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. 
Topic: Gas Fee Of BNB Is Increasing - page 14. (Read 1753 times)
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.
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.
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.
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 alsoThe 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.
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.
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.
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.
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.
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.
- 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.
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 $3 on Ethereum, can you see the difference.
I'm thinking so that reason behind it will be high number of transaction. Is there no way to stable the gas fee on any blockchain network?
I don't know if it's related to gas fees of Ethereum but the fees on BSC network has certainly increased. I'm paying over a dollar for some actions or exchanges now. Still cheaper than Ethereum but a put off when you are trying to make a couple of dollars profit here and there. Polygon is still cheap. No idea if it too has rose recently as my wallet doesn't display decimals less than a cent. That means the fees are still below a cent.
Yeah. Especially when it comes to adding those coins to the LP or staking, the fees really cut through the balance.
Transaction fees are increasing when the activity is growing. The more people want to trade, the more you have to pay, so that your transaction is included in the block as soon as possible. Fortunately, BSC works on Proof-Of-Stake, so fees are still smaller than 1$ and even when daily trading volume on BSC is much higher than on Ethereum, Binance Smart Chain is still cheaper.
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.
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.
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.
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.
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
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.
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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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. 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/gaspriceIf 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
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