Topic: High gas fee for sending token is still a problem - page 9. (Read 1316 times)
This happens all the time. And many of my tokens have just been sitting in my wallet for a long time. Because the gas price is high and it makes no sense to transfer tokens to exchanges. So let them be in the wallet, but for now I use other networks
Many altcoin project move from erc20 network to other network kinds to get lower gas fees transaction, no doubt with ERC20 network have most expensive sending fees and if regular gwei we have to spent above $5 each sending. Polygon and BSC Scan network have lower fees sending transaction right now and Solana network could be alternative option because have lower fees.
For ERC20 network have time when gas drop lower with fees $1 but right now difficult finding moment with lower fees, almost above 20 until 30 gwei and need $1 for sending transaction.
For ERC20 network have time when gas drop lower with fees $1 but right now difficult finding moment with lower fees, almost above 20 until 30 gwei and need $1 for sending transaction.
Basically you need to use a different chain like Arbitrium or even something cheaper like Polygon. Polygon is a fraction of a cent for a regular transaction that can cost 20 cents on Arbitrium or like $5 on ETH.
So bridge to that chain and use it for your transactions. However keep in mind that bridging from ETH is never cheap. So if you are using a CEX just withdraw into that chain from the CEX instead of bridging. It’ll be much cheaper.
So bridge to that chain and use it for your transactions. However keep in mind that bridging from ETH is never cheap. So if you are using a CEX just withdraw into that chain from the CEX instead of bridging. It’ll be much cheaper.
0xMonero has a private bridge from Ethereum to BNB chain where gas fees are low. That's what I use. Another suggestion is to use something like the omni bridge to move funds to an Ethereum sidechain like Polygon or Q Blockchain.
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because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?
There are already a lot of projects or platforms that started on the Ethereum network before and now became available to other layer 2 networks which EVM compatibility. This means, these layer-2 networks are running on top of the Ethereum network and you can guarantee that the gas fee is extremely low compared to the Ethereum network.because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?
This is also a problem before from my side, Ethereum became a whale's territory now. If you are just retail and you can't afford the gas fee or too much for you, then go for layer 2 networks like Arbitrum.
there's still quite frequent sudden hike of gas fee which is really ridiculous considering there have been many layer 2 solution and still it increase that much anyway, the thing is that, many of the layer 2 are still using ethereum massively, these l2 are quite frequently executing the smart contract inside the ethereum main blockchain meaning it just adds up some traffic and they're quite proud about it. I'd say these L2 are adding no solution but just make things getting worse, but I guess soon after some time they'd eventually find solution that minimise their use of ethereum main chain meaning it could some how reduce the current traffic of ethereum but at the mean time it's just gonna make things worse.
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?
this is why I really hate Ethereum because the Gas Fee is very expensive, but it cannot be denied that EThereum still dominates the crypto market and it is clear that Ethereum can be priced at $ 1,000 more,
but if you want it to be much better and cheaper, my advice is just use Binance Smart Chain and of course fees are very cheap there.
BSC network is indeed cheaper when it comes to fees. however, it depends on where the person wants to send his funds to. sometimes you have no choice but to use the ETH network. but since a lot of exchanges are now offering different networks, check your options first before sending. sometimes you only need a lil bit of research to get cheaper fees.
you can always consult also the eth gas tracker site to see how much fees are they currently siphoning from the users.
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?
this is why I really hate Ethereum because the Gas Fee is very expensive, but it cannot be denied that EThereum still dominates the crypto market and it is clear that Ethereum can be priced at $ 1,000 more,
but if you want it to be much better and cheaper, my advice is just use Binance Smart Chain and of course fees are very cheap there.
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?
this is why I really hate Ethereum because the Gas Fee is very expensive, but it cannot be denied that EThereum still dominates the crypto market and it is clear that Ethereum can be priced at $ 1,000 more,
but if you want it to be much better and cheaper, my advice is just use Binance Smart Chain and of course fees are very cheap there.
I have more interest in altcoins than bitcoin because they give more ROI,
Wow, This is a quite difference preference, but this is your choice, so no offense. This will probably gives you more profits but also more risks. Btw related to the gas fee especially for Ethereum, right now, the fee is still low enough. During the Bearish era, the fee for Ethereum network is around 20Gwei. But this will be a rising up of course in the bullish era. So this will depend on the rate of Ethereum itself. So far, free for Ethereum network always becomes the reason why it is too hard because the fee sometimes is very high until we are not willing to send the token. That is why we must be smart when to send the tokens while the price is still low.
In my opinion, the problem of high gas fees for transactions has been a problem for a long time, especially when a bull market occurs, gas fees will go up very high, but I personally prefer to use the BSC network rather than the ETH network, because it is much cheaper.
Not only BSC, currently the Layer 2 ETH Network is no less fast and cheaper. Layer 2 network is made specifically to overcome the expensive fee gas. But for now, Gwei ETH gas is quite stable, unlike before when ETH was still using the POW ecosystem, and now moving to POS, gas costs are cheaper.Cheap networks for layer 2 at the moment are Arbitrum, Optimism etc.
This issues are mostly felt by those that are sending Crypto-currency on the Ethereum network, or want a faster time process for their transactions to be completed.
I have used electrum wallet for years now and the transactions fees for sending Bitcoin has never been a point of concern to me, this is one of the reason I don’t deal in Altcoin and Tokens.
I have used electrum wallet for years now and the transactions fees for sending Bitcoin has never been a point of concern to me, this is one of the reason I don’t deal in Altcoin and Tokens.
You haven't seen anything, I believe we will still see this high gas fee as we enter into the bull market, the thing is that I don't understand why some projects are still on Ethereum L1 especially those with low market caps, This high gas fee issue is a minus to Ethereum and I hope the Ethereum developers see it this way, most of these L2 will suck away value from the chain if this persists and the bull case for Ethereum is being diminished
If you use TRON altcoin ( TronLink wallet ), then ~5 transfers per day will be free. Simple decision. ETH is too high transfer price.
Gas fee remains terribly high, but it is because the upgrade that will really address the gas fee isn't underway yet. The best way to prepare for the bull market is to buy as many Bitcoin or ETH as possible. Since the gas fee is high, you would be discouraged to spend or use your ETH. You will instead use other coins. This is actually to your advantage because it means you are keeping with you a solid altcoin. When the bull run comes you would be happy that you've kept ETH instead of other coins. In fact, I think it's better to convert some of those ERC-20 tokens into ETH.
In my opinion, the problem of high gas fees for transactions has been a problem for a long time, especially when a bull market occurs, gas fees will go up very high, but I personally prefer to use the BSC network rather than the ETH network, because it is much cheaper.
Network congestion on Ethereum is pretty normal now hence many users have been interacting with it that's why that's an inevitable for the ethereum gas fees to rise up. This was always been a problem despite all the updates though the gas fees has been not that outrageous now unlike before it was a pain in the wallet.
And never I think this could be solved. The only thing we can do is convert ERC20 tokens to another platform that only utilizes small fees like XRP. I use this strategy for a long time and I save a lot. Unfortunately, this never applied to all, especially if we are sending to wallets that never support this coin as some are not. Otherwise, we leave no option but to pay huge fees as we can't expect that it lowered down because even during the bear season the fees are still high and it rises more as the bull season comes. 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 day to day basis though, I mean there are days that the network is not clogged, but there are when a lot of activities are going into the blockchain. So I understand that with the ETH moving to PoS it's supposed to solved the problem of network fees, but as you can see it's not so I guess we will have to live with it for the time being.
And not to burst the bubble, but it could be worst when we hit the bull run next year.
So just prepare for the worst, just like when we have the same issues with many altcoins and bitcoin too as everyone is going to be in crypto in the next bull run, 2024-2025.
Network congestion on Ethereum is pretty normal now hence many users have been interacting with it that's why that's an inevitable for the ethereum gas fees to rise up. This was always been a problem despite all the updates though the gas fees has been not that outrageous now unlike before it was a pain in the wallet.
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?
If you're willing to sell your altcoins in the upcoming bull run just move it to an exchange that has a good reputation, since the gas fee will keep increasing in a bull run it's better to move your holding right now. because a lot of people moving their Ethereum and ERC-20 tokens no wonder that the Ethereum gas fee keeps surging.
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