The total Ethereum fees have been surpassing Bitcoin's fees for a month and 1/2

Jating

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Quote from: Yaunfitda on August 03, 2020, 06:13:51 AM

I'm not surprised by this graph though, we have seen some massive spike on the price of Ethereum so it's pretty obvious that there are more transaction in the last month and a half. We even have threads here when people are complaining about the exorbitant gas/gwei that Ethereum is currently experience. But yes, this could be a bullish signal and I also read that this is even comparable to the numbers when we have our last bull run, but this remains to be seen.

True, this could be as bullish as 2017.

Quote from: GreatArkansas on August 03, 2020, 04:38:52 PM

Do you think also guys, this is also correlated with the price of Ethereum itself? A lot of transactions were made on Ethereum network then that's why the network itself will be more clogged. I remember what happened last 2017-2018 bull run, especially when before there is a game under Ethereum network, I think that is crypto kitties, where known it is one of the issue why the transaction fees before on Ethereum was also too high.

Yes, this is not the first time that we have seen ETH network being clogged like since since the crypto kitties hype.

Quote from: zasad@ on August 03, 2020, 02:20:34 PM

The main reason for the growth of commissions on the Ethereum is the defi ecosystem with the possibility of arbitrage
See what commissions people pay to be able to use arbitrage opportunities:

https://etherscan.io/tx/0xc3d42f4a0a3556ed141e0aa17d527fcc58f223fef2175a57cdeea8ce22dd6742
https://etherscan.io/tx/0x18ca30658082ae31e2a32d20d3da8e97a1ef0def824035bebfe5debe25123112
https://etherscan.io/tx/0x2b97fff829a7d9b7837f8f447b7256fce3dec4428c1d07a8985da3cbce8f8259

Here is all the information about commissions:
https://ethgasstation.info/index.php

And if you want to move your Ethereum, then the commission will be no more than 50 cents

Thanks mate, I will look into this.

It seems that we're back to normal, but I still consider it high fees though,

https://ethgasstation.info/

Febo

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Quote from: GreatArkansas on August 03, 2020, 04:38:52 PM

Do you think also guys, this is also correlated with the price of Ethereum itself?

Of course value of a coin matters. Same fee now when Bitcoin is $10000 will be 10 times more expensive when Bitcoin will be $100000. 2021 year will be insane transaction fees wise.

GreatArkansas

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Merit: 1354

Do you think also guys, this is also correlated with the price of Ethereum itself? A lot of transactions were made on Ethereum network then that's why the network itself will be more clogged. I remember what happened last 2017-2018 bull run, especially when before there is a game under Ethereum network, I think that is crypto kitties, where known it is one of the issue why the transaction fees before on Ethereum was also too high.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

The main reason for the growth of commissions on the Ethereum is the defi ecosystem with the possibility of arbitrage
See what commissions people pay to be able to use arbitrage opportunities:

https://etherscan.io/tx/0xc3d42f4a0a3556ed141e0aa17d527fcc58f223fef2175a57cdeea8ce22dd6742
https://etherscan.io/tx/0x18ca30658082ae31e2a32d20d3da8e97a1ef0def824035bebfe5debe25123112
https://etherscan.io/tx/0x2b97fff829a7d9b7837f8f447b7256fce3dec4428c1d07a8985da3cbce8f8259

Here is all the information about commissions:
https://ethgasstation.info/index.php

And if you want to move your Ethereum, then the commission will be no more than 50 cents

rexxarofmoknathal

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Activity: 980

Merit: 260

Just by looking purely at the linear graph of ETH transaction fee you can see that the peaks correspond to times when the market on 2 consecutive occasions in 2018 saw a bull market, and now the same this year of 2020 happened.

This is no coincidence. It seems instead an indication of the market situation, just as initially postulated in this thread.

Febo

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Quote from: Jating on August 03, 2020, 05:19:55 AM

The total Ethereum fees have been surpassing Bitcoin's fees for a month and a half now

Not just total but also a single transaction fee. Both of Bitcoin and of Ethereum, fees are going up. Now also price of both coins is increasing and that pushes fees even higher. And when prices will be high FOMO happen and everyone will want to get some Bitcoin and Etehreum and that will make even more transactions and pushed fees even higher. I will not be surprised if we will see a $100 fees for both coins. Not just for few blocks but for days. This will happen already in 2021.

bitmover

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bitcoindata.science

Ethereum network is very congested due to possible 2.0 release and the volatility in the price generated by it.

Ethereum really needs to move to PoS sometime soon, because fees are more critical to Ethereum network thatn to bitcoin. There are much more transactions in Ethereum network, which costs fees, because EVERY interaction with a dApp is a paid transaction.

It will be amazing for the whole ecosystem if Etehreum is successful in PoS release. Every shitcoin will be able to move to pos and let bitcoin alone in PoW, which has a better resilience against attacks, more decentarlized and censorship resistant.

bigcash2011

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Transaction fee and time duration has been the problem for eth and this has again escalated due to bulls in the market and due to price surge the cost has also become bloated. I do not see an end to this because simply the transaction volume is way above the capacity of the eth network causing sluggishness as well. The only solution is the scaling of the network and gladly eth developers are fully on it and hopefully solution will be here by the end of this year or early next year.

bassbity

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Quote from: wywoc on August 03, 2020, 08:56:36 AM

The transaction fee of Ethereum blockchain is very high and the speed is quite slow, the fee for each transaction is about $ 0.5 or more. When I adjusted it lower, my trading was stuck for days. Perhaps it is because of the very hot DeFi trend that has pushed the number of transactions on the ETH network.

yes I was forced to postpone this transaction because the cost of the adjustment was too expensive even I saw $ 1 for one send on the Ethereum blockchain, will it continue like this? or indeed only the trend behind this DeFi into a strong obstacle to become expensive costs.

batang_bitcoin

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There is only one thing that I can think of as ETH's fee also surges. As long as the network goes congested, the demand goes high, no altcoin, no cryptocurrency can flee this surge in fees.
This has been proven and tested first to bitcoin, next to Ethereum. And before, we all claim that fees in bitcoin and Ethereum were cheap. Well, for real they were and I have experienced to transact for both chains and paid minimal fee and even no fees during the early times I have sent bitcoin.

wywoc

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The transaction fee of Ethereum blockchain is very high and the speed is quite slow, the fee for each transaction is about $ 0.5 or more. When I adjusted it lower, my trading was stuck for days. Perhaps it is because of the very hot DeFi trend that has pushed the number of transactions on the ETH network.

ryzaadit

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First of all, why a fee will be high because:

We are on the bullish moment (When this happen, this could be an effect on the network)
Everyone using a high fee to get faster confirmation, so when they do this makes the fee was increase day by day.
The price of the coin was high, no matter what's a fee on that's cryptocurrency when that's cryptocurrency price a high the fee estimation will be high. Even at the beginning of the project, they have the smallest fee.

Smitty Werben Man Jensen

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COMBONetwork

apparently it's true that Ethereum fees are currently expensive, this is what I don't like from Ethereum,
when the Ethereum network is full and Ethereum prices go up, Fees also go up, if it continues like this, I'm really disappointed

Yaunfitda

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Activity: 2870

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I'm not surprised by this graph though, we have seen some massive spike on the price of Ethereum so it's pretty obvious that there are more transaction in the last month and a half. We even have threads here when people are complaining about the exorbitant gas/gwei that Ethereum is currently experience. But yes, this could be a bullish signal and I also read that this is even comparable to the numbers when we have our last bull run, but this remains to be seen.

Jating

hero member

Activity: 2842

Merit: 772

The total Ethereum fees have been surpassing Bitcoin's fees for a month and a half now

According to this tweet:

https://twitter.com/lawmaster/status/1289583909018259457

And I think it is very reflective on how the price of ETH also moves around that time frame, as bitcoin reaches a new high this year and so is ETH as well surpassing $400 since 2018 if I'm not mistaken.

A good indication that we are very bullish right now and this is really looking good fro crypto markets in general.

Topic: The total Ethereum fees have been surpassing Bitcoin's fees for a month and 1/2 (Read 156 times)