Topic: Is Ethereum Gas Fee a Burden for You? - page 2. (Read 609 times)

It was the first in its league.
That's why it's still up in its place under the sun.
Though this position can be undermined in the future Only time will tell.

That is what I'm about to say. Maybe before yeah, that ETH is the king when it comes to it but now not anymore. ETH still remains to be the king though when it comes to altcoin rankings. When I say altcoin, that already includes tokens. The reason that you said there is also the reason to what I said there.

Another reason would be is that ETH is still the most secure blockchain in the altcoin category. Its quality is also top-notch. Haven't heard of that Kamino project yet but this looks like a new project, so it is not surprising for me on why AAVE's TVL is much higher than it. With lots of projects on SOL, you only mentioned that project. It must be a rising star. That was surprising because I thought DeFi's (specifically the lending ones) are not relevant anymore.

Like you said earlier, there are already new blockchains now (lots of them), and as you said again, that have affected ETH but I think this is not permanent because meme coins are only seasonal, while ETH and most of its projects aren't. This is the advantage of having a real-world use case because people always have the reason of using them. If only they don't exist, most of the demand will only go in ETH but it is still impressive of knowing the fact that ETH is still standing strong and have defended its throne.

You are right. Now everything can be gud, but more innovation may be needed to keep things going.
The market and the projects don't stay static, they evolve, and some are victorious, changing the narrative and possibilities.

the smart contract nowaday is very basic thing that every new blockchain is having though, I think the reason why ETH will always have the support because the big defis are already in ETH, AAVE for example with its 10 billion TVL completely dominate kamino, a solana defi (lending platform) with 1 billion TVL even though ethereum revenue has been low compared to solana's revenue due to the influx of capital from the meme trend.




on top of that, ETH also got the biggest USDT minting allocation from tether, so it's no wonder that despite lacking in scalability, ETH is still heavily sought after.
but the problem is, once people realizes that there's other platform out there other than the big ones in ETH, maybe the capital will move and ETH might lose some of its market capitalization.

Surprisingly ETH is really on such condition on which even no matter how high the gas fees are but still there's really that a strong community backing up this project/coin on which means that there's no way that
it would be sitting on rank #2 in the overall market if there wasn't that kind of support. Cant really be dnied that im really that pissed when it comes to high gas fees, specially on different situations such as;

1. Making up some buy and sell on decentralized exchangers
2. Making up some transfers whether withdrawals or deposit on exchange platforms
3. Network clogged
4. Too much volatility or traffic on a certain coin

Those things above the common situations or scenarios that you are really that could possibly be able to experience and sometimes you dont have that kind of option or choice
specially if you are really that needing up to push through such transactions on which we know that this is something which is really that too painful specially on average traders or investors that only have
sufficient money that they are really having on their pockets. If you are some sort of whale then this wont really be a bothersome thing for you since you could be able to pay up those fees without issues.

The best thing about ETH is into its smartcontracts feature and thats why it isnt shocking that community will really be always having that kind of support
because of its utility and there's no doubt with that.

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?

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.

Interesting. Never thought about it, thanks for bringing the info! I think it's still worth it, though If you have your portfolio ready.

the fee going down so much the revenue becomes really low I wonder if it's still profitable to become a validator in ethereum blockchain since it requires staking as well which also means exposed risk of volatility.

ETH as a mainnet only make revenue around $400k



while layer 2 blockchains are making fee around $80k as a whole, from the data in token terminal.

don't know whether it's truly intentional or not by the dev to bring the revenue this low.

For ethereum this could be a result of a function that most of the project are solely launching on their side chains due it previous gas hike, and of course the gas should be low because of its less activities, unlike the bnb chain, polygon and others whose fee were far much cheaper and easier to use.

All have their flaws, it's your choice which set of them you pick for yourself, in short

More interoperability yes, I believe it will be achieved but massive decentralization? No, I don't think so. Even not massive but only more or even a few of it, I will still doubt it. All the times, ETH is always known to be a centralized type of crypto and the more they became centralized when they switched their mechanism from POW to POS. ETH is the first altcoin and by this, their support is already huge.

It can still grow huge because day by day there are new cryptos that came out and a few of them can be the next big thing and each big crypto will also/always look for a collab because they know that it can make them much better. If we are into technicalities then we may find ETH to be a not-so-good coin but if we are only in for investing purposes, then I can say that it isn't that bad and there will always be a demand for it. In investing, it's also a good idea if one can make a diversification. For me, I will make BTC as the base of my crypto investment or portfolio, then next would be ETH and others.

ETH do also has a smart contract, so devs here can also create their own app in the ETH network and each crypto has their own charm, so each has their own shining moment. Also, each has their own flaws, and we already witnessed each of them in our long stay here in crypto.

Their focus is indeed more on interopability, perhaps aiming for massive decentralization and can be connected to many ecosystems easily so that it is much bigger, but if you focus too much on it, it will indeed be ineffective if their TPS is bad, it will become accumulated and dangerous in the future, if it is maintained like that it will make Ethereum lag behind.

Seeing the development of Solana because they have technology that ethereum does not have makes it easier for developers to create their own applications on the main solana network, but several times Solana also experienced congestion problems that were so annoying that their blockchain was even maintained for a long time.

ETH put too much burden of solving scaling on its L2 they forgot to fix scaling issue in the main chain which for some reason so many developer still decide to deploy their coin in the main chain instead of utilizing the fact that we already have interoperability protocol like layerzero that allow for token deployment across various chains but some devs really like taking the more expensive way of deploying to ethereum blockchain only which is ridiculous.

if it has come to this, I think aside from using L2 to solve the gas issue, ETH also need to fix their main chain to increase TPS, because so many project already decided to not use ETH and move to non EVM blockchains like SVM (solana).

Yes, the ethereum gas fee is quite disturbing for me, especially on the main network which is busy using, it will make me suffer and have to burn more money for transaction fees.

But when Normal I think it's normal, and not a problem, but it's the instability that will be disturbing in the future, especially if the ecosystem and network continue to grow and the main chain is getting busier, it will result in a significant price increase.

Thankfully we are not in that period right now, but it is not unlikely that we will get to that period eventually as well, so that may actually happen. I am not saying that we are going to have something that will be close to that, it may or may not happen, we are just talking about a bull period.

If the price of ETH reaches something like 10k for example, that means that we are going to end up with a result that will not be cheap for gas fee either, we will see that go up too.

So, it's all about the fact that we have a bull period and when we do the gas fee goes up as well. But that is basically a balancing situation as well, you are paying a lot more when that happens, like you said 150 was paid for a while and wasn't really uncommon situation if you want to use a DEX for example, but at the same time since it was the bull run, we would end up with some good returns as well and make some profit.

Meaning that while we did had bigger expense, we also had bigger income too, so that really worked out fine for us. That way it makes quite good sense for us to keep that going. I am not sure if it will be the same again, but I feel like next 8-10 months will probably be similar to that again.

It's about 20 cents right now, I really do not think that it is going to be a problem for a while longer. I understand that it may not feel like it is going to be like this for a long time, and you may fear that it may go up super high very quickly, but the reality is that we are going to end up with them very slowly, because even during bull run, it takes time for the chain to get clogged so it takes time for it to reach those highs.

It can be a few dollars very quickly, that's not my point, but anything under 10 dollars is fine and that's what we will be for at least end of this year. Anything above 10 dollars (which happened before) will happen very late and not anytime soon at all, will be something that takes a bit of a time.

That's true, but it's only happening for Ethereum transactions only. ERC20 transaction fees are still high, despite a big drop in Ethereum gas fees.



As my picture above shows, the fees for swap, Lping, bridging, or borrowing are still quite high.

I hope that ERC20 transaction fees can be lowered in the future. This could happen by implementing a new update to increase Ethereum's scalability.

ERC20 transaction fees are burdening me when i use the Ethereum native blockchain. I think it's not only me, but all Ethereum users are also feeling the same.

I have not used mainchain Ethereum in many years. Even if the gas price dropped to 1 gwei, I still would not use it. A simple transfer might be cheap, but anything that requires a smart contract, like swapping on a DEX will cost several dollars. The fees will really add up and you will end up spending hundreds of dollars in fees each year.

I have tried other networks like BSC, but the fees aren’t that low anymore because the price of BNB has gone up. L2’s have managed to keep fees very low, but they are really centralized and require you to trust that the companies running those networks won’t act maliciously to steal users’ money.

the good ol' days of NFT also caused gas price to spike and even executing NFT transactions required thousand dollars like as you said, only right now that the price of the gas decreases significantly but I guess that's also because the market of NFT isn't as crowded as before and of course with the presence of L2 successfully helped in offloading most of the swaps tx to the L2 with its super low gas fee caused the gas price of ETH to be floating around 3-4 gwei.

I think this is significant improvement because the falling of gas price isn't because ETH is having lower daily tx but because the plant to offload tx to L2 really worked, as seen from the chart below daily tx still high.