Topic: Not news but no wonder why ethereum transactions fees are high (Read 93 times)
At this stage people should limit small transactions on the ERC20 network and wait for the next update to have a better experience. Although we are annoyed with this, perhaps we have to learn to accept it when new users join the crowd, the congestion is understandable.
Probably the high fee of ethereum platform happens because of these things:
- Significant increase of Ethereu price
- Crowded transaction on Ethereum platform because many people want to transfer their ERC20 Tokens
- And yeah, like what @btc_angela told.
- Significant increase of Ethereu price
- Crowded transaction on Ethereum platform because many people want to transfer their ERC20 Tokens
- And yeah, like what @btc_angela told.
I do not think ETH price has to do anything with the gas fee. The high transaction fee only happens when the network is clogged and people want the transaction to be completed fast. The higher the gas fee the faster the transaction becomes and in a clogged network miners will pick up high fee transactions. This is why BSC is gaining popularity because network congestion issue does not happen their and fees are also very less.
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Not only that but many exchanges still set their gas price beyond 200 gwei aswell that further add more transactions with high gas fee in the blockchain making the overall cost needed increases and probably gonna stuck like that for few months. Just imagine how many people withdrawing ERC20 tokens and ETH out there and sum the amount with these arbitrage traders
Check the kind of transaction arbitrage bots do
https://etherscan.io/tx/0xf6f3a3978e9edc386e0ec34bacc328db934efef6c8e27ab76f87672d7349c598
This transaction generated 332$ and spent 262$ to do so with an gas fee of 298gwei...
So for this guy to generate thousands of $ per day, he increases the gas fee of everyone to astronomical amount :-/
It's not the miner who fucks up the market, it's the arbitrage traders
As long as the user who set the bot to trade is making some profits, he won't mind that but when the market turns out to mess and start losing the number of trades may fall, so wait until the price fall or make use if the high price by paying the appropriate fee for your transaction. https://etherscan.io/tx/0xf6f3a3978e9edc386e0ec34bacc328db934efef6c8e27ab76f87672d7349c598
This transaction generated 332$ and spent 262$ to do so with an gas fee of 298gwei...
So for this guy to generate thousands of $ per day, he increases the gas fee of everyone to astronomical amount :-/
It's not the miner who fucks up the market, it's the arbitrage traders
While arbitrage traders are also part of the problem, this case is probably just one of those days where they had to pay those kinds of fees. I checked the three transactions executed in the last 15 minutes and the fees were within the normal/standard range (94, 92, 88 gwei).
only way we can do is wait out until next month for berlin update to happen maybe it will solve the gas issue.
The problem is whether we can sure the berlin update will be implemented. As far as i know miners against the ethereum improvement proposal that already created. I do believe we will see another drama when it comes to the voting by the node to update their client into the new version. I hope that will be fixed asap but i will not put a very big expectation to that thing.
berlin is still too far to be a real thing.
Check the kind of transaction arbitrage bots do
https://etherscan.io/tx/0xf6f3a3978e9edc386e0ec34bacc328db934efef6c8e27ab76f87672d7349c598
This transaction generated 332$ and spent 262$ to do so with an gas fee of 298gwei...
So for this guy to generate thousands of $ per day, he increases the gas fee of everyone to astronomical amount :-/
It's not the miner who fucks up the market, it's the arbitrage traders
It could be true but FYI if miners were making it even worst but oppose the solution to be implemented to fix this problem. The defi traders are always putting the recommended fees on their tx and they will be doing several tx and that means all of these txs will have used recommended fees and that will make the fees will be growing higher instantly. https://etherscan.io/tx/0xf6f3a3978e9edc386e0ec34bacc328db934efef6c8e27ab76f87672d7349c598
This transaction generated 332$ and spent 262$ to do so with an gas fee of 298gwei...
So for this guy to generate thousands of $ per day, he increases the gas fee of everyone to astronomical amount :-/
It's not the miner who fucks up the market, it's the arbitrage traders
Imagine when there are more than 1k people were doing defi transactions at the same time. That's why the ethereum fees is so high now and in addition there are some zero sum tx with high fees to spam the network too.
Probably the high fee of ethereum platform happens because of these things:
- Significant increase of Ethereu price
- Crowded transaction on Ethereum platform because many people want to transfer their ERC20 Tokens
- And yeah, like what @btc_angela told.
- Significant increase of Ethereu price
- Crowded transaction on Ethereum platform because many people want to transfer their ERC20 Tokens
- And yeah, like what @btc_angela told.
only way we can do is wait out until next month for berlin update to happen maybe it will solve the gas issue.
It's because of the pressure from the DeFi ecosystem, as it grows so is the demand for Ethereum and as the price goes into all time high, the network gets clogged, pushing the fees to go higher to be able to cope with the demand. Just look at how big the TVL is, those DeFi protocols build on Ethereum, it's worth billions of dollars now. That alone indicates how big the transactions is resulting in the network being choked.
Check the kind of transaction arbitrage bots do
https://etherscan.io/tx/0xf6f3a3978e9edc386e0ec34bacc328db934efef6c8e27ab76f87672d7349c598
This transaction generated 332$ and spent 262$ to do so with an gas fee of 298gwei...
So for this guy to generate thousands of $ per day, he increases the gas fee of everyone to astronomical amount :-/
It's not the miner who fucks up the market, it's the arbitrage traders
https://etherscan.io/tx/0xf6f3a3978e9edc386e0ec34bacc328db934efef6c8e27ab76f87672d7349c598
This transaction generated 332$ and spent 262$ to do so with an gas fee of 298gwei...
So for this guy to generate thousands of $ per day, he increases the gas fee of everyone to astronomical amount :-/
It's not the miner who fucks up the market, it's the arbitrage traders
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