Gas fees are the transaction fees that users pay to miners .

shinratensei_

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Quote from: Anonymous100 on October 27, 2021, 03:28:00 PM

So, when it comes to busy network issues, of course it raises the question how long the busyness will last?

It will be last forever. The london hardfork has been creating a small chance to the network and it was triggering the fees to be high anytime. Even when the network was not busy and the fees were still non sense compared with another blockchain in the same field. Ethereum was starting to increase again and that was triggering people to use this network. You can expect the blockchain will be empty maybe when the bearish trend will occur but it's not for this time.

Quote from: Anonymous100 on October 27, 2021, 03:28:00 PM

Not only that, if we make transactions for the swap platform, of course, we will spend much higher fees compared to sending tokens to a wallet address.

That's why people didn't recommend using the swap feature use ethereum blockchain. You will be wasting a lot of your money to pay nonsense fees to make miners even richer. It's better to move one from ethereum to the second layer blockchain. This is the best way to avoid the gas fees on ethereum. You will never see a transaction that will need a few cents again.

cryptoaddictchie

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Quote from: GaxviiBuss on October 27, 2021, 06:05:06 PM

The gas fee is one of the important fees, for the successful exchange of coins both in exchange and wallet address, to my opinion all gas is been shared between miners and liquidity providers and wallet address owners. Traffic when conducting transaction determine the amount of gas fee to pay, when carrying transactions.

Im not sure if those all fees are shared with miners. But I think when someone get your transaction the fees goes to their pool instead. But I think this is how the method on miners since they have their own pool. Cause if all gas fees process by a certain pool also went to others as you mentioned shared then its like it's one profits for all. There are factors on it I guess.

Baimovic

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The gas for each transaction is different and the right time to make a transaction is when the transaction on the blockchain network is not crowded so we can get it at a low cost even though the price is rising. So it's better for us to be patient and wait for the right time to make each transaction on our trade because by making transactions without thinking about gas, we will get quite large losses because the difference in gas can reach more than $ 10.

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Quote from: Valak on October 27, 2021, 03:33:10 AM

Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the blockchain.
Sometimes gas can be expensive when network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas, how quickly you want the transaction to be completed and how busy the network is at the time of your transaction.

The ETH network currently has very high gas fees, this is one of the dilemmas of many traders and investors, who recently want to transfer ERC-20 network tokens from one wallet to another or want to transfer to an exchange wallet. transaction and with that expensive fee a lot of people are having a hard time using this ETH network. the only solution that ETH needs to solve soon is their high gas fees. I hope that The upcoming ETH 2.0 will solve such problems of high gas fees.

TastyChillySauce00

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Quote from: Valak on October 27, 2021, 03:33:10 AM

Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the blockchain.

The gas fee on ethereum was a non sense thing right now. Something that needs to be restructured especially to give more capacity on its blocksize to process more TPS and this will make there's no so many transactions in queue.

Quote from: Valak on October 27, 2021, 03:33:10 AM

Sometimes gas can be expensive when network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas, how quickly you want the transaction to be completed and how busy the network is at the time of your transaction.

Ethereum is always being most expensive gas fees all the time. I never seen this one never become unexpensive blockchain anymore. Anytime the fees will always spike. I see that the fees for erc20 transaction has been reached more than $200 and who the hell people keep use this garbage blockchain for the daily transaction?
The limitation of blocksize in ethereum network has been making people so crazy to send more transactions with big fees and this will be increasing the average fees that will be applied to the whole users.

GaxviiBuss

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The gas fee is one of the important fees, for the successful exchange of coins both in exchange and wallet address, to my opinion all gas is been shared between miners and liquidity providers and wallet address owners. Traffic when conducting transaction determine the amount of gas fee to pay, when carrying transactions.

Lanatsa

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Quote from: tvplus006 on October 27, 2021, 03:51:43 PM

Quote from: noorman0 on October 27, 2021, 01:04:51 PM

...You will also be asked for very high swap fees on defi platforms, some of which will be paid to the parties specified in the contract code.

In the Ethereum network, after the London hard fork, part of the commission goes to burning and thus no one will get it. In this case, instead of reducing the commission on the network, in fact it turned out that the commissions were not reduced, only now part of the commission that miners previously received is sent to burning.

Didn't see any significant effects of that London fork of ETH but actually it wasn't really the solution of high gas fees on where most people been believing that

it was the solution on erc20 ecosystem? No it wasn't and the fact that we've been seeing even way more worst situation that the fees soar up this high.

Effects of that burning situation will be most likely be felt on upcoming years to come and people aren't really that patient enough.

tvplus006

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Quote from: noorman0 on October 27, 2021, 01:04:51 PM

...You will also be asked for very high swap fees on defi platforms, some of which will be paid to the parties specified in the contract code.

In the Ethereum network, after the London hard fork, part of the commission goes to burning and thus no one will get it. In this case, instead of reducing the commission on the network, in fact it turned out that the commissions were not reduced, only now part of the commission that miners previously received is sent to burning.

Anonymous100

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It's hard to understand how busy the network is when making transactions, if we look at the past few months, the transaction fees of the Ethereum network are very high based on normal Gwei requests. This we are not referring to the high price of Ethereum, but we are referring to Gwei. Usually the Gwei of the Ethereum network is below 100, or normally 50 Gwei. But currently Gwei is at 200 to 250 for Ethereum transactions. Of course, token transactions reach 2x to 3x Gwei Ethereum transactions.

So, when it comes to busy network issues, of course it raises the question how long the busyness will last?
Not only that, if we make transactions for the swap platform, of course we will spend much higher fees compared to sending tokens to a wallet address.

Review Master

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IDOs are still getting more hype because of the rebounding of market and many users are using more higher gwei price in ethereum mainnet to grab allocation in IDOs or buy at TGE. As a result, gas price is increased on ethereum mainnet time to time and miners are benefited from this situation. Although we have now more options of layer2 or zk rollup solution to do trades into AMM/DEX without worrying about high gas fee for doing transections/trades. Hopefully, more projects will prefer those chains for launching.

ziyaaa

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I'm aware of a very important thing that transaction fees are comprising a really big portion of miners' income. But this doesn't mean that we have to pay insane amount of fees even for a little amount of transaction. Whenever the market goes up a lot, we come across huge fees. And this has started being really annoying for the investors. I have heard that Ethereum developers are working for solving high fee problem for Ethereum. And I hope to see the same effort from all of the developers of especially the top coins in the market.

jrrsparkles

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The rise of gas fee is actually happened due to the scalability issue on the ethereum network even though some of the developments made still its on and on, for now the only solution is ethereum 2.0 by that time no miners will be required since the blockchain is actually switching from PoW to PoS which increases the number of transactions processing speed intensively.

zasad@

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If you have small amounts - several thousand dollars or less, o use Level 2 solutions:
Optimism & Arbitrum and Polygon
https://bitcointalksearch.org/topic/m.57842615
Many cryptocurrency exchanges support these solutions, and the cost of gas there is minimal.
To transfer large amounts, users are willing to pay large commissions.

Similificator

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It is a serious matter and not something that can be fixed very easily. The only solution is to use other coins or network instead if possible or just prepare beforehand like making a transaction way earlier than the time of need so you won't have to pay for larger fees. This industry is still growing and there is souch toom for improvement but for now, people should learn to adapt and adjust because if not, our bad reviews will only affect the speed of crypto adoption in the world negatively.

noorman0

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As blockchain innovations are constantly being developed, you have to pay more to enjoy those innovations. For now, the factors that determine the cost of gas are no longer limited to those you mentioned in the OP.

Say on the ETH network, you will find the difference in cost between sending ETH (native coins) versus derivative coins (tokens) where it is higher. Meanwhile, since the defi booming, the scalability of the ethereum network has increased dramatically which has an impact on tx fees. You will also be asked for very high swap fees on defi platforms, some of which will be paid to the parties specified in the contract code.

livingfree

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In ethereum's network, the gas fee is really high. But they're working on it and we don't know until when we see the low gas fee again.

But for other chains, they're actually cheap but the most demand is in ethereum because of many project that requires eth through its erc20.

sgenuine

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Transaction fees depend on activity on the blockchain. If there are many investors who want their transactions to be included in a chain as soon as possible, fees increase as miners are interested to get as much as possible, so demand for their work rises. Talking about Ethereum, fees are deadly high that is why investors with small capitals have to move to cheaper options such as BSC and Polygon.

Valak

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Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the blockchain.
Sometimes gas can be expensive when network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas, how quickly you want the transaction to be completed and how busy the network is at the time of your transaction.

Topic: Gas fees are the transaction fees that users pay to miners . (Read 102 times)