Yes, Defi is one of the biggest causes of gas costs, because blockchain demand is getting denser, besides the increase in Ethereum prices itself is also one of them. because some investors buy Ethereum to hold until 2.0 launches
This is we experience the skyrocketing fees since people are more to invest in defi projects that had caused for the slow transactions. The network congestions lately that makes the fees high, and of course the ethprice indeed, imagine many people are doing transactions daily because of this decentralized finance projects. Even in social media, this defi is lurking around. 
Topic: is defi reason for skyrocketing fees? (Read 448 times)
Yes, Defi is one of the biggest causes of gas costs, because blockchain demand is getting denser, besides the increase in Ethereum prices itself is also one of them. because some investors buy Ethereum to hold until 2.0 launches
DEFI is partly the reason for high fees on ETH transactions, especially from uniswap. Yesterday I tried swapping my ETH to a token CORN, the tx was so high almost 8$ for a small tranaction. I thought ETH fees dropped by 80% as news had it, what happened after? I believe and hope ETH 2.0 final launch curbs this fee issues, it's annoying.
DeFi is not partly a reason why transaction fees are high during these time, because DeFi is the major reason why we are experiencing a high transaction fees on the network. Decentralized Finance projects are mostly running under ethereum network making tons of transactions everyday would cause the network to run slow and define a higher transaction fee. Investors are being hyped by this projects, they don't look that promising though but the quick money you can gain from it is massive creating another speculations for small time investors getting tons of investment and skyrockets. Crypto is supposed to boast of low fee tranactions, this high fee is opposing that notion.
It seems like Vitalik isn't ready of this, I think he did not see this coming to ethereum but it is what it is now, we all should look up to upgraded version of ethereum. He said it would be better to have that, faster transaction and lesser fees. 
I was a bit worried from last few days regarding the high gas fees because I've to pay 10 to 15$ per transaction, that's a huge amount for me as fees, so I started my research regarding the gas fees, and found that defi is the only reason that makes the gas fees that high ,due to the huge trend of defi it makes the ethereum network so much busier that we've to pay more than usual for gas fees ,what you think about it ,help me understand current situation for being so high fees.
Your research pretty much sums up why the Ethereum network fees are so ridiculously high. The fact that you paid ~ $15 for your transaction isn't too bad.
I've even witnessed having to pay up to $80 - and that's painful.
So why are the rates so high, well is to do with the regular and crazy pumping of the DeFi based coins which clutters up the network so a lot more work needs to be done onto the blockchain to process your transaction.
Yes, you can check here what is the most used smart contract on Ethereum platform: https://etherscan.io/topstat#OverviewDay7. One of them is UniSwap and Tether, so yes, we can say that decentralized finances and tokens pegged to American dollars are responsible for the higher fees because they overwhelm the Ethereum network.
I was a bit worried from last few days regarding the high gas fees because I've to pay 10 to 15$ per transaction, that's a huge amount for me as fees, so I started my research regarding the gas fees, and found that defi is the only reason that makes the gas fees that high ,due to the huge trend of defi it makes the ethereum network so much busier that we've to pay more than usual for gas fees ,what you think about it ,help me understand current situation for being so high fees.
DeFi is definitely the reason for skyrocket of fees. When you check eth gas station.. Every thing related to DeFi is always at the top. Especially uniswap.
Even uniswap is the greatest gas sucker of all time.
I see a lot of people saying the reason for the increase in gas costs, is due to the DeFi hype. The reason for this is certainly still reasonable, because most DeFi still use the ethereum blockchain. So that costs continue to rise and it is even difficult to wait for them to fall back down. Therefore, one of the steps to avoid high fees is to use the TRON blockchain or the like.
most DeFi projects use Ethereum...The high transaction rates for almost all DeFi projects have made Ethereum's gas fees go up, I always track Ethereum's gas fees because there are tokens that I want to sell but at this time the gas fees are still very high, for low gwei have to spend $ 3.
I see a lot of people saying the reason for the increase in gas costs, is due to the DeFi hype. The reason for this is certainly still reasonable, because most DeFi still use the ethereum blockchain. So that costs continue to rise and it is even difficult to wait for them to fall back down. Therefore, one of the steps to avoid high fees is to use the TRON blockchain or the like.
I am also a bit worried about the increasing of the gas fees . It's too high at the moment do a movement between wallets. I think that it's only for the defi reason, after this period probably everything will go back to the normality as some months ago.
maybe the ethereum developer has already realized this problem and himself made ethereum 2.0 I think to provide a solution to this problem, so maybe the cost of gas will be lighter and faster. I hope ethereum 2.0 can have a high price but have low gas costs.
I think DeFi is one of the main reason that ethereum gas is soo high.I have never seen such a gas fee.You have to use Gwei 500.Its still unbelievable.And we are all suffering because of that.And Because of the DeFi trend ethereum's gas fee is increasing.Most DeFi coin is listing on Uniswap.And all wants their transaction to go fast.And they are using more gas fee and that's way gas fee is increasing.If you pay high gas fees to transfer or trade your coin in Uniswap or other exchanges ,then miner wants more fees.The more you pay, the fees will more increase.And because of DeFi coins updown price more and more transaction are running.I think vitalik should do something to stop such a mess.
Is this permanent and how long will this settle, for so many months I had my transactions all in Ethereum and Bitcoin but now I have to look for a better alternative, this is the time that other altcoins will since because of this big increase on the gas fee.
I am pretty sure that this surge in transaction will not be permanent. Things will go back to normal once ETH 2.0 will be officially release so for the meantime just hold it longer, don't make any transaction as much as possible. Due to hype of DeFi there's a lot of transaction are occuring that causes congestion upon the network. And I am pretty sure things will be sort out after this period.Is this permanent and how long will this settle, for so many months I had my transactions all in Ethereum and Bitcoin but now I have to look for a better alternative, this is the time that other altcoins will since because of this big increase on the gas fee.
I am pretty sure that this surge in transaction will not be permanent. Things will go back to normal once ETH 2.0 will be officially release so for the meantime just hold it longer, don't make any transaction as much as possible. Due to hype of DeFi there's a lot of transaction are occuring that causes congestion upon the network. And I am pretty sure things will be sort out after this period.
Defi is now kind of punishing the investors and traders and you can check that especially on uniswap. So the situation now is that although many investors have made good money out of all this rush but small to medium traders are struggling badly because all their profit is being lost in high fee.
Well, for ethereum it really is. Looking at the situation right now, that is the most thing people use ethereum blockchain for lately, obviously the DeFi scene realized this and moving towards other blockchains as well but the most credible one has always been the ETH chain so they still continue with that.
Just start of the 2020 we had over a billion dollars in there, that means a ton of new money coming in an out exchanging hands and that obviously skyrocketed the fee's, how could it not. We didn't had this extra billion dollars so it wasn't ready for such a thing. However good thing about ETH blockchain, since that crypto kitties time we actually improved a lot and it could actually sustain this, it will just take some time to get used to it and for hype to die down a bit.
Just start of the 2020 we had over a billion dollars in there, that means a ton of new money coming in an out exchanging hands and that obviously skyrocketed the fee's, how could it not. We didn't had this extra billion dollars so it wasn't ready for such a thing. However good thing about ETH blockchain, since that crypto kitties time we actually improved a lot and it could actually sustain this, it will just take some time to get used to it and for hype to die down a bit.
I am also a bit worried about the increasing of the gas fees . It's too high at the moment do a movement between wallets. I think that it's only for the defi reason, after this period probably everything will go back to the normality as some months ago.
I think so, a lot of defi tokens are traded on DEX and this makes the fees go up because people want fast transactions, the bigger the fee the faster the transaction is processed.
There are at least two threads already who discussed as your concern, you check one by one
1. https://bitcointalksearch.org/topic/eth-gas-transactions-price-is-about-to-hit-300-5268428
2. https://bitcointalksearch.org/topic/the-ethereum-gas-fees-5258496
An old problem, so you have to thinking before you create a thread, I mean you can check the search feature to make sure the issue has been disscussed or not.
1. https://bitcointalksearch.org/topic/eth-gas-transactions-price-is-about-to-hit-300-5268428
2. https://bitcointalksearch.org/topic/the-ethereum-gas-fees-5258496
An old problem, so you have to thinking before you create a thread, I mean you can check the search feature to make sure the issue has been disscussed or not.
The reason is that DEFI projects are being traded on DEX platforms being hunted by people, uniswap's transaction volume surpassed $ 400 million yesterday and surpassed even coinbase. On an exchange where people find a way to own tokens through Pre-sale at the best price, the competitiveness is very high and they are willing to spend a lot of GAS fees to quickly own tokens. I hope in the future Ethereum will optimize this problem.
The problem is those who have been trading at the uniswap wanna make their tx to be delivered as fast as possible through increase the fees to make their tx to be included into the fastest block.
The pre-sale was not giving a lot of contribution to the increase of tx fees in ethereum network.
Ok, I got the point.
When bitcoin reached ATH back then in 2017 the fee is astronomically high that people switched over to alternative coins. I guess that's always the problem with blockchain and the system need some kind of solution to that.
The reason is that DEFI projects are being traded on DEX platforms being hunted by people, uniswap's transaction volume surpassed $ 400 million yesterday and surpassed even coinbase. On an exchange where people find a way to own tokens through Pre-sale at the best price, the competitiveness is very high and they are willing to spend a lot of GAS fees to quickly own tokens. I hope in the future Ethereum will optimize this problem.
The problem is those who have been trading at the uniswap wanna make their tx to be delivered as fast as possible through increase the fees to make their tx to be included into the fastest block.
The pre-sale was not giving a lot of contribution to the increase of tx fees in ethereum network.
Ok, I got the point.
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