When ETH GAS Price will stable? We paid 33.74$ GAS price for 10$ token transfer.

Abiky

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Quote from: cheezcarls on October 16, 2021, 07:21:32 AM

The highest transaction fee that I’ve paid so far was almost $60 while converting my token to ETH on Uniswap. But good thing that token is worth more than $300 at the time of the transaction before it dumped even further. So I took the risk rather than getting even much more lower amount.

Most projects right now are switching to Binance Smart Chain, Solana, Polygon, etc., due to Ethereum’s exorbitant gas fees. I am holding ETH until now because I still believe the price of the coin could go even further. Almost touching down $4k now. Until Ethereum 2.0 is already in play, now we can finally say goodbye to these ridiculous gas fees.

It's insane. Who'd want to pay exorbitant fees just to transfer tokens from one address to another? Only whales and the wealthy will be able to afford paying extremely-high gas fees on the ETH blockchain. The rest of the people will be forced to wait longer or switch to an alternative blockchain network.

Fortunately, projects built on Ethereum are beginning to use off-chain scaling solutions. High gas fees will no longer become an issue as most projects switch to a second layer for scalability. Besides, ETH 2.0 is on the way. With PoS, Sharding, and several network improvements, high gas fees will become history. It's all a matter of being patient to see good results in the future. I wouldn't worry that much about the gas price as long as there are solutions to remedy the issue. Just my thoughts Grin

cheezcarls

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The highest transaction fee that I’ve paid so far was almost $60 while converting my token to ETH on Uniswap. But good thing that token is worth more than $300 at the time of the transaction before it dumped even further. So I took the risk rather than getting even much more lower amount.

Most projects right now are switching to Binance Smart Chain, Solana, Polygon, etc., due to Ethereum’s exorbitant gas fees. I am holding ETH until now because I still believe the price of the coin could go even further. Almost touching down $4k now. Until Ethereum 2.0 is already in play, now we can finally say goodbye to these ridiculous gas fees.

gurunanakji777

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You should always double check the Gas fee on your transaction before processing it's not like that Gas fee is always remain high we have to check it on regular interval to avoid paying unnecessarily high fees but I must say Vitalik must work on reducing Gas fee to increase the usage of ethereum as a mode of transfer otherwise traders choose other altcoins to transfer due to the less charges.

Abiky

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Quote from: tr3zor on October 06, 2021, 01:20:04 PM

I think ETH biggest problem is GAS price. Today we paid 33.74$ GAS price for 10$ token transfer.

https://etherscan.io/tx/0xc09e5515f8f53b88b9bd4063a33ce8368f9bf0e8e86ebf4c14b86d25d874161b

What do you think, is there any possibility for ETH GAS price will stable?

This has been something that's been discussed about many times already. GAS fees will remain high as long as ETH's network capacity is limited. The more people use the ETH blockchain, the higher the fees will be in the long term. Scaling solutions like PoS, Sharding, and off-chain layers like Polygon (MATIC), Optimism, and Arbitrum aim to put high gas fees to rest once and for all. Some of these scaling solutions are already functional, while others are still under heavy development. I'd suggest you either use one of the aforementioned scaling solutions or simply wait until fees decline on the network.

A good time to make ETH-based transactions is during weekends. Fees are usually low at that time, especially very early in the morning. If you don't want to wait or use a separate scaling solution, then you can simply switch to another blockchain network like Binance Chain, Solana, or Polkadot. Fees will decline eventually as network upgrades are rolled on the ETH blockchain. So to answer your question, yes ETH GAS price will stabilize after subsequent network upgrades. You just need to be patient in order to see great results in the future. Just my opinion

Mkmanik

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Quote from: Al Qiyamah on October 09, 2021, 08:41:15 PM

To make transactions on the Ethereum network does cost a lot of money, and this already makes people feel uncomfortable. For this reason, avoid making transactions during peak hours, there is no guarantee for this but there is no harm in trying. Many crypto experts think that the launch of Ethereum 2.0 and EIP 1559 could be the solution.

The currents gas price is very high. It's also very volatile within a few minutes. Last night I need to do some transactions on the Ethereum blockchain. First I use 83 GWEI and it was very fast. after a few minutes, I made another one and I check the gas price, it was about 60 GWEI. So I tried to use 57 GWEI and made the transaction. Within 20 minutes its also succeed. So if anyone really needs to do some transaction, Don't hurry. Wait for a good time when the GWEI price reduces, you can make transactions easily. If you don't have any hurry, You can use less GWEI for the transaction also. but keep in mind, don't get stuck with Ethereum network transactions. First, check the current gas price and after that make a transaction.

ETH 2.0 already launched but gas fees not reducing.
All of the people waiting for this solution. I Hope the Ehereum developer will solve this problem as soon as possible.

RussianEnglishTranslation

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Don't use ETH, bridge to NEAR and trade on Ref Finance. The bridge is trustless and transaction fees are a fraction of a penny. Transactions have two second finality. I'm never going back to Ethereum.

yazher

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There is nothing we can do with it especially when the other will not care whether they pay up to that much. This is where we stuck our transactions if we don't follow the current gas fees because other who are making transaction will continue to pay that rate and mostly they are willing to pay a little more just to rush their transactions which lead to our low fees transactions to be delayed after the gas fees will be subsided.

Al Qiyamah

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To make transactions on the Ethereum network does cost a lot of money, and this already makes people feel uncomfortable. For this reason, avoid making transactions during peak hours, there is no guarantee for this but there is no harm in trying. Many crypto experts think that the launch of Ethereum 2.0 and EIP 1559 could be the solution.

SlimShadyMmp

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Yeah is frustrating mate My suggestion will be to try check gas fees and find good time that will afford less gas try to avoid crazy days except is really urgent dont go for it Most people these days avoid unnecessary transaction I will suggest you do the same or you will keep hating on eth Am sure 2.0 will get rid of probably 80% of the issues

jostorres

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Quote from: Jaered on October 09, 2021, 04:55:19 PM

It's crazy how Ethereum gas price is pumping. I guess the DeFi integration didn't help. And I was under the impression the Ethereum 2.0. EIP1559 would come to the rescue. Even many projects are jumping ship to BSC and Polygon. I can't even sell off my shit coins and dusts because the transaction fees would erode seriously into the profit

This craziness is going to hurt very badly Ethereum because now we have too many competitors in market with some good features and very fewer fees if they are not going to fix in near future then surely they are going out of market very badly even currently they are leaders in this, but this is not going to stay as this for some more time. The Ethereum developers didn't even think if they have done in London, hard fork has no impact to the fees.

Now, we are really disappointed with such unacceptable fees, to move worth $10 token and will pay $33, it doesn't worth it. I hope the Ethereum gas problem will be solved in the future, but when no one knows it.

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Quote from: fullhdpixel on October 09, 2021, 04:07:18 PM

Quote from: samcrypto on October 09, 2021, 09:12:43 AM

Why would you proceed this kind of transactions knowing that you'll pay more than the amount you're sending?
This is the problem of ETH since last year, so this is not new anymore and you should aware of this. ETH is working on this already but the London fork failed to address this issues so I'm sure they'll come up into a good solutions soon, as they working for this to be better try to use other network for now or wait for the fees to become cheaper, during afternoon the fees are quiet low, you might try to wait for that.

There are too many people who do not check as well, it is a habit and they just do it anyway, and then they realize after the deed is done. I am not saying OP did it like that, but there are some people who do that, I have met with those people. Hell I have seen people who put the sending amount to gas fee and the gas amount to sending fee, so instead of paying 30 bucks and sending 200 bucks, they paid 200 bucks and got 30 bucks instead, and this is not rare, it happens constantly in crypto world.

So, do not be shocked about the brain freeze moments of people, it could happen to anyone and we all could do it, it doesn't mean they are idiots, they could be very smart people who just for one second lose control of their brain, it happens to all of us at any aspect of our lives which is why these type of gas fee situations do need to calm down to prevent these mistakes.

I have seen such cases and someone sends 60$ worth of tokens with a $400 Gas fee. It is an unfortunate case but there is nothing left to do after confirming via send button. Before sending, double check is essential to be sure you did everything according to the plan. Otherwise, this is not the first or the last mistake it is going to be. Next time, just use Gas station or alternative websites before sending and never use more than higher gas settings on Metamask for protecting your tokens.

Jaered

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It's crazy how Ethereum gas price is pumping. I guess the DeFi integration didn't help. And I was under the impression the Ethereum 2.0. EIP1559 would come to the rescue. Even many projects are jumping ship to BSC and Polygon. I can't even sell off my shit coins and dusts because the transaction fees would erode seriously into the profit

fullhdpixel

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Quote from: samcrypto on October 09, 2021, 09:12:43 AM

Why would you proceed this kind of transactions knowing that you'll pay more than the amount you're sending?
This is the problem of ETH since last year, so this is not new anymore and you should aware of this. ETH is working on this already but the London fork failed to address this issues so I'm sure they'll come up into a good solutions soon, as they working for this to be better try to use other network for now or wait for the fees to become cheaper, during afternoon the fees are quiet low, you might try to wait for that.

There are too many people who do not check as well, it is a habit and they just do it anyway, and then they realize after the deed is done. I am not saying OP did it like that, but there are some people who do that, I have met with those people. Hell I have seen people who put the sending amount to gas fee and the gas amount to sending fee, so instead of paying 30 bucks and sending 200 bucks, they paid 200 bucks and got 30 bucks instead, and this is not rare, it happens constantly in crypto world.

So, do not be shocked about the brain freeze moments of people, it could happen to anyone and we all could do it, it doesn't mean they are idiots, they could be very smart people who just for one second lose control of their brain, it happens to all of us at any aspect of our lives which is why these type of gas fee situations do need to calm down to prevent these mistakes.

Silver80

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Quote from: tr3zor on October 06, 2021, 01:20:04 PM

I think ETH biggest problem is GAS price. Today we paid 33.74$ GAS price for 10$ token transfer.

https://etherscan.io/tx/0xc09e5515f8f53b88b9bd4063a33ce8368f9bf0e8e86ebf4c14b86d25d874161b

What do you think, is there any possibility for ETH GAS price will stable?

I hope, when making transactions, only I am on the ERC network, but it's impossible for network congestion to cause a shortage of gwee, and it has started when Altcoins use the ERC network, this is where the gwee fee comparators appear so that they look at them to use their network.

Yogee

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Quote from: Dewajuna09 on October 08, 2021, 08:31:53 PM

Ethereum gas fees will remain expensive as long as Ethereum prices are high.

It's not always like that. BTC price is almost 20 times higher than ETH but transaction fees over the Bitcoin blockchain is currently just over $1 for the highest priority. It's about network congestion which forces other people and platforms to raise the gas fee so they can confirm their transaction faster than the rest.

eaLiTy

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Quote from: tr3zor on October 06, 2021, 01:20:04 PM

I think ETH biggest problem is GAS price. Today we paid 33.74$ GAS price for 10$ token transfer.

The GAS problem is going on for a very long time and this is nothing new and the promise of sorting them took the price to new levels and even the ETH developers have no idea when everything will be sorted, the last time i checked there is no ETA and the promise of sorting them is taking too long and people are tired of spending $30 to $50 as transaction fees.

Quote from: tr3zor on October 06, 2021, 01:20:04 PM

What do you think, is there any possibility for ETH GAS price will stable?

Yes, users should stop using ETH so that the GAS fees will go down eventually Tongue

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aprilnot

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Quote from: Questat on October 08, 2021, 12:53:25 PM

Quote from: tr3zor on October 06, 2021, 01:20:04 PM

I think ETH biggest problem is GAS price. Today we paid 33.74$ GAS price for 10$ token transfer.

https://etherscan.io/tx/0xc09e5515f8f53b88b9bd4063a33ce8368f9bf0e8e86ebf4c14b86d25d874161b

What do you think, is there any possibility for ETH GAS price will stable?

This was the biggest question for Mr. Vitalik. Were supposed to think that it's lower down after the hard fork but seeing no change happens and the gas fees rose up even higher. Now, most of us are disappointed with such unacceptable fees, to move worth $10 token and will pay $33, it doesn't worth it.
I'm not sure if the team had already address this issue as this was been a problem for 2-3 years. I'd never a find solution if we continue using this platform and it becomes hopeless. And Mr. Vitalik can't blame investors to leave out from using ETH and look for another platform that it helps from saving a few bucks.

their solution was deadlocked, the hard fork that had been done clearly failed to return the fee back to normal. the only way that looks realistic is with ethereum 2.0 which is always a delay to release. so it's nearing the end for the ERC20 network, and we'll have to look at other, cheaper platforms.

samcrypto

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Quote from: tvplus006 on October 09, 2021, 09:05:27 AM

Quote from: tr3zor on October 06, 2021, 01:20:04 PM

I think ETH biggest problem is GAS price. Today we paid 33.74$ GAS price for 10$ token transfer...

It doesn't matter what amount you transfer, the gas fee will be the same at a certain point in time. You can check the current cost of gas here: https://etherscan.io/gastracker In my experience, I have noticed that on weekends the cost of gas is lower than on working days.

Why would you proceed this kind of transactions knowing that you'll pay more than the amount you're sending?
This is the problem of ETH since last year, so this is not new anymore and you should aware of this. ETH is working on this already but the London fork failed to address this issues so I'm sure they'll come up into a good solutions soon, as they working for this to be better try to use other network for now or wait for the fees to become cheaper, during afternoon the fees are quiet low, you might try to wait for that.

tvplus006

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Quote from: tr3zor on October 06, 2021, 01:20:04 PM

I think ETH biggest problem is GAS price. Today we paid 33.74$ GAS price for 10$ token transfer...

It doesn't matter what amount you transfer, the gas fee will be the same at a certain point in time. You can check the current cost of gas here: https://etherscan.io/gastracker In my experience, I have noticed that on weekends the cost of gas is lower than on working days.

LogitechMouse

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This is the reason why I'm always avoiding projects especially NFT games that are related to Ethereum.
The fees are very high (again) and there is also a chance that you might pay more fees than the total amount that you will transfer.

If you have no choice and you really want to transfer funds thru ETH, I think waiting or knowing the time where fees are low will help you. Gas prices will not stable IMO because no one knows what might happen to ETH. Probably when ETH 2.0 will be released then that is the time where Ethereum Gas fees will become lower than what it is right now.

Topic: When ETH GAS Price will stable? We paid 33.74$ GAS price for 10$ token transfer. (Read 361 times)