Gas Fee Of BNB Is Increasing - page 14.

Jackl87

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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 just a development that is to be expected i guess. First Ethereum gas fees were extremely high then the binance smart chain was introduced and quickly became more and more popular because there the transactions were almost instant and the transaction fee were only a few cents compared to 20 dollars on the ethereum network. Because of that a lot project switched from Ethereum to BSC and new projects decided to choose BSC instead of ETH as their blockchain ecosystem. Now that more and more projects are on the BSC it becomes obvious that the binance smart chain is also not Infinitely scalable and you can already see the effects of the increasing numbers of transactions on the BSC.

kayiboyu

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I assume that the reasons for the increase in gas fees of all coins in the market are like this:

- As BNB price increases, it becomes inevitable to see that fees are also increasing.
- High demand is also another factor for an increase in gas prices.

As long as coin developers don't solve this problem, it will always be like that.

Rana590

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Quote from: coin-investor on August 27, 2021, 08:50:38 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.

It's still cheap compared to what Ethereum is offering, people are now using Binance Smart Chain more, Binance offers a bridge to some coins so you can transact them on Binance, Binance is taking this opportunity because traders are looking for cheap fees and fast transaction, just this day I transacted with Binance and Ethereum and was charged 20 cents on Binance and $3 on Ethereum, can you see the difference.

Yes, difference is clear here and I'm not saying that BSC is doing really well than Ethereum if we talk about gas fee. I'm considering about increasing of gas fee on BSC.

Quote from: Bitcoin Seller on August 28, 2021, 12:32:22 AM

I'm thinking so that reason behind it will be high number of transaction. Is there no way to stable the gas fee on any blockchain network?

UserU

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Quote from: tsaroz on August 27, 2021, 01:25:46 PM

I don't know if it's related to gas fees of Ethereum but the fees on BSC network has certainly increased. I'm paying over a dollar for some actions or exchanges now. Still cheaper than Ethereum but a put off when you are trying to make a couple of dollars profit here and there. Polygon is still cheap. No idea if it too has rose recently as my wallet doesn't display decimals less than a cent. That means the fees are still below a cent.

Yeah. Especially when it comes to adding those coins to the LP or staking, the fees really cut through the balance.

Bitcoin Seller

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Transaction fees are increasing when the activity is growing. The more people want to trade, the more you have to pay, so that your transaction is included in the block as soon as possible. Fortunately, BSC works on Proof-Of-Stake, so fees are still smaller than 1$ and even when daily trading volume on BSC is much higher than on Ethereum, Binance Smart Chain is still cheaper.

so98nn

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That's very obvious thing when crypto is switching from bearish mode to bullish mode. The more transaction means more load on the network and thus the demand creates more gas fees. I am not sure if this needs any other logic to discuss as to why this is rising time to time. The network fees will always be adjusted whether it is ETH or BNB we have seen how the fee structure has changed over the time when the demand was higher and when the demand was lower. The whole point is based on current environment. Demand-No demand.

Quote from: Coin-1 on August 27, 2021, 07:10:11 PM

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

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.

[...]
Yesterday I sent a couple of BSC transactions with a gas price of 5 Gwei and they were accepted almost instantly. That is, the BSC gas price did not increase if measured in BNB, not in USD.

Currency conversion does not mean fees is less or more. Anyways we can only read out the fees in USD because that's what matter at the end. Cheesy

meanwords

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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.

BSC is just so popular these days, especially with the growth of new projects that is using the BSC network and some older projects integrating BSC network in their systems. Although, the fees of BSC is still pretty insignificant if you compare it to Ethereum. There's just an influx of new users. I think it will eventually lower down as time goes by. Maybe the devs will try to find a way for it.

husencoe

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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.

The cost of BNB gas is likely to continue to increase over time, because many people have started to switch to using BNB, but the cost of BNB gas is still cheaper than the current cost of ETH gas, my prediction is that BNB gas costs will continue to rise due to the large number of transactions using the BNB network so far

nomenclatur

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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.

every increase in BNB will have an effect on the cost of gas fees, which are certain to go up, many factors affect the gas fee rise because the market has proven positive and the effect is also large on the increase caused by the market which makes gas prices rise slowly not worth the cost, very cheap maybe one-day binance will be more expensive it will also show how expensive binance coins will be in the future.

Gayong88

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For me, this is still very reasonable and still cheap, this is inseparable like the law of supply & demand, meaning that more and more transactions on the Binance Smart Chain automatically increase the demand for BNB because paying gas fees at BSC must use BNB and if the transaction decreases, the demand for BNB decreases. and gas costs also go down.

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Quote from: Baimovic on August 27, 2021, 05:43:08 PM

Currently I am still using the BSC platform to exchange even though the BNB price is rising high but the fees given are still very cheap compared to fees on ethereum but if we observe that the gas on the BSC is increasing, maybe it is caused by the large amount of transaction traffic that occurs or indeed because the price of BNB is increasing I don't know for sure.

In my opinion it's because of both user is increasing and the price of BNB is also going up, but it's still very cheap compared to ETH. However, maybe BSC fees can grow in the future and it become more expensive compared to other platform like Matic and that could become a problem because people use BSC to avoid ETH expensive fees but if the fee is cheaper in other platform, BSC can have other competition.

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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.

https://bscscan.com/chart/gasprice
If you look at the gas chart on the BSC network at the link above you will say that the current fee is lower than before, if you do a token swap transaction there will be 136 transactions when you see the confirmation on that network, you only need a fee of no more than 0.001 BNB , some Dex exchanges on the BSC network have high gas fees but they are not as expensive as when you trade on ethereum networks like uniswap

coin-investor

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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 still cheap compared to what Ethereum is offering, people are now using Binance Smart Chain more, Binance offers a bridge to some coins so you can transact them on Binance, Binance is taking this opportunity because traders are looking for cheap fees and fast transaction, just this day I transacted with Binance and Ethereum and was charged 20 cents on Binance and $3 on Ethereum, can you see the difference.

Coin-1

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

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'm assuming you don't mean BNB gas fee, but BSC gas price. If so, then BCS transaction fees are increasing just because the BNB price is constantly going upward on the market charts.

The London hardfork implemented on the Ethereum blockchain in early August 2021, has already shattered people's illusions about cheap ETH transfers. A month ago, the vast majority of ETH holders thought the Ethereum gas price would be low, but the current reality has shown a different picture. Therefore, traders and investors turned their attention to Binance Smart Chain as the main competitor to Ethereum. As a result, BNB was pumped a lot even when compared to other altcoins.

Yesterday I sent a couple of BSC transactions with a gas price of 5 Gwei and they were accepted almost instantly. That is, the BSC gas price did not increase if measured in BNB, not in USD.

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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.

Compared with Ethereum and bitcoin , Binance smart chain gas fees very much low. But recently Binance smart chain gas fees also increasing and today pancakeswap approved gas fees 12 cent and swapping fees 70 cent which more than before.

izsara

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Gradually I think BNB wants to follow in the footsteps of ETH, initially cheap to lure users into adopting BNB with the lure of low costs. After that we all saw that BNB was increasing the fees little by little. Then where else do we as small traders have to run to avoid high GAS costs?
What other network would be friends with people like me who only send 5 to 10 bucks.

Baimovic

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Currently I am still using the BSC platform to exchange even though the BNB price is rising high but the fees given are still very cheap compared to fees on ethereum but if we observe that the gas on the BSC is increasing, maybe it is caused by the large amount of transaction traffic that occurs or indeed because the price of BNB is increasing I don't know for sure.

TimeTeller

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Quote from: izsara on August 27, 2021, 04:17:55 PM

Gradually I think BNB wants to follow in the footsteps of ETH, initially cheap to lure users into adopting BNB with the lure of low costs. After that we all saw that BNB was increasing the fees little by little. Then where else do we as small traders have to run to avoid high GAS costs?
What other network would be friends with people like me who only send 5 to 10 bucks.

There will always be another network that will offer cheaper fees just like what mentioned above.
But I do believe, that BSC fees will gradually increase their fees in the coming years.
That's part of their business but maybe, they will make it at least relatively cheaper than competitors like ETH.
But expect such situation will happen also to this network. That's part of the game in this industry.

nimogsm

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so far, the network is coping with the loads very well, I would not say that the commissions have become more expensive. In the future it is possible, but I do not think that there will be expensive transactions. What is happening now with Ethereum is the madness of the commissions are simply exorbitant.

haleema

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Because BSC network the gas fee is very less as compared to Ethereum network. Thats why BSC network user friendly and every one can use easily.
Fee is going high day by day because of usage and polarity.

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