Topic: is defi reason for skyrocketing fees? - page 4. (Read 416 times)
For sure, it is probably the only reason for those insane ETH transaction fees, especially the yield farming ones, people are locking insane amounts of their funds into them and clogging the network. I just saw that the "fast" transaction on ETH is 500+ gwei now (in MEW), its the highest I have seen so far this season.
One way to avoid being subject to high ETH gas costs is to use a platform other than the ETH platform, for example, such as TRX, XRP and LTC and XLM, because the four platforms I mentioned have very low transaction costs, never even the same high. very, but we also have to always monitor the development of gas costs on ETH because I saw two days ago the gas costs have started to decrease from the current gas costs, and to monitor this I will provide two very useful links for you:
1. https://ethgasstation.info/
2. https://etherscan.io/gastracker
1. https://ethgasstation.info/
2. https://etherscan.io/gastracker
DeFi is a part but not entirely DeFi's fault here too but don't forget that Ethereum 2.0 is another reason why many whales are buying Ethereum and storing presently, staking on ethereum blockchain would be awesome isn't it?
Yes, I would say it's one of the reasons. But even generally increase in interest and transactions are a cause for it. However, things tend to stabilise over time, so the high fees won't always be a problem.
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.
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