High gas fee for sending token is still a problem - page 10.

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

At the time I'm posting this, the gas fees range from $0.77-$0.85 which is for me not that high TBH. You only feel the high gas fees if you are sending small amounts of coins under Ethereum Blockchain.

As expected, more transactions will happen in a bull market, and when there are many tokens under Ethereum that are being traded, there will be a network congestion then after that, gas fees will increase because many people are willing to pay more gas fees just to let their transaction to be a successful one

Most of your tokens are ERC-20? You're asking for a good way to prepare? Maybe a few months before the "expected" bull market starts, put the coins that you will sell in to different exchanges already. In that way, you will not wait for your transaction to be successful, and at the same time, you can sell your tokens immediately. The question is when do you think is the "expected" bull run?

Luffygroove

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The fact that most of your tokens are on an Erc-20 chain amazed me. You must be a fan. Hehe, no, I'm kidding, sorry. Well, this gas issue has always been a main issue that hasn't been solved until now, even though some solutions have been offered by Vitalik and his team. But because of its utilities and popularity, Ethereum has still become the "King" of altcoins. However, they really need to address this issue as soon as possible before people get really fed up. I've met so many projects in the Erc-20 chain trying to solve this by becoming multichain projects or migrating to Layer 2 platforms; let's hope it will happen to your tokens too. From your side, I can't really give any suggestions other than to minimize token transfers now to save gas for the coming bull season and find other tokens that are not ERC20. Pardon me to be lame.

racminer

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Quote from: BlackBoss_ on April 08, 2023, 11:23:35 PM

Quote from: racminer on April 08, 2023, 11:10:02 PM

I came across a strange Ethereum wallet https://etherscan.io/address/0x4DE23f3f0Fb3318287378AdbdE030cf61714b2f3 with unusual behavior. The transactions have abnormally high fees which far exceed the amount transferred. Obviously a sweeper bot is in action here. It seems that 99% of the funds are spent in fees!

It is abnormal activity but is it affected you and your transactions on ERC20 chain?

I check and see Gas now is 20 to 21 Gwei that is not different than the last weekend. Days ago, Gas dropped to 17 to 18 Gwei too. I don't say it is cheap transaction fee as it is about $0.8 to $1 for one transaction but you don't have to spend 200 to 280 Gwei like that user to have quick confirmations.

No, it is not affecting me, but I am trying to understand why someone would desperately want to have quick confirmations and spend almost all funds."

BlackBoss_

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Quote from: racminer on April 08, 2023, 11:10:02 PM

I came across a strange Ethereum wallet https://etherscan.io/address/0x4DE23f3f0Fb3318287378AdbdE030cf61714b2f3 with unusual behavior. The transactions have abnormally high fees which far exceed the amount transferred. Obviously a sweeper bot is in action here. It seems that 99% of the funds are spent in fees!

It is abnormal activity but is it affected you and your transactions on ERC20 chain?

I check and see Gas now is 20 to 21 Gwei that is not different than the last weekend. Days ago, Gas dropped to 17 to 18 Gwei too. I don't say it is cheap transaction fee as it is about $0.8 to $1 for one transaction but you don't have to spend 200 to 280 Gwei like that user to have quick confirmations.

racminer

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Hi,

I came across a strange Ethereum wallet https://etherscan.io/address/0x4DE23f3f0Fb3318287378AdbdE030cf61714b2f3 with unusual behavior. The transactions have abnormally high fees which far exceed the amount transferred. Obviously a sweeper bot is in action here. It seems that 99% of the funds are spent in fees!
What is going on ?

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Quote from: Retainly_Collie on March 17, 2023, 03:44:41 AM

I've had the same problem before where the tokens were worth not much but the moving fee was too expensive, and made it impossible for me to sell them and accept it could be worthless if not sold in time. .
Depending on the value of tokens on the ERC20 network to decide to make the move, I think ETH has done well in terms of pulling fees low when not congested.
I hope there will be more information in the future, but hopefully next season this won't be an issue for people to switch to another platform.

It is seems that they are already worthless even at the start because if not then I don't think their overall value will be smaller than the fee but don't lose hope yet as some tokens are just late to bloom, sometimes it can took them a couple of years for their value to grow. The high fees that we experienced can be a blessing in disguise for those dumpers to HODL their coin.

It's normal for the fees to subside when the network is congested so don't praise ETH for this but ETH have done a couple of updates/upgrades on the past. Did those help to lessen the fees in normal situations? I don't know it because I am not dealing with ETH and Erc20 tokens anymore.

Silberman

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

You do not really have any option, we know that once an altcoin season starts the ethereum network will get incredibly busy, so you need to send enough ethereum to cover the transactions costs on the future, which quite honestly is not as hard as long as you send a reasonable amount of ethereum to your wallet, however if your holdings are very small then things could get to the point in which the fees could be higher than the value of your tokens, with this in mind you need to make sure to select the right altcoins in which to invest so you can avoid this scenario.

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the best way is to wait until the gas fee becomes lower. There are many factors that affect the gas fee, one of which is the density of transactions because the denser the transactions the gas fee will increase.

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Quote from: Ketesnuko on March 17, 2023, 12:21:21 PM

People have gotten used to this problem, even if Vitalik decided not to fix this Gas issue it's never going to be a problem, do not expect any solution from the Ethereum team and dev any time soon, how many years it's been already? If they wanted to fix this issue they would have.

its not that people are used to this gas fee but instead there are other alternative they'd just switch over and not worrying about ethereum, there are L2 and many more, shouldn't expect too much from ethereum that's why they decide to switch over instead, it just makes more sense.

TheGreatPython

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

I think there might have been an issue yesterday with the gas fees of Ethereum because I saw another post with the same complaint as well, but if we check on the ETH gas station, the fees are not that high at the moment. Maybe there was a sudden spike for some reason and then it normalized later, I'm not sure but it isn't something normal.

I don't believe that this is happening because of network congestion or due to a high number of transactions, but it is more like a glitch or an error within the network. It must be resolved already, and if not, it should be shortly.

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Due to the increase in the price of ETH, the gas fee is increasing day by day. But there is no way to reduce it. Its gas fee fluctuates based on the volume of transactions, so we cannot increase or decrease anything at our discretion. If you are transacting on an ERC-20 chain you must accept this or you will have to change the chain. In this case, BSC, Polygon chain has a much lower gas fee. So you should make your own decision

Ketesnuko

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People have gotten used to this problem, even if Vitalik decided not to fix this Gas issue it's never going to be a problem, do not expect any solution from the Ethereum team and dev any time soon, how many years it's been already? If they wanted to fix this issue they would have.

Yamifoud

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

The high gas fee of ETH transactions could probably be a long-lasting issue in the crypto world. Because many years passed by but the developers haven't developed yet an effective strategy to help it out. This is because of the network congestion that leaves us no way to bring it down just like 10 years ago. I don't want to expect though but can't anticipate as well that the fees will be growing in the coming days, especially during the bull season as pretty sure the demands will badly increase. This is somewhat an excuse why they convert their ERC20 tokens to another platform for the seek of escaping from paying huge fees when moving their coins to another wallet.

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

-snip-
the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Depending on your plans and how soon you want confirmation, you can actually still set the rate the same as today.
Actually, market conditions do not directly affect on-chain transaction fees, it is due to an increase in the number of uses that users have to increase their fees to get faster confirmations.

Retainly_Collie

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I've had the same problem before where the tokens were worth not much but the moving fee was too expensive, and made it impossible for me to sell them and accept it could be worthless if not sold in time. .
Depending on the value of tokens on the ERC20 network to decide to make the move, I think ETH has done well in terms of pulling fees low when not congested.
I hope there will be more information in the future, but hopefully next season this won't be an issue for people to switch to another platform.

pgbit

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

it's true that ERC-20 can be expensive, especially during times of high network congestion. This can be a challenge for those who frequently send ERC-20 tokens, as you mentioned to prepare for potential gas fee increases during a bull market here is some strategies you can follow

Optimize transactions by consolidating balances, batching transactions or using layer-2 scaling solutions like Polygon or Optimism.
Use other blockchain networks such as Binance Smart Chain, Avalanche or Solana, with lower fees and faster transaction times.
Diversify your portfolio with other types of altcoins outside of Ethereum.
Stay informed by monitoring gas fees and market trends to adjust your investment strategy accordingly.

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I would guess that the most recent increase in price once again clogged the market and that caused a lot of transactions to be more expensive. I do not think that this will go on for a long time, it is already at an acceptable level right now, but the reality is that ethereum gas fee problem is not fixed and it shows once again that in the future when there is a big bull run, we are going to end up paying a lot of tx fee once again and paying for that gas fee is not going to be nice.

I mean ETH is the biggest altcoin and that means there will be plenty of tokens under it, and people who would like to use those tokens will have to pay a huge gas fee.

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Usually when the ETH price bull market increases at the same time a lot of rich people burn their money using high gas fees to get fast confirmation, I have long abandoned anything related to ETH, because this problem of gas costs has not been solved at all, but if you have an ERC20 token on the ETH network better wait until it is really high value so you can send the token directly to the exchange instead of doing a swap because it will cost a lot

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Quote from: Kalchef on March 15, 2023, 10:47:44 AM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Fees is not just affected by the current trend, it can also be affected by the traffic on that network.
This has been the problem with ETH, though they claimed that this is already solved from their updates but still many are paying huge fees with this network. If you have other option better to use it instead of paying such fees for just a small transactions. Hoping for a better solution for this problem, ETH should take action or else they'll lose more investors in the future.

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Is that still a concern? because high gas fees are nothing new anymore, they always happen when the market has increased because the network will be filled with transactions so that many will compete so that transactions can be confirmed immediately by paying a high gas fee, as long as you can still cover everything with good profits will get, it will not be a problem, you only need to move to another network if the ETH network really needs a gas fee which can reduce profits.

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