insane fees on eth (uniswap) - page 6.

leea-1334

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Quote from: Genemind on March 17, 2021, 11:11:03 PM

This had been an issue on the ERC-20 platform since the Defi hype started. The fees will kill small investors since microtransactions still have huge fees. BNB created a solution to this providing lower fees and faster transactions, it had become one of the best platforms for Defi projects. There are a lot of altcoins that is competing with ETH right now such as ADA, BNB, DOT and many more, I guess this is the meaning of becoming one of the top coins in crypto, whatever your lapses are will be used against you. These platforms offers low transaction fees and developing and solving ethereum's problem applying it in blockchain.

BNB provided a solution but this was exactly what Bitcoin Cash did when they said Bitcoin was not scalable. And we all know what happened to it. Nobody used it no matter how cheap it was.

Providing a new chain to ask people to migrate to is not always the best solution,,, it might seem like it is working now for BSC but I wonder how sustainable after defi and nft dies?

aryana42

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

You are too late to be fed up because other people are already fed up because of it, so what you need to know is that every exchange with a swap model will always have two questions, namely "Agree" and "swap" just because at Uniswap Gas the transaction is very crazy so that the it is taken advantage of by another exchange whose transaction gas is not as crazy as in Uniswap.

TastyChillySauce00

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that's why you should avoid using swap within ethereum blockchain at the time being, using swap meaning you gonna execute minimum two transactions while making one transaction alone already costs so high. Just use the centralized exchange at the time being if you don't have that big capital, now platform like uniswap is the bigboys' playground.

Rana590

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It is really horrible if you think about uniswap fees on Ethereum. Day by day, it is going out of control and we have nothing to do. Pancakeswap is the best alternative of uniswap if everyone use it regular basis.

btcsmlcmnr

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Quote from: cryptoaddictchie on March 18, 2021, 12:53:59 AM

That leaves me for a reason to trade only if necessary or if I have token and coin I bought before that only can be exchange on uniswap. Dont get me wrong, but I never gonna blamed the eth network or either uniswap for this as we all knew how eth congestion worsen but of course as a consumer or client its my right to speak that eth should do anything and everything to improve this tremendous fee, I know its hard to plan up everything but this problem is not a minor issue that could affect your project later on if continously ignored. But I'm still in for the best for eth.

It is all about planning up your transactions. Some bounty hunters blame on ETH network when they are charged with expensive costs for ERC 20 token movements but at the same time the value of tokens they move is not too high.

Fee will be cheapest when price of ETH or ERC-20 tokens are stable in very narrow price range (not pumps, not dumps).

They decide to move their tokens when price skyrockets and by that they would know transaction fees will be high. Why they do not move their tokens when price is low and wait for pumps to sell? It is their bad plan or no plan at all and Ethereum network is not responsible for this.

cryptoaddictchie

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That leaves me for a reason to trade only if necessary or if I have token and coin I bought before that only can be exchange on uniswap. Dont get me wrong, but I never gonna blamed the eth network or either uniswap for this as we all knew how eth congestion worsen but of course as a consumer or client its my right to speak that eth should do anything and everything to improve this tremendous fee, I know its hard to plan up everything but this problem is not a minor issue that could affect your project later on if continously ignored. But I'm still in for the best for eth.

southerngentuk

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Everyone knows it's slow and not cheap, but why are people still choosing it. It is not the only product in this space to use, there is no need to complain because no one will be of any help but to accept it, do you have any other options. BSC is one of the good candidates recently, but people need to be patient for the next updates to Ethereum.

Genemind

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This had been an issue on the ERC-20 platform since the Defi hype started. The fees will kill small investors since microtransactions still have huge fees. BNB created a solution to this providing lower fees and faster transactions, it had become one of the best platforms for Defi projects. There are a lot of altcoins that is competing with ETH right now such as ADA, BNB, DOT and many more, I guess this is the meaning of becoming one of the top coins in crypto, whatever your lapses are will be used against you. These platforms offers low transaction fees and developing and solving ethereum's problem applying it in blockchain.

btcsmlcmnr

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

Not all ERC-20 tokens work on Binance Smart Chain. If you don't have option to use Binance Smart Chain for your swaps, you will have to wait for hours when transaction fees on ETH network is cheaper than other hours. You can wait and broadcast your transactions in hours from 0 UTC to 12 UTC that often give you cheapest transaction fees (Gas price) in a day.

Gas now can help you https://www.gasnow.org/

[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

khiholangkang

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

For small player yes it is.

Quote

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

Because you have to approve the terms of the platform first, then you can swap.

Quote

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

Currently, there are many projects on the ETH platform that have migrated to BSC, you can see them at Pancakeswap.

terciduk123

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

Many people have complained about this problem, but Uniswap still has a high trading volume, I don't really understand why there are still many people who trade at Uniswap with very high transaction fees. maybe later Uniswap will find a solution to this problem and later will be Uniswap V3 which is more user friendly.

FairUser

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

Well many users are starting to get bored using services on ERC20 and incur stupid fees. And personally I also find it really stupid to make transactions that incur fees of $50 $100, I would never do that and wait for the fee to drop is the way I choose, but If the coin that I am holding is highly profitable than accepting such fees is not too big for me.

Dollar_Hunter

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

it is crazy fees from Ethereum, somehow people can trade at Uniswap even though the fees for swap are already very expensive,
why are they still used? I am surprised, even though there are many cheap smart contract platforms that can be used,
such as Stellar, EOS, NEO or BSC, Just imagine that the fees for one swap at Uniswap reach $ 80 ?, haha really cruel!

Johnyz

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Quote from: Little Mouse on March 17, 2021, 02:39:51 PM

For a faster transaction, with high priority, the total fee one have to spend on uniswap is ~$116. Who the hell using this rich network to swap tokens? I'm not that rich and I'm fine with CEX.
I was looking for buying Arcona and found this ridiculous fee.

This is the big problem for a small time holder. I do have a $35 token and I can’t even sell it because of the fees. Huge fees network are crazy, they keep on growing as time past by and we’re lucky to have BSC on board though tokens are still with ETH, soon if the update of ETH fails to address this crazy fees, many will shift to BSC.

DaMut

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On the positive note because of this insane fees, we are hardly to see an obvious scam project unlike binance.
just a few hours ago I played with it and found 5 scam projects out of 6.
if you are really going into it, it is advisable to know what you are doing because the scam is very common in binance chain.
still love eth but the fee scares me quite a bit, not sure when eth 2.0 can go live.

makishart

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Quote from: JooBra on March 17, 2021, 03:00:44 PM

Quote from: someone703 on March 17, 2021, 02:57:29 PM

This is too familiar when using the services on ERC20, the advice for you is to limit small transactions if it is not profitable for you, do not trade because it only makes you lose money add crazy fees. Choosing BSC is a better solution in the meantime.

Hope the solution they come with will be good since this is killing small traders. Fees are crazy. I'm small trader and all my trading is done on Binance for now since ERC20 tokens on UNI are not in the reach for me now.

It may not come very soon as there were so many dramas for the implementation of this EIP. You can't expect this will be fixed as soon as possible.
Did you watch the latest drama from the miners that the majority of these miners disagreed with the implementation of EIP1599?
POW is a crap and it was even preventing the blockchain to be upgraded.

Dollar_Hunter

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Quote from: mdzahed134 on March 17, 2021, 01:05:33 PM

I have BitSong coin worth of 85$ right now, but these coin got listed only Uniswap exchange so no way to sell it anywhere. Fee is really big thing for such small amount coin. I will get nothing if I sell it now because i need to 70$-80$ fee to swap this coin. For Uniswap crazy fee a lot of users can't sell their token.

there is nothing you can do about it, because the fee at Uniswap is like the price of Bitsong you have,
I also have other coins, and only $ 40 only,indeed it means a lot to me, but we can't do anything but wait for fees to fall

Cappex

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The problem of exaggerated commissions is a big limitation of ethereum that we hope will be solved with ETH 2.0... Binance has managed to emerge in recent months precisely because its binance smart chain is more scalable, but I do not think it is the definitive solution because I believe that it is too centralized.
I am confident that other solutions will come (Cardano and Polkadot seem to work well) and I have been following Graphene for months, a new project by Team Phore that has been promoted to high scalability.

wheelz1200

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Quote from: udayantha11 on March 17, 2021, 10:25:24 AM

Recently i have done tx on uniswap. The total fees cost goes 50-80USD. noramlly compare to binance smart chain its huge.

anyway there is "Approve" and "swap" . each there are charging. why there are two things , means approve and swap,

there need to eth 2.0 or BSC needy to replacement this insane network fees... I really fedup

Simple solution dont use it. Its absurd the fees are that high i agree. Uniswap is swamp of coins anyway. You can do just as well on other platforms and not be extorted to pay.

DoublerHunter

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^ We can think that this ETH network and using ETH is for rich people only. I have many tokens that listed on uniswap below $100 but I can sell them all because of the huge fee, probably around $15-$20 including all the fee, it means if we don't have a balance in our ETH wallet we need to transfer fund for the gas fee purpose. That is double the cost while you are covering the fee. Let us try this BSC, this was built because to compete with the gas fee of ETH and hopefully we will see results on V.20 of ETH.

Topic: insane fees on eth (uniswap) - page 6. (Read 756 times)