WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

aruldaroy

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Quote from: martina14 on January 24, 2022, 09:37:58 PM

That's the question I wanna know the answer well, but the problem is that no one can give the exact answer for this matter.
And in my opinion its platform was actually dubious, I hate to say that but what can I do its the fact.
This thing must resolve the ERC20 in terms of their high charge fee.

This is not a dubious thing but basically the ETH network fee is higher than the BCS network.
Maybe because of the high price of ETH, there was a change in delivery gas.
Let's see first before the price of ETH is expensive as it is now, ETH is cheap and gas is cheap, right.
I don't think there is a solution to the high shipping costs on the ERC20 network unless the ETH price drops again like last year.

martina14

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That's the question I wanna know the answer well, but the problem is that no one can give the exact answer for this matter.
And in my opinion its platform was actually dubious, I hate to say that but what can I do its the fact.
This thing must resolve the ERC20 in terms of their high charge fee.

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

It's not a question of the ETH network being dubious.

It's just a matter of congestion - when there is a lot of transactions looking for some sort of processing from the decentralized network, the only way to ration transaction processing power is going to be through higher fees.

If you are not comfortable with these high fees, switch tho MATIC, FTM, AVAX, SOL etc. You can pretty much do whatever you do on ETH on these platforms for way cheaper fees.

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Quote from: pushups44 on January 17, 2022, 10:25:18 PM

It's simple. The network is ridiculously popular, and when it was designed this extent of usage was clearly unanticipated. Those of us who use Ethereum will just have to bear with the growing pains and wait for the rollout of scaling solutions. I'm guessing significant progress will be made to this end by the end of this year.

This gas fee problem has been running for almost 2 years and there is no solution from the ethereum developer
I think they have difficulty handling transaction fees on their blockchains due to the large number of transactions per second
I think one solution to dealing with fees that are too expensive is to migrate blockchains

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Basically it s a mistake in calculation of how big this could get. Everyone will say miners and all, or even the TPS count, but the reality is that there is a limit to what our technology can reach at the current moment. Even Visa, which is probably the biggest payment processor in the world along with Mastercard, has a TPS of around 30k, which is half of what Solana claims to have, but when we look at it Visa actually delivers it.

Look at SOL on the other hand, they say they have 60k TPS, and yet they get crashed or have problems with 10% of that, not even that much, which is a proof that being fast doesn't mean anything. Imagine a super fast car, that goes 300 km per hour, but it can't even steer properly and you have to do it either straight line or you crash, or you have a car that has 150 km per hour and it can go around the track without any problem and great traction. Which one would you pick on a race?

So, ETH gas fee is high because it is used a lot and it was never considered as something that would be used this high, so developers working on it to become both 300km fast but also can go around the track, but they are doing it now, instead of when it first started, so it's taking time.

pushups44

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It's simple. The network is ridiculously popular, and when it was designed this extent of usage was clearly unanticipated. Those of us who use Ethereum will just have to bear with the growing pains and wait for the rollout of scaling solutions. I'm guessing significant progress will be made to this end by the end of this year.

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Quote from: chakhigh on January 10, 2022, 05:27:37 AM

It really is crazy how projects adopt Eth over other cheaper and faster blockchain networks!

Yeah, those projects are only aiming for the demand. Remember that ethereum is still the biggest smartcontract platform in term of marketcapitalization. The developers will always still consider it as their main reason to adopt ethereum blockchain although the fees is so high or sometimes it just become irrelevant.

Quote from: chakhigh on January 10, 2022, 05:27:37 AM

I personally cannot get it. Eth gas fees depend upon the network usage and other hidden parameters.

The main parameter is the average transactions fees that already processed by the block. More people put big transaction fees mean the fees will be also starting to go up (i meant standard network fees).

Quote from: chakhigh on January 10, 2022, 05:27:37 AM

What is obvious, if Eth doesn't upgrade its fees, new projects will use other cheaper networks, like TRC20. Now, many choose to use BSC over Eth. Recent projects rely on TRC20, like the Decentralized Ferox trading start-up.

It's clearly stated that if that needs a few years to fix this problem and have you read the 2022 roadmap? The scalability solution may get another delay again as stated on its roadmap. There's no ETA for this to happen. TRC is quite expensive right now.

Quote from: chakhigh on January 10, 2022, 05:27:37 AM

Decentralized Finance will prefer Avax, Fantom, TRC20, and BSC over Eth. This doesn't mean Eth is weak as a technology, but its fees are aggressive right now!

Im not feeling doubt with the tech but remember that people are interacting with the blockchain everyday and this is more important than the tech itself.

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Their reason is because the miner fees for confirming transactions are also high, but this is no longer reasonable, the hope of cryptocurrencies is to be able to provide convenience and speed of transactions with low fees, and ethereum has gone out of its way, and this is a serious problem that will make ethereum sink naturally.

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

In the simplest explanation, the amount of transaction fees depends on the number of users using the Ethereum network. The more users on the Ethereum platform, the higher the fees. The point is that the more users there are, the more transactions there are. The more transactions there are, the more expensive they are to be executed first.

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Quote from: nitin8263 on January 10, 2022, 11:27:21 AM

ETHEREUM is the strongest coin in the market and this coin is developing very fast and nowadays we are seeing most of the project base on eth so Eth gas fess is increasing with Eth

No, that's wrong. So many new platforms like BSC and Polygon have been robbing the demand for ethereum. These platforms have become the new places for developers to migrate their project due to the high gas fees caused by the small block of ethereum that can't afford to process a lot of transactions at once.
Ethereum is being developed very slow and look at the POS implementation and block size upgrade to fix the scaling problem. that needs a few years to be done. It's too slow and so many people are feeling frustrated that when it gets another delay again.
Most of the projects didn't base on ethereum right now and these projects spread into the various blockchain to avoid the ethereum fees.

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

I believe until the scalability issues relating to Ethereum transactions is resolved else the high cost of transactions will linger on, Vitalik Buterin and his team of developers has a lot of work to do to lowering the gas transaction fee either by fastracking the work on ERC2.0 which many believed will solve the issue, absolutely the high of transaction is not normal, if not resolve as soon as possible, definitely new developers will succour with other network such as BSC, TRC20.

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Quote from: Kadal Ijo on January 04, 2022, 09:20:03 AM

Today I sent tokens on ETH and was happy because the transaction fees were cheaper than a month ago, I use myetherwallet and when sending tokens it costs $15, whereas a month ago the transaction fees were always above $50, maybe this is due to the large number of devs. which leaves ETH so that the transaction volume decreases.

Number of devs? what do you mean? this has nothing to do with the transaction fees, Even if there are lots of transactions in the block need to be processed as long as these transactions were putting the same amounts of fees and that will not make the fees to increase a lot. The problem is some people are trying to make their transactions even faster and they are trying to spam the network with high gees.
The gas fees calculation in ethereum blockchain based in the average fees of transactions. that means all of fees in the transactions will be calculated to be used as standard fees at that time.
This time the fees is also increasing again. This is the most expensive blockchain that's ever exist in crypto market. I marked this one like that.

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

It's quite surprising to see current status of Ethereum. The team could have given up with the project as they now know it can't compete with the new utility networks.
It was supposed to be an utility token but it's fees are higher than bitcoin, a coin with much lower supply and much higher price. I don't see much reasons why people would keep choosing when they can't use it as utility platform nor they are as rare as bitcoins.

nitin8263

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ETHEREUM is the strongest coin in the market and this coin is developing very fast and nowadays we are seeing most of the project base on eth so Eth gas fess is increasing with Eth

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Ethereum gas is so fee that people are afraid to transfer Ethereum platforms.The Ethereum platform has lagged far behind as the Ethereum transaction is gas fee enough.We can see that we do not see any project of Ethereum platform at present.The only reason behind the destruction of this Etherium platform is the increase in its transaction gas fee.

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Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Eth maxi's feel it's okay to pay $40 to perform a transaction, so no point arguing about this, eth gas fees are high because of too much transaction going on at once,since eth can only process 12 transactions per second, whereas other new blockchains can perform more than that, example Near Protocol ,Solana, polkadot etc all this can perform a minimum of 100k transactions per second and still charge a low fee, so I would advise you move to the blockchain networks I mentioned so you can stop bothering yourself with high gas fees on eth.

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The high cost of ethereum gas there are several factors causing it, especially the increase in bitcoin and followed by the rise of ethereum which is very influential in ethereum chain transactions, this year in selling any coin we have to use another network if there is an option for lower costs, in 2017 I used ethereum network in coin transactions now I switch to bsc and matic.

clearly congestion and the miners taking advantage of the situation , i remember in 2021 the gas fee of Ethereum network is almost as high of how much bitcoin fees are so yea instead of using ethereum? i change to other altcoins that has very cheap in transaction fee but super fast like Ripple or BSC .

Quote from: Kadal Ijo on January 04, 2022, 09:20:03 AM

Today I sent tokens on ETH and was happy because the transaction fees were cheaper than a month ago, I use myetherwallet and when sending tokens it costs $15, whereas a month ago the transaction fees were always above $50, maybe this is due to the large number of devs. which leaves ETH so that the transaction volume decreases.

15$ in single transaction is still High mate , i don't wanna spend that much if i only need to send small amount so i will use other altcoin instead .

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It really is crazy how projects adopt Eth over other cheaper and faster blockchain networks!

I personally cannot get it. Eth gas fees depend upon the network usage and other hidden parameters.

What is obvious, if Eth doesn't upgrade its fees, new projects will use other cheaper networks, like TRC20. Now, many choose to use BSC over Eth. Recent projects rely on TRC20, like the Decentralized Ferox trading start-up.

Decentralized Finance will prefer Avax, Fantom, TRC20, and BSC over Eth. This doesn't mean Eth is weak as a technology, but its fees are aggressive right now!

Kadal Ijo

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Today I sent tokens on ETH and was happy because the transaction fees were cheaper than a month ago, I use myetherwallet and when sending tokens it costs $15, whereas a month ago the transaction fees were always above $50, maybe this is due to the large number of devs. which leaves ETH so that the transaction volume decreases.

Victorik

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I think it's primarily because they handle less transactions per second (TPS).
Let me explain with this analogy, take a cab and a bus for instance, the cab driver will change a higher fee than the bus driver, because the bus carries more persons while the cab carries fewer persons.
With ETH2.0, I think the fee is going to reduce drastically because ETH2.0 will handle about 100TPS

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