Strategies to save money on ETH gas fees?

Abiky

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Quote from: Yogee on June 04, 2022, 05:04:38 AM

Abandon it completely hehe. If you can't then there's really no other way to save on on-chain fees than to wait for less congestion in the network. I'd rather avoid using Ethereum unless it's an emergency. There are plenty of chains to choose from and there's an increasing number of chain interoperability implementation.

Other chains may have cheaper fees and faster confirmation times, but they're often less secure than Ethereum itself. Consider how Solana is a victim of constant network outages due to its centralized design (also because of developers' inability to fix/remediate issues as soon as possible). This shows us how unreliable alternative blockchain networks are compared against Ethereum. The world's second-largest cryptocurrency by market cap is still the most decentralized and censorship-resistant cryptocurrency after Bitcoin. I guess you get what you pay for (high fees in exchange for unmatched security/reliability).

As I've said before, off-chain scaling solutions help but not many dApps support them. There's really no other option than to wait until gas fees decline to perform a transaction. Hopefully, the PoS upgrade will make ETH more accessible to the average person. As long as decentralization prevails, nothing else matters. Just my opinion

trendcoin

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I follow some historical data. Around 13:00 - 14:00 (Gmt +3), there may be cheaper prices. I've seen this happen in some analysis. Actually, I don't use Ethereum unless it's mandatory because there is no other way to avoid the fee costs. But when I have to, I follow the middle of the day. I usually come across cheaper prices in the middle of the day... Vitalik should solve this problem from the root. He disappoints people who trust him.

Kelvinid

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Quote from: Johnyz on June 07, 2022, 05:16:30 PM

If you are transferring to take profit, then better to pay for that fees and proceed with your profit before its too late since the market is too volatile. But if you are just sending money for some reason, and its not that rush just try to wait for the market to stabilize and the fees will slowly back to normal. Seriously, you can’t do anything about this, it’s already the network fees which is the problem of ETH for years now.

Unless you use another network or coins to transfer them. Sometimes I use XRP and Doge instead of using ETH, and honestly, I save some fees because these two coins are known for their small transactions fee.

But if we say we just rely on ETH, nothing I see a solution that helps us to reduce our fees. In fact, for many years been passing by we haven't seen any changes and fees decline if there is but just a few bucks ( or cents) and it goes back high again.

Johnyz

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If you are transferring to take profit, then better to pay for that fees and proceed with your profit before its too late since the market is too volatile. But if you are just sending money for some reason, and its not that rush just try to wait for the market to stabilize and the fees will slowly back to normal. Seriously, you can’t do anything about this, it’s already the network fees which is the problem of ETH for years now.

Awaklara

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With the advent of layer 2 and Eth2 scaling solutions, the price of this gas will drop significantly in the coming year but for now the gas price is still relatively high and to minimize the current gas price I usually optimize the time to make transactions because transactions on Ethereum can be very busy for a few hours a day so I avoid that time to make transactions on Ethereum because at that time Gwei will be very high because of the large transactions. Because In general, gas prices are higher during the week and lower on Saturdays and Sundays, so one easy thing to do is to start doing your deals on the weekends. And there are also some apps out there that offer cheap gas fees and which can also we use to minimize the use of costs for gas.

andyou1234

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It is very difficult to determine when is the right time to save on ETH gas fees, because the ETH network transactions are always busy all the time, and so far there doesn't seem to be a solution so that ETH fees can be lower like other blockchains, even though ETH 2.0 was released before this not an answer to the polemic that has occurred with ETH transaction fees so far,

SistaFista

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The Ethereum network gas fee is around 35-45 gwei currently on https://etherscan.io/gastracker, i think it is relative cheap than the average.
If we want to send ETH or ERC tokens to multiple addresses, we should send it once to avoid using high gas fee. Usually, using a disperse app to send ETH and tokens to multiple addresses at once can help to reduce the fee i guess.

RussianEnglishTranslation

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Quote from: Abiky on June 01, 2022, 10:26:36 AM

Whenever the ETH blockchain is heavily congested (which is most of the time) gas fees soar towards ridiculously high levels, making the whole network completely unusable by the average Joe. Right now gas fees have declined like crazy due to decreased on-chain activity. But the benefits won't last for long (especially during a bull market). I'm aware that you can save money on ETH gas fees with off-chain scaling solutions like Optimism and zk-sync, but not every project/Dapp support them. The main chain is what it's all about.

That said, I'd like to know what strategy you're following (besides using an off-chain scaling solution) in order to save as much money from gas fees as possible. Any help, suggestions, and/or recommendations will be greatly appreciated. Thanks in advance.

If you have to use ETH, use it on Sundays because gas is cheaper then. Even ETH 2.0 won't scale Ethereum so I don't have much hope in the chain long term. I sold my ETH for CNDL and Fantom recently and I may use my staking rewards to buy some back if the merge fails and the price falls back under 200 usd.

smartaction

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Using ETH or any ERC20 token is very hard. Although now the gas fee is much lower than before. Yet it is still much more than other blockchain. eth is a good coin and it is very popular but its gas fee is very annoying. Which is why small investors are now avoiding ETH and I no longer use any of its blockchain tokens, including ETH.

Yamifoud

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I could assume that everyone has been skeptical already about the high gas fee of ETH. For many years that we have had this issue, I think everyone had already accepted the truth and become hopeless to have a chance to fall back.

As for me, what I did is not to move my crypto in small amounts, I put them together and sent them in bulk. Think that I was saving time and a few bucks from it. Paying $50 moving $500 as a minimum target is worth enough, I guess.

savetheFORUM

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Quote from: Abiky on June 01, 2022, 10:26:36 AM

Whenever the ETH blockchain is heavily congested (which is most of the time) gas fees soar towards ridiculously high levels, making the whole network completely unusable by the average Joe. Right now gas fees have declined like crazy due to decreased on-chain activity. But the benefits won't last for long (especially during a bull market). I'm aware that you can save money on ETH gas fees with off-chain scaling solutions like Optimism and zk-sync, but not every project/Dapp support them. The main chain is what it's all about.

That said, I'd like to know what strategy you're following (besides using an off-chain scaling solution) in order to save as much money from gas fees as possible. Any help, suggestions, and/or recommendations will be greatly appreciated.

That zk you're talking about seems familiar to me. I didn't knew that they can be used to lessen the gas fees in eth. I didn't pay attention to their details before, that is why but thanks for letting us know while this was my first time hearing that Optimism project but I will do a research on this one and see if what else it can do and if it can be a good addition to my portfolio.

About the other methods to save eth gas fee. What I do is I won't initiate a transaction first if I think the fees are still high but I just keep on reloading the page and check the fees again. I too noticed that there are times where the fees are low, I think it was around 1 am and onwards, where many people are still sleeping.

Anonylz

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Quote from: jrrsparkles on June 04, 2022, 12:27:48 PM

This may sound like stupid idea but this is the reality, just move the coin and tokens where it has to be like to exchanges if have the intention of trading or move to the wallet for holding.

You have completely missed the point, for you to move the tokens to exchange you need to pay a transaction fee and that is the issue of discussion. How can you move those tokens to an exchange paying the lowest fee possible with the current high transaction fee on the eth network!
The only way about it is by using an off-chain scaling solution like optimism or just waiting patiently for the network to decongest for the gas to reduce or completely avoid eth transaction (which will be difficult if you have erc20 tokens)

blockman

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What I do is do monitor the gas fee. If it's not as handy and cheap in my opinion, I'll wait until it goes from 5 gwei to 15 gwei. I think 20 gwei is quite cheap and tolerable than we usually see 50 gwei and up.
This is good if you're not in a hurry but if you're in a hurry, you better choose another chain or altcoin that has higher TPS and cheaper fees. That's most likely the solution to save gas fee.

danherbias07

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Quote from: Yogee on June 04, 2022, 05:04:38 AM

Abandon it completely hehe. If you can't then there's really no other way to save on on-chain fees than to wait for less congestion in the network. I'd rather avoid using Ethereum unless it's an emergency. There are plenty of chains to choose from and there's an increasing number of chain interoperability implementation.

Funny thing is, you are right. This is what I did. Abandoned it.
The last time I used Ethereum for transactions was with Gala coins. It cost me over $30 for sending to the Gala then do the transaction in their application which cost a lot and finally, sends back what's left to my Ethereum wallet.
After that, I avoided any transactions that has to do with ERC20. Just stayed with the projects that are using BSC instead for cheaper fees, or XRP if I want to send money to someone else.

hd49728

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When gas fee on Ethereum network is high and too expensive, I only wait for its reduction. Usually, it will drop after several months. It is my strategy when I don't actually need to move or sell my Ethereum or ERC20 tokens.

It is not applicable if I need to sell Ethereum or ERC20 tokens as soon as possible when price soars a lot. Therefore, I can not wait weeks or months and have to accept higher transaction fee. However, even so I can wait weekend to move it with a litle lower transaction fee.

Rufsilf

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I haven't seen any other option that could help us lessen the cost of transactions when using ETH. If ever there is but that is not the thing we think BIG difference as it only happens when there is a decrease of trx fees in the network. This problem has been evolving for many years and quiet to hear no action has been taken by Mr. Butterin. That is why I'd never use ETH instead of using another coin to send my fund to my personal wallet.
Honestly, it was hopeless to see the ETH gas fee will decrease, I've been actually expecting this during the bear season but sadly, there are no changes on it.

Rengga Jati

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When the gas fees on the Ethereum network is increasing highly, we have no choice again.
I often delay or cancel transactions and prefer another time where the transactions on the blockchain are not too high. So usually the fee will go down a little. However, of course, would not expect much. And if this continues to happen while if we force the transfer the costs are very high, wait for times like now when it is bearish because the gas fee for this network is commonly more affordable Grin

But once more, if this is too long waiting, just count on how much fees to spend and how much we can get, if that is still profitable I commonly will continue the transaction.

naira

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Eth gas is always unfriendly when we have the interest to withdraw or ship. Unless there's enough profit, I'll take a certain amount of time to wait for the gas to drop. Although to be honest I don't interact with the Eth network coins very often.

For example: when I need a small amount of gas to make one delivery, then first deposit BNB to FTX, Convert to ETH, and send to Ethereum address the amount required for send.

ItsCrafty

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Etherium fee is also big issue and many users leave this Blockchain because of High fee. Team should look to solve this issue. Now fee is very low but tokens price are also very low. Only we can send token in to exchange but sell will not give us any profit.

MAAManda

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Quote from: Yogee on June 04, 2022, 05:04:38 AM

Abandon it completely hehe. If you can't then there's really no other way to save on on-chain fees than to wait for less congestion in the network. I'd rather avoid using Ethereum unless it's an emergency. There are plenty of chains to choose from and there's an increasing number of chain interoperability implementation.

Totally agree with your statement, there's nothing we can do but wait for gas costs to drop, and it's true, gas declines usually occur when the market is bearish. Maybe once ETH 2.0 is fully rolled out, we'll be able to see gas costs much lower than they are today. For now, instead of using Ethereum, I prefer to use BSC.

Why not use FTX to make ETH transfers? they ease every token delivery, for example BTC and ETH, even for other networks, they make it free.

Topic: Strategies to save money on ETH gas fees? (Read 217 times)