Topic: High gas fee for sending token is still a problem - page 7. (Read 1338 times)
The gas fee on Ethereum is crazy and I just don't know how those people trading on it expect small accounts to make money from it, I saw an account spent $81 to exchange $100 tokens on Uniswap, he should have waited or not make the trade at all because it is a zero-sum game, the only winner hear are the whales, If your portfolio is less than $100k there is no need to use Ethereum network move to other chains and compound your gains
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?
lately, the fees for altcoin transactions have been very disappointing, gas is very expensive today and making transactions is very expensive today, apparently, the price will not fall soon, but not long ago in 2017, transactions were miserable and you could drive altcoins wherever you want, we will expect a drop in gas prices in order to make some kind of movement
Yes high gas fees and sending token/coin is still now very big problems for us and every crypto lovers because when we fund some best coin in exchange and buy some best coin for long time holding than we need to transfer it our personal wallet like TrustWallet / coinbase / Myetherwallet Etc than we try to send wallet than showing very high gas fee it’s very bad for every crypto lovers.
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?
Well that's the big problem specially when the token is very low price it will end up like the gas fee is higher than the amount of token that we sell or we buy, i already experience it that is why i am now looking for a token than runs through different networks not in erc-20 only because of the gas fee. 
I think it's not only the problem of altcoin market or ETH in general, but if you look at BTC mempool right now, it's up to more than $7 to do a transaction. I haven't seen this one since 2017 mempool clogging.
The same thing, the last time I've seen the fees to be this high and even higher was during that year.
I think we have seen a lot of fractions from the ethereum network, such as arbitium, bsc, matic(polygon), therefore if we want to adapt a little to them I'm sure the expensive gas costs from the ethereum network will be covered soon, well this is the best solution in my opinion , I'm sure even the project developer is happy for his project to adapt to a lighter network than having to continue to be a token on the ethereum network.
I think it's not only the problem of altcoin market or ETH in general, but if you look at BTC mempool right now, it's up to more than $7 to do a transaction. I haven't seen this one since 2017 mempool clogging.
The same thing, the last time I've seen the fees to be this high and even higher was during that year.I think it's not only the problem of altcoin market or ETH in general, but if you look at BTC mempool right now, it's up to more than $7 to do a transaction. I haven't seen this one since 2017 mempool clogging.
The same thing, the last time I've seen the fees to be this high and even higher was during that year.So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.
And it will be even gonna frustrating to see when these media again publish how expensive the fees are. It's going to be another fiesta for those media that don't agree with crypto and are just waiting for some events like this for them to give exposure to the public.Sure, it will be another great headline for them that will easily trigger a lot of readers whether pro or anti-crypto. That's how their business works but they're on the position to do that because they're on that business.
I think it's not only the problem of altcoin market or ETH in general, but if you look at BTC mempool right now, it's up to more than $7 to do a transaction. I haven't seen this one since 2017 mempool clogging.
So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.
I wonder if it's caused by constant transaction of the layer 2 transaction batch submitter in which consistently submitting transaction every second, instead of helping ethereum keeping the transaction off chain so that the ethereum transaction reduced, it instead further clogs the ethereum by increasing traffic since we all know there so many meme coin minting in these layer 2. So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.
the problem with the ethereum blockchain is always the expensive gas fee, especially when the market bullish, the ethereum gas fee will be very high anyway, that's why I prefer to use BSC, because it's much cheaper even though the market bullish
BSC has less traffic of course it will be having significantly cheaper fee, even right now the trading volume between the two differs a lot.the problem with eth is that there are too much airdrops claiming and even NFT minting, it's on daily basis, it trigger the change in fee heavily.
I think it's not only the problem of altcoin market or ETH in general, but if you look at BTC mempool right now, it's up to more than $7 to do a transaction. I haven't seen this one since 2017 mempool clogging.
So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.
So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.
the problem with the ethereum blockchain is always the expensive gas fee, especially when the market bullish, the ethereum gas fee will be very high anyway, that's why I prefer to use BSC, because it's much cheaper even though the market bullish
If you have been experiencing with the previous bull market and you might know so well what happened with ethereum fees during the bullish market. You can use this as your reference to know the historical chart of ethereum fees right now
https://bitinfocharts.com/comparison/ethereum-transactionfees.html#3y
You can see if ethereum transaction has ever touched $200 bucks for a single transction. That thing could repeat. Ethereum has a very slow block transaction and it will be better to avoid use ethereum blockchain for the transaction during the bullish market. Your profit may be only used to pay the transaction fees.
The second layer solution has been giving us more choices to avoid the high fees in ethereum blockchain. The only solution for this.
1. Use second layer solution which was supporting ethereum or EVM compatible like Optimism, Arbitrum or Zksync.
2. Use first layer solution that is also having EVM compatible.
https://bitinfocharts.com/comparison/ethereum-transactionfees.html#3y
You can see if ethereum transaction has ever touched $200 bucks for a single transction. That thing could repeat. Ethereum has a very slow block transaction and it will be better to avoid use ethereum blockchain for the transaction during the bullish market. Your profit may be only used to pay the transaction fees.
The second layer solution has been giving us more choices to avoid the high fees in ethereum blockchain. The only solution for this.
1. Use second layer solution which was supporting ethereum or EVM compatible like Optimism, Arbitrum or Zksync.
2. Use first layer solution that is also having EVM compatible.
I know some people are very bullish on Ethereum be I don't see how because of these high gas issues and in the near future if this is not rectified most of the good and strong projects will likely migrate to L2 platforms plus new tokens will not see Ethereum attractive for listings, these 2 point makes me sit on the fence when it comes to Ether price until I see a significant reduction in gas price. I am bullish on L2 projects and not on Ethereum
I totally agree with you, we started a project years back on ethereum, hoping the new ethereum upgrade will fix the high gas issues, but we were left disappointed,we have since started explore alternatives like stellar blockchain making use of batching features to carry out many transactions and still pay same fees, I think ethereum can think in that direction as well, if the gas issues is solved, ethereum will have massive projects coming on board
its not that the fee of ethereum in term of gwei has been increase, well yes it did increase at some moments but the value of ethereum is already too high, i think ethereum should know that if their coin is always gonna be rising up linearly, then their gas fee will never be solved, it's just really unfortunate that what binance ceo said is true, ethereum is the rich people blockchain.
I think there should be second layer that automatically redeploy the smart contract of these tokens in their blockchain same like in eth, then if there's any transaction in the l2 it will integrate back to the ethereum some ways.
I think sending token fee problem already solved with the presence of l2 its just that many tokens just don't want to make their contract available at the other alternative blockchain for some reasons.
I think sending token fee problem already solved with the presence of l2 its just that many tokens just don't want to make their contract available at the other alternative blockchain for some reasons.
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?
Transaction fees on the Ethereum network rise whenever there is pressure and demand on the network and when there is increased activity by users who cause network congestion by a large number of transactions and through the markets of NFTs, so there are two solutions in front of you, either to choose a time when the network is unoccupied and does not have pressure such as off-peak times, or you can use other networks as alternatives and solutions for lower fees. Me, I prefer Polygon, BSC, Optimism, and Arbitrum, and I see that the fees in these networks are low compared to Ethereum in which fees may reach more than tens of dollars per transaction, So the choice is up to you. 
It may be a little bit off topic, but a good way to get ready for that scenario you just described would be to invest in gas tokens.
I have read about them before and I am not sure they are still a thing, those are tokens within the blockchain of Ether which increase their value proportionally with the demand for space in the blockchain/mempool of Ethereum.
So if you are bullish on altcoins and at the same time you thing that gas will continue to surge, you may want to do your own research on gas tokens and see if you can speculate with them, so when the alt season comes, you can profit off the high gas price.
Not financial advice, obviously.
I have read about them before and I am not sure they are still a thing, those are tokens within the blockchain of Ether which increase their value proportionally with the demand for space in the blockchain/mempool of Ethereum.
So if you are bullish on altcoins and at the same time you thing that gas will continue to surge, you may want to do your own research on gas tokens and see if you can speculate with them, so when the alt season comes, you can profit off the high gas price.
Not financial advice, obviously.
Total agree with you and that's why many people or rather useful projects are not been built yet, I recall building a platform for uses to use their Ethereum to purchase calling credit and data subscription, sadly the project didn't fly because 0.5 dollars means so much to the target country.
I still believe Blockchain still needs to do more to reduce the gas fee or make it country based, that way more people will build that will drive adaption quickly
I still believe Blockchain still needs to do more to reduce the gas fee or make it country based, that way more people will build that will drive adaption quickly
It is a problem if you are a poor person and you are transacting small amounts. You will feel that the fees are already close to what you are going to sell or maybe more than that sometimes, when the network is fully loaded. For the rich and whale users, they can disregard the surge in fees.
Even whales got hurt for the hight fees takenin their transaction since it could also hurt their profits knowing that they transaction crypto on daily basis for their investment matters. And we see this problem exist when network clogged on ETH before where many got pissed of by fees together with transaction takes time before it landed to wallets.At the moment we didn't see this surge since maybe the demand is not so really high since maybe many are still doubting to accumulate maybe due to bearish treat which is feared by some traders.
Jump to: