August 27, 2021, 01:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

That probably was the demand for both the miners and exchanges. Like many others, as long as the demand is getting high, they also have to increase the fees. But I'm going to be afraid if this could be like ETH?

But anyway, as long as it was still accepted by the majority, that gonna be fine and this sure it comes. But if the moment that it wasn't fair enough, that gonna be the time to take action and stop using BNB. If the team will let this thing happen to them, they are simply giving away to choose another platform.

bhooscream

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Quote from: GowithMi_GMAT on August 27, 2021, 01:30:44 PM

matic is a good solution among other blockchain network including ERC-20 and BEP-20.

According to the information about gas fee you enclosed above, it is clear BEP-20 which has the cheaper price. Why do you think Matic is the best solution? Although there is an increase of gas fees, I think BNB is still better than Matic or Ethreum. We shouldn't be panic and too easy saying that BNB gas fees are expensive. I think it is still normal, the gas fee becomes higher probably is caused by the increase in transactions. Just wait the number of transactions is decreasing, if you want the gas fee cheaper.

7788bitcoin

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Quote from: TelolettOm on August 29, 2021, 05:10:03 PM

Yes, seeing how increasing the ERC20 gas fee is, it may be due to the increasing transaction because the bullish market is probably heading.
And about the increasing gas on BNB or BSC network, it seems very normal. If the network is being busier and busier, many more people using that network, the transactions will be many more. It will influence the process of transferring.
That is why there will be some increasing gas fees. Fortunately, the gas of the BSC network is still low, not as high as ERC20

The fees of ETH is around $50 to make a transaction if you are purchasing any NFT and it is really frustrating if the bid does not go through you end up missing the gas fees and you cannot even compare that to any other coin in the market. Today i made a few trades in Pancakeswap and i did not really notice the high fees the OP is talking about, if i remember correctly i spent around $0.5 per transaction.

TelolettOm

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Yes, seeing how increasing the ERC20 gas fee is, it may be due to the increasing transaction because the bullish market is probably heading.
And about the increasing gas on BNB or BSC network, it seems very normal. If the network is being busier and busier, many more people using that network, the transactions will be many more. It will influence the process of transferring.
That is why there will be some increasing gas fees. Fortunately, the gas of the BSC network is still low, not as high as ERC20

popeye95

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It is like water, trickle down to the lower leaf. Since assets from ETH network is very much bloat with so many transaction and high rate of gas fee. People have to use something else to transfer their assets and BNB is easily the choice cause it also had a strong connection to Binance.

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Quote from: Rana590 on August 27, 2021, 01:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

You are already aware that recently lots of people have picked eyes on BSC due to the surge fees on ETH networks, not gonna complaint if the fees on BSC increasing a little bit which isn't really an issue for the community I guess. Since both the demand on BSC network and the value of BNB increasing so it's not surprising transactions queue would be loaded as well.

LordMiguel

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it is expected and it will continue if Binance price continues to raise. i doubt if they can resole this issue of gas fees. i want to assume that all smart contract platforms will continue to experince issues like this. gas fess increasing in parallel to the token price. ethereum is yet to resolve this issue and binance might follow suit and so with all other smart contract platforms. gas fees remiains the only obstacle for smart contract cryptoprojects.

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Quote from: popeye95 on August 29, 2021, 03:02:10 PM

It is like water, trickle down to the lower leaf. Since assets from ETH network is very much bloat with so many transaction and high rate of gas fee. People have to use something else to transfer their assets and BNB is easily the choice cause it also had a strong connection to Binance.

This could be a good reason and still cheap compare to ETH who’s gone crazy fees again in the past days. Well, how much is the most expensive fees on BNB? May a $100 or less still low compare to the ath fees of ETH. Once the traffic has gone, the fees will be back to normal for sure so don’t panic because BNB still good.

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Quote from: Rana590 on August 27, 2021, 01:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

It's not far from the basic economics of demand getting higher and that calls for price adjustment of goods and services. That's my understanding of what is happening. This same scenario cuts across all sectors of human endeavour. Seeing that many projects have abandoned the ETH ERC for BSC, it kind of pushes demand over to BSC and less traffic on ETH. That also explains why gas fee for ETH is dropping too. What ETH loses, BSC gains.

pealr12

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Quote from: popeye95 on August 29, 2021, 03:02:10 PM

It is like water, trickle down to the lower leaf. Since assets from ETH network is very much bloat with so many transaction and high rate of gas fee. People have to use something else to transfer their assets and BNB is easily the choice cause it also had a strong connection to Binance.

It is not as simple as that unfortunately, any eth base token will remain so except the project support multichain where you can use different network, people now prefer to transact through bnb which compare to eth is is still relatively, but some people are not familiar with this feature.

satsmainman

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This is very true. I have been noticing that also and the truth Binance smart chain network is getting more expensive by the day, this is a similar scenerio with Ethereum in those early days when it started gaining growth and popularity in smart contract development. I dont have a concrete fact on whether the value held in binance smart is more than what is in Ethereum Blockchain but i fear that BNB chain will catch up with Ethereum network in terms of network congestion.

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Quote from: Rana590 on August 27, 2021, 01:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

I just used BSC, but the transaction fees are also very low. Even lower than before. I use TrustWallet. One transaction costs 0.00038 BNB/BSC. But you did not list what wallet you were using. Because each wallet of course the transaction fees will be different.

Rana590

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Quote from: Malam90 on August 29, 2021, 09:43:55 AM

I have mostly avoided Ethereum network for it's tremendous fees for transactions, swap using any DEX, or staking, claiming. I have migrated to BSC but it's now a matter of concern that gas fees in BSC is increasing rapidly. It needs 0.002 to 0.01 BNB per transaction, claim, swap which is 3x higher than last few months ago.

My point is here that the fees on BSC is increasing if we think about last fee months. Though it is much cheaper than ETH but we have to think about BSC also

Quote from: Galley on August 29, 2021, 10:56:33 AM

The price per transaction has clearly increased significantly. The number of people who use the BSC network has increased significantly. Yes, and the price of BNB has grown, so in the end, we get an increase in value. But still, it doesn't compare to ETH. Maybe soon everyone will switch to some other network. Who knows.

A lot of people are talking about polygon network. I don't know still now that what will be happened. But BSC is fast and it has big community. Just need to reduce the gas fees.

Galley

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The price per transaction has clearly increased significantly. The number of people who use the BSC network has increased significantly. Yes, and the price of BNB has grown, so in the end, we get an increase in value. But still, it doesn't compare to ETH. Maybe soon everyone will switch to some other network. Who knows.

Malam90

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I have mostly avoided Ethereum network for it's tremendous fees for transactions, swap using any DEX, or staking, claiming. I have migrated to BSC but it's now a matter of concern that gas fees in BSC is increasing rapidly. It needs 0.002 to 0.01 BNB per transaction, claim, swap which is 3x higher than last few months ago.

Rakeshten

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It was increasing with the Ethereum gas fee past months but now it has also gone down. It used to took 1$ fee on swapping on Pancakeswap and now it takes approximately 0.5$ per swap on Pancakeswap. So we can see more low fee of both networks in near future.

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