Gas Fee Of BNB Is Increasing - page 9.

ene1980

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Quote from: Cornia on September 06, 2021, 01:13:21 PM

Increasing demand of BSC network and many projects to launch in this network, network fee has increased slightly. However, this additional fee is negligible compared to other networks. So I don't think it's time to worry about fees. Instead I would like to thank CZ for creating BSC.

You need to thank CZ for literally copying everything and creating his own, i would like to see something authentic from him Tongue

. Have you tried Polygon (Matic) the fees are really low. I am not having complaints about the fees in BSC network compared to Ethereum and how stupid the fees are and yet the price keeps on moving higher which i really cannot understand the logic.

Cornia

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Increasing demand of BSC network and many projects to launch in this network, network fee has increased slightly. However, this additional fee is negligible compared to other networks. So I don't think it's time to worry about fees. Instead I would like to thank CZ for creating BSC.

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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.

Fees at the BNB transaction are fine, but the fees have been increased slightly in Binance Smart Chain. Gas fees were lower in the Ethereum blockchain in the early days, but as the number of users increased now Ethereum blockchain is overloaded, so did the gas fees. For higher gas fees in the Ethereum blockchain, new projects are being launched in the Binance Smart Chain. In a very short time, BSC has made a huge splash in the altcoin world. At the same time, the rising price of BNB is also the reason for the high gas fees. The transaction fee in BSC is very low now but it is normal that the fee will gradually increase with the increase in users.

livingfree

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Quote from: ?? on ??

this seems to be the most realistic, users are increasing their transaction traffic, and it is natural for BNB to experience an increase in gas fees. but BNB's gas fee is still affordable and still lower than ethereum.

That's the main reason why fees increases.

When there's more people using the coin, there will be a demand and fees increases as the network becomes congested.

True to that the it can still be endured with bsc fees unlike eth's.

justdimin

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Quote from: crzy on September 05, 2021, 09:57:35 AM

Quote from: Bazlur on September 05, 2021, 08:44:34 AM

I myself have noticed that the transaction fee of BSC network is increasing day by day. However, even if the transaction fee increases, it is still tolerable. Because every transaction on ETH network costs about $10-15. The transaction fee of BSC network is much less than that.

How I wish I can send $10 - $15 for ETH fees, because I've been spending for almost $55 just to proceed my transactions on Metamask. Anyway, the fees increase on BSC Network is still cheap, BNB network still cheap compare to ETH these two are great network with a great project, even if the fees is expensive if you think you are investing on a good project, you can get it back. Fees increases because of the traffic on the network, I guess it happens on every network.

It is certainly a huge huge problem in ETH network, without that being fixed there will always be competition for ETH that will try to replicate whatever ETH is doing, if it is DeFi then there will be other chains that does Defi, if it is NFT gaming then there will be NFT gaming, basically whatever ETH is doing just because it is losing a lot of money for people who spends their money on fee's and the entry point is very expensive, we will keep having the same problem over and over again.

BNB is great just because of that, the other day I paid 62 cents to send money to my binance account, 62 CENTS, I do not remember the last time ETH had anything under 1 dollar, which is the biggest problem. Don't get me wrong I do agree that it is used a lot but it should find a way to be cheap and fast while being used a lot.

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Many people were quick to say many things about the Ethereum blockchain and its increasing gas fees all because BSC network offers low gas fees, but they failed to understand that the high gas fee seen in Ethereum is both as a result of the increasing number of projects on its network as well as the price.
Nowadays, ETH high gas fees has given BSC network the ability to grow and as more projects are coming in the BNB gas fee is increasing, but the question is, what will BSC team do to remedy the situation, because ETH team are already working on theirs in the forthcoming Ethereum upgrade.
Also, it is pertinent to add that, more projects are now leveraging the Polygon (Matic) chain as the gas fee is cheaper than that of BSC chain, this I would say means that, more competition between Polygon and BSC network will soon set in; moreover some projects are already moving from BSC to Polygon.

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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.

When looking at transactions, the biggest spike occurred towards the end of July 2021 and has since dropped, implying that more and more transactions on Binance Smart Chain are automatically increasing BNB demand since paying gas costs at BSC requires BNB, thus demand rises and BNB price rises.

If the transaction volume falls, the BNB demand lowers, and the BNB price declines, as the law of supply and demand dictates. You can see this in action here: https://bscscan.com/chart/tx

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Quote from: rmhuntley on August 27, 2021, 03:08:08 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.

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.

Also i see that token sending fees is always low on BSC network but swaping fees is always high than transaction fee and it is true that Shitcoin transaction fees are always high becouse i paid more than 1 usd only for one swaping on BSC network.

goinmerry

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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 didn't notice the increase. Still cheap as usual.

Can you post a series of transactions that fees are increasing even slightly?

But in the future, in the event that the Binance SmartChain network will be congested, we can't avoid the possibility of paying an increased fee but not the same gas amount that we are facing in the Ethereum Network. That's for sure.

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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.

This is the same thing that happened with Ethereum. In the early days, Ethereum gas fees used to be cheap. I'm saying it because I used to heavily interact with ethereum at that now but things got back when the network started growing faster than its infrastructure. Binance chain followed a similar path. As a sidechain running on eth, there's only so much the chain can do to scale so everything we're seeing now is as expected.

Instead of patronizing this sidechains like BSC and polygon which would eventually get congested, I'm taking advantage of near protocol right now simply because they have one of the best (if not the best) technology available in the crypto space. Their ecosystem is still young though. That's one thing to keep in mind but it's quickly evolving and becoming robust with so many new projects launching from defi to nft to app chains, etc.

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number of users is increasing thus making the blockchain network congested and that's the reason why fees will also increase, but I think BSC fees are still very cheap compared to ethereum

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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.

If the price of BNB increases, the transaction costs also increase. Because transaction fees are basically BNB, so every change in BNB price will also change the transaction fee. But if we convert to dollars.
Likewise with Ethereum. Basically Ethereum transaction fees are the same as before, but because of the current high price of Ethereum, the transaction fees are also high if we convert it in dollars.

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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 weird thing about the binance fee situation is the fact that Binance could arrange it in a way to make it nearly free, as cheap as tron. They are a centralized currency and they control all the validators and they are taking all the fees that you are paying, this is not some GPU stuff that makes everyone who work to earn money, it is a centralized situation that only binance earns and nobody else.

So, what they can do is add like 210 more people or something, or add 189 people to make it 210 total, whatever it is. That way with more and more power, they could make it go down like crazy and it could be nearly cheap level, if we are at this level with 21, then with 210 we are going to be awesome, and with 2100 it will be nearly zero for sure. So the only reason why we are even paying for free is the fact that Binance decided to charge us for it and nothing more.

erep

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Trading through pancakes is urgently needed as an alternative to the volatility of ERC-20 gas fees, although not all tokens have BSC contracts, they must find another solution to sell ERC-20 on exchanges to save gas fee from transactions.

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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 dont see for it to have significant increase, there might be some changes but it is really just too slight on where people wouldnt really mind that much which is way far more lesser on current ecr20 or eth fees.

If you do saw that BNB fees are way too much for you then you can deal off with other altcoins in the market but as far as i can say that it is one of the cheapest currently in the market so i dont have any complaints
with this.

Also if there would be some changes then it wouldnt really be that much of an issue for most people.

Mr.Noda

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Most likely, gas charges will be cyclical like Ethereum. I am very glad that at least the commissions are not horse-drawn in comparison with the Ether /

Olayinka2225

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I think it's going to follow suite with eth, as the price of bnb increases, I think the transaction fee will follow suite. Though it's been long I perform a transaction on the bsc network to confirm what you're saying

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Quote from: bamb on September 05, 2021, 11:57:10 AM

If projects keep using bsc, the gas will continue to increase. But we are still not there yet!

Most projects want to use a network where transaction fees are lowest. And that is why most of the projects are now using BSC network. And is this why the transaction fee of BSC network is increasing? However, I am not worried because if the transaction fee of BSC network increases a lot, then of course another network will be created where the fee will be less.

bamb

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Binance smart chain is experiencing what ethereum network have experienced leading to insane gas fee we have today! The fee on bsc however is still very low compare to what is been paid on ethereum. If projects keep using bsc, the gas will continue to increase. But we are still not there yet!

Kunnu

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Yes I also noticed the increase in gas fee I think it's happening because the transactions volume on bsc are increasing rapidly so the gas fee will definitely effective although we should not be worried about it because I think the developers of bsc will have effective solutions if anything goes out of control in future.

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