Is Ethereum Gas Fee a Burden for You?

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Quote from: Abiky on October 28, 2024, 08:58:14 AM

Quote from: justdimin on October 25, 2024, 03:41:23 PM

I would say Layer 2 is not the way to go when the gas fee for ETH is this low. The switch from PoW to PoS was done because of this, and didn't happen that quickly because there was a huge congestion with bunch of transactions just stuck, and with bomb to pass most of them, and the price going down ,we finally reached a point where there isn't too much stuck anymore, and everyone else could just keep using it for nearly free price, it's very cheap. I understand it's fast as well, it's about 30 seconds at most, and it's 14 cents at the most, which means ETH finally reached a point where you can use it to pay something in a shop.

Bitcoin can't be used for that for example, takes many minutes, and costs a lot, so you would be standing in the shop for many minutes waiting for confirmation, but ETH can be, it used to be not available too because it would be too expensive, but now it's cheap and fast, so you pay and leave and all it takes is thirty seconds.

Fees fluctuate according to on-chain network activity. ETH is cheap now because the network is not as congested as before. Things have calmed down a bit, as the hype moved into other chains such as Solana and TON. Once ETH becomes viral again, fees will rise all the way to the moon. Luckily for us, ETH developers are working on a long-term solution to scale the Blockchain. Upgrades such as ProtoDanksharding and Danksharding will make ETH great again. Just like in the early days (low fees, fast confirmation times).

Who needs to switch to a L2 network or an altcoin, when you can have everything in one place at a low cost? If ETH does things right, it will remain the second-largest crypto by market cap forever. I'd keep this coin in my portfolio for long-term profits. Just keep buying, and "hodling", and forget about the rest.

If the sol and the likes of it won't move and innovate faster, in fact.. Grin

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Quote from: justdimin on October 25, 2024, 03:41:23 PM

I would say Layer 2 is not the way to go when the gas fee for ETH is this low. The switch from PoW to PoS was done because of this, and didn't happen that quickly because there was a huge congestion with bunch of transactions just stuck, and with bomb to pass most of them, and the price going down ,we finally reached a point where there isn't too much stuck anymore, and everyone else could just keep using it for nearly free price, it's very cheap. I understand it's fast as well, it's about 30 seconds at most, and it's 14 cents at the most, which means ETH finally reached a point where you can use it to pay something in a shop.

Bitcoin can't be used for that for example, takes many minutes, and costs a lot, so you would be standing in the shop for many minutes waiting for confirmation, but ETH can be, it used to be not available too because it would be too expensive, but now it's cheap and fast, so you pay and leave and all it takes is thirty seconds.

Fees fluctuate according to on-chain network activity. ETH is cheap now because the network is not as congested as before. Things have calmed down a bit, as the hype moved into other chains such as Solana and TON. Once ETH becomes viral again, fees will rise all the way to the moon. Luckily for us, ETH developers are working on a long-term solution to scale the Blockchain. Upgrades such as ProtoDanksharding and Danksharding will make ETH great again. Just like in the early days (low fees, fast confirmation times).

Who needs to switch to a L2 network or an altcoin, when you can have everything in one place at a low cost? If ETH does things right, it will remain the second-largest crypto by market cap forever. I'd keep this coin in my portfolio for long-term profits. Just keep buying, and "hodling", and forget about the rest.

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Quote from: Reatim on October 25, 2024, 07:25:49 AM

Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Couple of times that I become a victim of this networks issue of Ethereum and now I learn how to manage not relying in this network specially when. There is some growth in the market and so with that? I am now having multiple currency to use in terms of alt coins and that made me safer transacting when there is a hype like what happened couple of times this year.

yea everytime there's rally, the tx fee increases, even TGE event as small as some random project already can cause the gas fee of ETH to go up to around 20 gwei and even more.
this network is just too unreliable to be used for daily purpose because the never ending fee problem. the eth fee plummet maybe because the blockchain is getting unusually lower transaction and only got the metric inflated by the blob transaction from l2 settlement, the real tx that interacts with defi protocols aren't so much so the fee is going down.

now that BTC bull is starting again, fee going up again, kinda shows that ETH is unsolved piece of puzzle.

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Quote from: Reatim on October 25, 2024, 07:25:49 AM

Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Couple of times that I become a victim of this networks issue of Ethereum and now I learn how to manage not relying in this network specially when. There is some growth in the market and so with that? I am now having multiple currency to use in terms of alt coins and that made me safer transacting when there is a hype like what happened couple of times this year.

I would say Layer 2 is not the way to go when the gas fee for ETH is this low. The switch from PoW to PoS was done because of this, and didn't happen that quickly because there was a huge congestion with bunch of transactions just stuck, and with bomb to pass most of them, and the price going down ,we finally reached a point where there isn't too much stuck anymore, and everyone else could just keep using it for nearly free price, it's very cheap. I understand it's fast as well, it's about 30 seconds at most, and it's 14 cents at the most, which means ETH finally reached a point where you can use it to pay something in a shop.

Bitcoin can't be used for that for example, takes many minutes, and costs a lot, so you would be standing in the shop for many minutes waiting for confirmation, but ETH can be, it used to be not available too because it would be too expensive, but now it's cheap and fast, so you pay and leave and all it takes is thirty seconds.

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Quote from: Reatim on October 25, 2024, 07:25:49 AM

Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Couple of times that I become a victim of this networks issue of Ethereum and now I learn how to manage not relying in this network specially when. There is some growth in the market and so with that? I am now having multiple currency to use in terms of alt coins and that made me safer transacting when there is a hype like what happened couple of times this year.

Totally really depends on what are the coins that you've been that dealing into because there would really be those times or moments that you do get some coins on other various sources on which
you might be ending up on dealing with some erc20 on which gas fees is really that high specially if its a coin which does have that tons of transactions queued on which this really causes up that
kind of fee spike up. Actually its not really that new anymore into ETH and thats why there would really be those investors who doesnt really like on dealing up with it because the fees were high.
If we do really tend to observe about the intensity of meme coins that being created on such blockchain or lets say you could be able to distinguish on how many is really that trying to make coins on certain blockchains on which fees are also considered to be a turning point or really that having that considerations like on what we do see in solana network. Right?

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Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Couple of times that I become a victim of this networks issue of Ethereum and now I learn how to manage not relying in this network specially when. There is some growth in the market and so with that? I am now having multiple currency to use in terms of alt coins and that made me safer transacting when there is a hype like what happened couple of times this year.

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Quote from: bitterguy28 on October 25, 2024, 05:20:30 AM

Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Seasonal mate, specially when there is a pumping market then expect that too much high for Ethereum network and that is what I hate when happen.

Are we expecting anytime soon for another gas hype?
Maybe I will be ready when it comes along the way .

The rally for BTC in full force isn't there yet, so only time will tell, you are totally right, in my opinion, too.
Then it would blow the price a bit up Grin

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Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Seasonal mate, specially when there is a pumping market then expect that too much high for Ethereum network and that is what I hate when happen.

Are we expecting anytime soon for another gas hype?
Maybe I will be ready when it comes along the way .

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Quote from: stadus on September 30, 2024, 03:31:18 AM

Quote from: dansus021 on September 27, 2024, 10:20:53 AM

Is Ethereum Gas Fee a Burden for You? It is frennn I mean I love the decentralized things but when it comes to fee I just like the Centralized thing hahahah I mean if you transfer from the same bank you pay no fee. Tho I don't care if they charge a low fee like a dollar or two but this

That’s been the problem with the ETH network, which is why I stopped using it a long time ago. I thought they’d fix the high network fees, but it’s still disappointing that they're so high even now. The TRON network offers better gas fees for me, especially since I use it for USDT whenever I gamble. With fees like that, I also think centralized options are better; ETH and other solid altcoins seem best for just investing purposes now.

yeah, they just reallocate transaction, processing it in the lower hierarchy of blockchain like L2 and call it a day.
it's by no means a solution, the tx in the main blockchain will still costs a lot to process because I think there's no improvement in the main blockchain's scalability, it's more of a duct tape to fix a hole, basically just temporary solution, i really hope that they can make solution to this because I know most of the developer still ridiculously deploying their contract in the main blockchain and whatever event they be doing, always being held in the main blockchain which is kinda ridiculous.

ETH really need to step up their games.

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Quote from: stadus on September 30, 2024, 03:31:18 AM

That’s been the problem with the ETH network, which is why I stopped using it a long time ago. I thought they’d fix the high network fees, but it’s still disappointing that they're so high even now. The TRON network offers better gas fees for me, especially since I use it for USDT whenever I gamble. With fees like that, I also think centralized options are better; ETH and other solid altcoins seem best for just investing purposes now.

They did "fix" the high gas fee issue. Although, not directly. You can just switch to a L2 network such as Arbitrum or Base for complete peace of mind. No need to exchange ETH for another coin. But I understand your concern. Especially when most people don't have the time to learn how to use a L2 network. On-chain scaling is ETH's best bet towards attracting the masses into it.

I'd say competitors such as Solana and TRON are doing a better job. Even Avalanche is getting traction. ETH developers better get their act together before it's too late. Otherwise, ETH will lose a large portion of the market share soon. I've noticed that gas fees decline towards considerable levels very early in the morning each weekend. Might be a good chance to send ETH cheaply if you don't mind the wait. One thing for sure is that fees won't stay high forever. There are better days ahead for ETH holders. Just you wait and see.

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Quote from: stadus on September 30, 2024, 03:31:18 AM

Quote from: dansus021 on September 27, 2024, 10:20:53 AM

Is Ethereum Gas Fee a Burden for You? It is frennn I mean I love the decentralized things but when it comes to fee I just like the Centralized thing hahahah I mean if you transfer from the same bank you pay no fee. Tho I don't care if they charge a low fee like a dollar or two but this

That’s been the problem with the ETH network, which is why I stopped using it a long time ago. I thought they’d fix the high network fees, but it’s still disappointing that they're so high even now. The TRON network offers better gas fees for me, especially since I use it for USDT whenever I gamble. With fees like that, I also think centralized options are better; ETH and other solid altcoins seem best for just investing purposes now.

Ethereum gas these days is still doable tbh; as long as we don't see it in hundreds it's good.

For you using Tron, how much gas fees you pay? And if you have TRX staked for free/cheap transfers, how much have you staked?

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Quote from: dansus021 on September 27, 2024, 10:20:53 AM

Is Ethereum Gas Fee a Burden for You? It is frennn I mean I love the decentralized things but when it comes to fee I just like the Centralized thing hahahah I mean if you transfer from the same bank you pay no fee. Tho I don't care if they charge a low fee like a dollar or two but this

That’s been the problem with the ETH network, which is why I stopped using it a long time ago. I thought they’d fix the high network fees, but it’s still disappointing that they're so high even now. The TRON network offers better gas fees for me, especially since I use it for USDT whenever I gamble. With fees like that, I also think centralized options are better; ETH and other solid altcoins seem best for just investing purposes now.

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Quote from: X-ray on September 28, 2024, 09:12:09 PM

Quote from: libert19 on September 27, 2024, 11:50:47 PM

Quote from: X-ray on September 27, 2024, 09:06:58 PM

...though speaking about the free of charge tx between same bank in centralized entity like bank, there's something that may have chance to compete with it and yes it is, ton and tron's no tx fee for stablecoin transactions.

No idea about TON, but since when transactions are free on Tron? Last time I tried sending USDT, it took ~2 USD for transfer? Has things changed? Or if you are talking about staking TRX to enable free transactions, it's not really free, but still if it required little amounts of TRX staked then I would understand but it's not so, last time I checked, it required hefty amount of TRX staked to enable these free transactions.

I believe it's still on the work, Justin Sun promised q4 of this year, don't know whether it's end of Q4 but it's already work in progress

from my understanding though, it's still unclear whether his team trying to create different protocol tailored specially for stablecoin deployer that is gas free or trying to create his own stablecoin, it's still unclear.
but honestly I don't have too much hopes on tron blockchain.

or maybe it can be an entirely different idea, creating paymaster like protocol that allow fee paying using the stablecoin itself. so I can be wrong.

Justin Sun is overall a figure that is associated with TRON and its image amongst people, and I wouldn't say that he is - credible -. Ambitious, cunning, and tricky - yes, totally. He would say many things to get what he wants eventually.
Interesting to see how the situation will evolve.

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Quote from: libert19 on September 27, 2024, 11:50:47 PM

Quote from: X-ray on September 27, 2024, 09:06:58 PM

...though speaking about the free of charge tx between same bank in centralized entity like bank, there's something that may have chance to compete with it and yes it is, ton and tron's no tx fee for stablecoin transactions.

No idea about TON, but since when transactions are free on Tron? Last time I tried sending USDT, it took ~2 USD for transfer? Has things changed? Or if you are talking about staking TRX to enable free transactions, it's not really free, but still if it required little amounts of TRX staked then I would understand but it's not so, last time I checked, it required hefty amount of TRX staked to enable these free transactions.

I believe it's still on the work, Justin Sun promised q4 of this year, don't know whether it's end of Q4 but it's already work in progress

from my understanding though, it's still unclear whether his team trying to create different protocol tailored specially for stablecoin deployer that is gas free or trying to create his own stablecoin, it's still unclear.
but honestly I don't have too much hopes on tron blockchain.

or maybe it can be an entirely different idea, creating paymaster like protocol that allow fee paying using the stablecoin itself. so I can be wrong.

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Quote from: shanhaigamefi on July 30, 2024, 03:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Burden when there is a jump in transaction gas but when its back to normal? I still uses Ethereum for safety transacting so for me this is not really a burden(at least for me)

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No, I am not burden because of the fees because if the fees is not increase up to $5, that will be okay. But if the fees increase suddenly to more than $10, I will delay my transaction and will waits for fees decrease a lot.

Before you make a transaction, you can see how much the fees you will pay so you can decide what is best for you. If you have many Ethereums, maybe that will be no problem for you but many people don't have that so they need to delay their transaction for a while until the situation is back to normal. We need to be wise with the current situation and not force to pay the high transaction before we regret it later.

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Quote from: X-ray on September 27, 2024, 09:06:58 PM

...though speaking about the free of charge tx between same bank in centralized entity like bank, there's something that may have chance to compete with it and yes it is, ton and tron's no tx fee for stablecoin transactions.

No idea about TON, but since when transactions are free on Tron? Last time I tried sending USDT, it took ~2 USD for transfer? Has things changed? Or if you are talking about staking TRX to enable free transactions, it's not really free, but still if it required little amounts of TRX staked then I would understand but it's not so, last time I checked, it required hefty amount of TRX staked to enable these free transactions.

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Quote from: dansus021 on September 27, 2024, 10:20:53 AM

Is Ethereum Gas Fee a Burden for You? It is frennn I mean I love the decentralized things but when it comes to fee I just like the Centralized thing hahahah I mean if you transfer from the same bank you pay no fee. Tho I don't care if they charge a low fee like a dollar or two but this

ethereum gas fee is really complicated and tricky thing to solve not because technicality but because it also needs to be profitable for validator and the L2 while at the same time still cheap enough for a transaction fee.

however surpisingly the other chain despite significantly less cost in term of fee compared to ETH, still make as much revenue as ETH, which means ETH is an unnecessarily expensive blockchain, because the elevated gas fee that's still unsolved to this day (although getting better fairly speaking) still, people would prefer to avoid using ethereum directly and try to find cheapest path.

though speaking about the free of charge tx between same bank in centralized entity like bank, there's something that may have chance to compete with it and yes it is, ton and tron's no tx fee for stablecoin transactions.

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Is Ethereum Gas Fee a Burden for You? It is frennn I mean I love the decentralized things but when it comes to fee I just like the Centralized thing hahahah I mean if you transfer from the same bank you pay no fee. Tho I don't care if they charge a low fee like a dollar or two but this

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Quote from: Akbarkoe on September 05, 2024, 11:43:40 AM

Quote from: bitgolden on September 05, 2024, 10:26:22 AM

As long as there is a community behind a project, not many people care about what kind of stuff there are left and we should be considering the situation a little bit similar to any other project that does fine. As long as there is a good one, we are not going to really care about what's going on, we should be fine with it and not deal with anything at all. I understand there are situations which is not that big of a deal, but this one seems like ETH is way too big compared to any other alt.

This is why I think it is going to stay powerful, while I disagree that it's centralized, it doesn't even matter in this discussion because it could be decentralized or centralized, as long as there is a massive support from the community then there is really nothing else that we can do about it.

It will stay as high as it is right now as long as there are people who are willing to invest into this, and so far we have not seen an indication that it will not do great, ETH has been great so far and all the evidence proves that it will continue to do greatly and we will not end up with anything amazing. We should just consider how things could change and how we are going to end up doing greatly.

Of course the main basis of a project to keep running is the community, they dominate the community very much and there are still many projects that depend on it getting wider and bigger, in terms of community.

A strong community will build a strong project, so far it has been very good but basically for this cycle altcoin is not so good when compared to bitcoin which has printed a new ATH in the last few months, I want to see that in ETH too but it seems not the time and because maybe the ETH community is divided so it doesn't focus on ETH as an investment but their second layer which is an alternative use of ETH.

What do you think about L2 ETH, are they the ones who influence ETH's performance in price movements in this cycle?

Regarding your thoughts, I do think they have their share in what is happening with ETH, but then again, BTC also experiences some corrections and shake-ups before the bull comes into full swing.
Overall the answer for me would be - yes, but it's not the only and the main factor going.

Topic: Is Ethereum Gas Fee a Burden for You? (Read 609 times)