Gas Fee Of BNB Is Increasing - page 15.

coin-investor

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Quote from: Rana590 on August 27, 2021, 02:18:46 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, 02:18:46 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, 02:18:46 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, 05:17:55 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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Quote from: Rana590 on August 27, 2021, 02:18:46 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'm not using BNB and any BSC projects but it seems that for every project that whenever they're increasing in demand, the fee does also increase. Just as Ethereum that's crazily increasing its fee lately, there's no way to avoid that but to wait until the fee has already decreased.
So, for every project that offers little fee, if there seems to be a full wave of transactions and demand has increased, see to it that the fees will also rise due to it. Now if that happens to BNB, they'll do something about that just as what Ethereum devs did but still, the fee remains the same high.

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Quote from: Rana590 on August 27, 2021, 02:18:46 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 is a natural thing, because more people are using BSC network, then the gas fees from BSC will definitely increase, so that the network can be stable, then one of the factors that makes gas fees from BSC increase, that is because the price of Binance has increased, so for example if gas fees from BSC 0.0005 BNB and the price of Binance $300, then the gas fees are only $0.15, but when the price of Binance increases to $600, then the gas fees will be $0.3, so what actually increases is not gas fees from BSC, but the price of Binance.

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Quote from: Rana590 on August 27, 2021, 02:18:46 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.

Depend with coin do you buy or sell, if you try with shit coin you need pay more gas about 1$ until 3$ but if stable and higher coin you only take few cent to swap on pancake or sending to other wallet, I have faced this problem because when I buy shit coin need to pay higher BNB fees and take slippage about 10% and more until 20%, better if you try buy with shit BSC coin have to know the risk.

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Quote from: letyouearn on August 27, 2021, 02:41:21 PM

The number of users increases, thus the number of transactions is constantly growing. So, the blockchain becomes overloaded and the fees have to grow in this situation.

This is the real explanation here and it looks like the trend for the blockchain fees just like on ETH network before when there’s a lot of demand for it, the fees goes crazy. Though the price of BNB right now is not that high, maybe the network is really congested and makes the miners work double time. I thought BSC will not experience this same problem with ETH network, hopefully a better solution will be out to address this one since BSC still one of the cheapest network to deal with.

Valak

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Quote from: Rana590 on August 27, 2021, 02:18:46 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 see the BSC gas transaction fee depends on the wallet we use. But in general BSC standard gas is 5 Gwei to 7 Gwei. Maybe you can see by gastracker https://bscscan.com/gastracker Usually using Metamask is lower cost than Binance Chain.

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Quote from: cryptoknows on August 27, 2021, 03:15:11 PM

I totally agree, it is time for many small and medium investors to pay attention to cross-chain projects like matic, near or solana. Thanks to their blockchains, investing in tokens within the ecosystem is much more profitable than on the same BSC and even more so ETH

Are you serious? isn't bsc not so bad at everything about the blockchain ecosystem? for me, most of my (assets) created using erc-20 network can be bridged on bsc & matic network. on the one hand I also have invested in for a long time, bnb & matic because really helped me to trade at a low cost. I started leaving the token (erc-20) and moving it to the bsc & matic network. but not with eth, I still hold eth for the long term.

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Quote from: tsaroz on August 27, 2021, 02:25:46 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.

I totally agree, it is time for many small and medium investors to pay attention to cross-chain projects like matic, near or solana. Thanks to their blockchains, investing in tokens within the ecosystem is much more profitable than on the same BSC and even more so ETH

Chuky92

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What I can say on this is, one of the major reasons Ethereum gas fee increased was as a result of the huge number of projects on it, that is, all these projects contributed to the value ETH have today. Now having this at the back of our minds and drawing it to the Binance Smart Chain, it can be seen that the easy launching of projects lead to the increasing number of these projects on their network, and this is gradually leading to the increasing gas fee which is being seen now, most times it even gets congested.
That is to say as the Binance Smart Chain grows with more projects on it, the gas fee will be increasing. Another point is, these said gas fees depends on the price of BNB, that is, what the gas fee will be when BNB price is $300 is not what it will be when the price is $500 or $1000. It is happening to BSC now, and will also happen to others like Polygon, unless the blockchain is not growing.

letyouearn

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The number of users increases, thus the number of transactions is constantly growing. So, the blockchain becomes overloaded and the fees have to grow in this situation.

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Quote from: Rana590 on August 27, 2021, 02:18:46 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 don't really understand, Are you talking about BEP-2 or BEP-20? If BEP-20 it's only the bnb price that rising but the gas fee was still same even lower i suppose. BEP-20 use PoS Consensus so the fee more likely will stay flat and comparing to last year (December 2020) The gas fee is still flat.

When i make transaction on December 2020 it's require 10 Wei with total 0.00021 BNB https://bscscan.com/tx/0xe8fcbb55e2a5851819367b36433ca80f89fed630dcce4f2619056f5010bb3b96
but today it's only need 5 Wei 0.000105 BNB https://bscscan.com/tx/0xa2e852f0eca822aa24fde77b96a782024c8c52dfff1cff45110c0be88483e493

And i suppose it's much lower and flexible the only reason the gas was rising it's coming from BNB Price rising.

GowithMi_GMAT

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when the price of ETH goes up, the transaction fees also go up
when the price of BNB goes up, the transaction costs also go up
and that applies to all types of blockchain network.
matic is a good solution among other blockchain network including ERC-20 and BEP-20.

based on today's blockchain data

ETH
Low
196 gwei
Base: 195 | Priority: 1
$14.69 | ~ 10 mins: 0 secs
Average
197 gwei
Base: 195 | Priority: 2
$14.83 | ~ 3 mins: 0 secs
High
197 gwei
Base: 195 | Priority: 2
$14.83 | ~ 3 mins: 0 secs

BEP-20
Standard
5 Gwei
(30-60 secs)
Fast
5 Gwei
(10-30 secs)
Rapid
6.6 Gwei
(5-10 secs)

MATIC
Standard
34 Gwei
(30-60 secs)
Fast
50 Gwei
(10-30 secs)
Rapid
206 Gwei
(5-10 secs)

cricketkhampion

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sir, I have no more knowledge about it but I think its fees are increasing because of its price. you can see the BNB is going stable that's why I think its gas fees are increasing.

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