WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

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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.

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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.

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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.

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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!

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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.

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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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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 transaction fees are very expensive because they reason that miners need very large fees, besides that the number of ETH transactions is very large, although transaction fees are very expensive but the thing that I don't like is the very bad speed.

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Quote from: ?? on ??

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,

Wrong, that depends on the block. As you can see that bitcoin has segwit and it's making the bitcoin transaction consumes less than $1 for a single transaction and that's different with ethereum that is still cost you more than $40 for a single transaction. that proves that if the price didn't become the main aspect that was affecting the transaction fees as long as it has a fast and big block that can perform high TPS and it will be fine. The only problem is ethereum developers only think about their pocket.
Just look at the failed implementation of EIP and you can compare it with how long was needed by bitcoin to fix its problem. that's clear that ethereum core developers didn't even make a solution for the problem that faced by their network.

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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.

Switching to another chain was the best idea at this moment. Complaining about the high fees in ethereum blockchain will never change the average fees on ethereum blockchain. TBH ethereum core developers are so garbage by giving a useless updates.

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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.

There's no relation between Bitcoin price increase with Ethereum gas fee! You're talking about 2 different thing here, just like does shitcoin can survive for long time? Yes since Bitcoin is already 13 years old Grin

while the truth shitcoin will become a deadcoin soon.

Selling with another chain actually that's no longer a real coin, since it's a wrapped or a another version from the another chain itself. Don't forget a coin on x chain, y chain, or z chain have different address, so you should be careful with that.

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There is always a trade-off between decentralization and speed/transaction costs.

ETH is obviously the most decentralized altcoin out there and as a result, the amount of transactions and dApps running on the network has congested it quite substantially.

Doesn't help when there are NFT transactions left right and centre every 2 seconds either.

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

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

Ethereum developers probably did not expect ETH to be as successful as it is today otherwise they would have made it easy to solve the txs fees problem. Increase I number of txs and increase in price of ETH resulted in the high txs fees that is being experienced today. Let's see if it can be resolved in the upcoming year.

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

Is this normal or was the platform dubious?

I don't know the amount the platform charged you for service fees so I can not really tell if it is dubious or not since there is no basis for comparison.

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ETH fee is high because ETH itself is quite expensive these days. Back then 0.001 ETH is nothing and to pay fee at that price is really normal however right now each ETH is already more than $4000
If you don’t really like how the fee is really high you should simply just use BSC or MATIC because these two are created to solve the problem about high fee that ETH has and MATIC itself is like second layer for ETH.
Other than that, there’s an advice to wait for the fee to go down it could happen at any moment and the fee itself is also rather fluctuative however thats not suitable for traders, etc who need to make decision fast to get profit from margin as an example.
Also, don’t expect the fee to go down anytime soon because it won’t. It will get worse when ETH is having another bullrun.

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

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

It caused by the ethereum block can't handle so many transactions and that was forcing people to add more ethereum to pay the block. You must learn about the mechanism of ethereum gas fees which was determined by the average gas that from all of transactions. Once people are massively putting more transaction fees and this will give the result increasing the demand of the transaction.

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.

wait untilt the gas price to decrease. No eta but you have no way other than this or you will never able to send money from your wallet to the exchange site to withdraw your money. This is the disadvantage when you're using ethereum blockchain. Keep in your mind to use another blockchain in the future.

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

Is this normal or was the platform dubious?

It's normal and you can even check it on etherscan or ethplorer

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Quote from: PhucS on December 19, 2021, 11:57:48 AM

Many people have switched to using other networks, especially BSC because the transaction costs are quite cheap and the speed is fast. As you said, transactions on Ethereum are really crazy, every time we make a transaction, we need to spend a huge amount of gas fees, especially when swapping on Uniswap. I am also looking forward to the upcoming ETH 2.0 upgrades that can solve this problem

There will be no solution to the problem of fees through ETH 2.0 because it is not impossible for the developers to create on Ethereum, but maybe they don't want to make it for now because basically when Ethereum is getting more expensive, then the impact on the amount of transaction fees that must be paid issued it will be bigger

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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?

I have to say this is becoming old news at this point and ETH is still the second biggest coin by rank and it still has billions of dollars worth of moves going around each day. Which is a proof that it is not actually "high", I mean sure it is high compared to many other things, bank transfers, other coins, payment processors like paypal, compared to all of them ETH is super high. However, we have to realize is that demand is the reason why it is high, which means that there is enough demand to keep it this way.

If people didn't really like it, well nobody really likes it but at least accepted it, then we would not be able to keep the gas fee this high, people would left or stopped because it is high. Since the price is not going down and the gas fee is not going down neither, it means that people have accepted the fact that what ETH provides worth paying this much gas fee.

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Quote from: RiskySanchez on December 19, 2021, 10:55:40 AM

There have been many threads discussing this problem and the best solution to solve gas fee is to use other networks besides ETH such as BSC, POLYGON and SOL. In my opinion, transactions on etherum have gonna be crazy now. I failed 3 times using fast transactions but still failed to spend 150$, what we to do just need to wait for update ETH 2.0 to solve gas fee of network etherum

Many people have switched to using other networks, especially BSC because the transaction costs are quite cheap and the speed is fast. As you said, transactions on Ethereum are really crazy, every time we make a transaction, we need to spend a huge amount of gas fees, especially when swapping on Uniswap. I am also looking forward to the upcoming ETH 2.0 upgrades that can solve this problem

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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?

Maybe we should ask VB, the fees are highly rediculious and absolutely unreasonable, we've complained and complained and complained, but seems nothing is been done about it, people said ETH 2.0 was gonna put an end to the high fees but till date, nothing reasonable is been said about its release.

I personally have alot of erc20 tokens which are worth a few hundreds of dollars which I've been holding for a long time, I should have sold them earlier this year, but the fees to sell each of them on uniswap are way higher than the worth of the tokens respectively.

Am just hoping that Ethereum one day takes back its glory of being one of the best blockchains with the lowest 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?

Ethereum is like Monaco.

Everybody wants to live in there but there simply isn't space so living in Monaco is ridiculously expensive. Everybody wants to use Eth. But there isn't room on the blocks to counter that demand. Because of that, Eth is as expensive as living in Monaco.

If you want to use Eth, you should be able to afford the price.

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

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

Horrible blockchain with low blocksize to meet high demand combined with impatience users. That makes the fas fees was so high but i can't deny that the last update is the thing that makes ethereum has ridiculous fees compared with another blockchain. You can wait 1 or 2 years to see what things that will come soon to the ethereum.
I guess that the fees will stay at this rate in the future as problem is not yet solving by the EIP that gets implemented.

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?

It's normal and that's ethereum. Just let your money stay in your wallet. The only chance waiting for the gas price to go down. You have no choice other than sending your money when the gas price gets down a lot. This may come anytime but no ETA.

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In 2017 and 2018 and partly 2019, ethereum fees was relatively cheap, but immediately the rush for Defi started, the ethereum network couldn't handle the volume of it users because it can only process 15/TPS. It could have even been worst than we are seeing if not for offchain transactions and other blockchains handling defis, NFT, gaming and the newest the Metaverse. In the future Eth should be able to migrate from POW to POS, then we should start enjoying low fee again.

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ethereum gas has always been slightly superior to the other chains. Try putting a link for me to check the project you mean first.

try to do a morning swap/between air traffic not too long in the queue.
at least if you manage to issue just a few eth for this. I hope your withdrawal is successful
how long have you kept the project to withdraw?

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There have been many threads discussing this problem and the best solution to solve gas fee is to use other networks besides ETH such as BSC, POLYGON and SOL. In my opinion, transactions on etherum have gonna be crazy now. I failed 3 times using fast transactions but still failed to spend 150$, what we to do just need to wait for update ETH 2.0 to solve gas fee of network etherum

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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?

For the past several month, high fees are a normal in the ETH platform. There was a time when Vitalik Buterin used to mock the transaction fees of BTCitcoin when the transaction fees crossed $10 and how it wont scale and his magic net will change everything and now anyone who invested in the ETH network are stuck because they do not want to spent $100 of dollars to make a transaction and multiple hundreds for minting using the ETH network, how ridiculous things can be in a short period of time Cheesy

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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?

Simply put, gas fees are fees you have to pay if you want to make transactions on the Ethereum network. More precisely, it is a fee paid to miners as compensation for completing transactions on the Ethereum network. The more calculations (calculations) are required to complete the transaction, the more gas is required to complete the transaction.

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That's how network is all about, from a very low value network it only requires a low gas fee transactions as it's value is only low yet, but when time comes it becomes valuable in the market for it's supply and demand and it's price continuously getting very high, then expect for it to have as well a very high gas fee for it's transactions. Even the Binance Smart Chain when it gets valuable in crypto market, it also require the high gas fee in the future for sure.

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Quote from: TravelMug on December 17, 2021, 09:45:07 PM

Quote from: Fundamentals Of on December 17, 2021, 09:25:24 PM

This is happening. And this this getting normal by the day. The Ethereum network is so clogged. Just like you and the rest of us in the crypto community who had to transact with ETH and other tokens built on Ethereum, I don't like what is happening. But this is what looks like if a blockchain such as Ethereum's is so full of projects. This is success in a way for the project but this is a failure to many of us who suffered the consequences of a network with so heavy a traffic. We all know that the fads and craze of crypto are mostly built on Ethereum. But this is hopefully being addressed.

It's not just being clogged, I think the gas fees is somewhat control by the validators now. And this is one drawback for the design of new ETH as it gives them more power and now its investors are suffering and they are the one making huge profits in my opinion.

Although there will be a next phase release, not sure if it will really solved the gas fees issues or not. So we will have to wait for the next iteration.

No, I don't think the gas fee of Ethereum is determined by the validators. I think the reason really is the number of transactions that have to be validated. If the queue is long enough, meaning the demand for validation is high, it is expected that the competition among the transactions is also high. If that happens, prioritization becomes a thing. And we all know that prioritization means the higher the fee one pays, the earlier his transaction will be validated. That is the same with the Bitcoin network.

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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 think the transaction fees are now cheaper but as a pre-requisite, you should have enough more balance on your Ethereum wallet rather than only having an exact amount. Between token transfers, I spend around $20 but I should have a balance of more than $50 as I can't send the transaction with only around $25.

Much cheaper if the transaction will come from Metamask as if it's on an exchange as the sender, expect much higher fees as their fees are not dynamic.

Jackl87

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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?

If you tried to make the withdrawal a few weeks ago or so then you should probably try the withdrawal again now, because in the last few weeks the ETH transaction fees came down quite a bit from around 150 gwei on average to now around 50 gwei. If you are withdrawing from an exchange then of course you have to wait until the exchange is adjusting the fees because that does usually not happen automatically. To your question: Sadly it was the normal case for the biggest part of the lats few months that the Ethereum chain was basically not usable for normal or small investors because the gas fees were higher then the worth of the transaction.

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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?

its a common issue since day one mate wherein when ethereum gas fees increasing rapidly. That's the reason why as well mostly people who used to make transactions everyday preferred to choose another network in order to save money and that's BSC..so don't be surprised mate because it's normal sinve ethereum still overloaded and if you have problem then find new ways where you can make transactions with low fees.. For me xrp is the best as of now and trc20 network..

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

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I really can't tell you the precise reason why the gas fee in ethereum is always high and causes problems for its users, especially those who want to withdraw/send a small amount, but what I'm pretty sure of is that this problem has lingered for quite a long time now and many users are getting increasingly frustrated by it, imo this is one thing that's limiting more people from using the ethereum network. Having said that, there are other alternatives for you to transact with so you don't have to pay that much in fees, and by the way, it is said that eth 2.0 will prolly solve some of this problems, we'll have to wait with fingers crossed and see how that pans out, but for now seek other alternatives or you just have to pay the 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?

Maybe it's because the fee is still expensive guys so there's a lot of shipping cost cuts, but I think it's also reasonable if the fee is high because the price of ethereum is very expensive right now right.
I saw the GAS to ETH rate today is around ETH0.00150106 and it has dropped -3.2% from ETH0.00155001 since yesterday.
Try taking another network for withdrawal, guys, the fee is not too big like BSC it's pretty cheap.

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Simply because of it's good development as it's market value going up, also it's gas transaction fees are going to get high just like bitcoin platform. Ethereum network are widely use in cryptocurrency industry thus it could handle such great and large network for a crypto business. And by this,many turn into bsc smart chain network aince the gas fee is lower than ethereum network, however if bnb price gets up, it would end up like ethereum network that the gas fee transaction goes also very high.

dansus021

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the answer actually simple more demand on transcation and the price of ETH spike Up remember NFT Grin

and opensea the boom make network congested and eth price spike and you can see FEES RIDICULOUSLY HIGH

TravelMug

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Quote from: Fundamentals Of on December 17, 2021, 09:25:24 PM

This is happening. And this this getting normal by the day. The Ethereum network is so clogged. Just like you and the rest of us in the crypto community who had to transact with ETH and other tokens built on Ethereum, I don't like what is happening. But this is what looks like if a blockchain such as Ethereum's is so full of projects. This is success in a way for the project but this is a failure to many of us who suffered the consequences of a network with so heavy a traffic. We all know that the fads and craze of crypto are mostly built on Ethereum. But this is hopefully being addressed.

It's not just being clogged, I think the gas fees is somewhat control by the validators now. And this is one drawback for the design of new ETH as it gives them more power and now its investors are suffering and they are the one making huge profits in my opinion.

Although there will be a next phase release, not sure if it will really solved the gas fees issues or not. So we will have to wait for the next iteration.

Fundamentals Of

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This is happening. And this this getting normal by the day. The Ethereum network is so clogged. Just like you and the rest of us in the crypto community who had to transact with ETH and other tokens built on Ethereum, I don't like what is happening. But this is what looks like if a blockchain such as Ethereum's is so full of projects. This is success in a way for the project but this is a failure to many of us who suffered the consequences of a network with so heavy a traffic. We all know that the fads and craze of crypto are mostly built on Ethereum. But this is hopefully being addressed.

asriloni

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Small blocksize can't afford all of transactions that was getting stuck or pending before it will be confirmed by the block. that was making people put more money to prioritize their transaction to make their transactions gets confirmed even faster than before, The price of ethereum was also affecting the average daily ethereum transaction fees and by the way are you new in ethereum or is this your first time to use ethereum blockchain?
This is the problem that already faced by ethereum blockchain and ethereum foundation will be proposing a solution to fix this problem. that was making so many people didn't use this blockchain anymore but the demand for ethereum blockchain is still very high at this moment. I think that you can start to read some article about this and I hope you will be getting better answer but that's how much you paid. Sending small amounts of money is not recommended through ethereum blockchain.

batang_bitcoin

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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?

Well, sadly, we can say that the high fee in Ethereum is normal today. Until the devs fix it, there's going to be the decrease on its fee. That's what it needs to have.
A fix or upgrade that focuses in the reduction of the fee. But for now, we don't know when they'll implement the 2.0 and if it will be included on that upgrade. Right now, if you want to do a transaction, wait a bit and be patient as you monitor the drop of the fees because they're going up and down a bit suddenly.

makishart

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

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

Because this gabage blockchain was the slowest blockchain among all of smartcontracts blockchains. If you're a small traders and you must not use this garbage blockchain again. Ethereum blockchain is the worst blockchain in thye blockchain history right now. Your transaction fees is worth some burgers whichs totally ridiculous thing to pay some burger just only for a few confirmations.

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?

That's normal and it's better you check the average transaction in ethereum blockchain first through this link https://etherscan.io/gastracker

This day each transaction in ethereum blockchain would cost around $30 and i can say that's a lot for the small traders.

meanwords

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Quote from: Ceyflix-Rez on December 16, 2021, 11:11:01 AM

It's like ETH network is meant for the rich 🤣 and poor people have to stick with BSC, MATIC Solana and others, imagine investing money only on BSC chain projects 🤣🤣🤣 just to avoid high gas fee

Well I mean, if BCS can accommodate for what is lacking in Ethereum, then people would really flock there. Even I stopped using Ethereum for months now because of its ridiculously high gas fee and I'm not planning to go back anytime soon even if there's a new and hot crypto in Ethereum. There's just no way I'm investing a scent in projects under Ethereum right now.

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?

Same, a third-party wallet I'm using right now is asking me $100 as gas fee when I'm only going to withdraw $10. This is really getting out of hand.

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It's like ETH network is meant for the rich 🤣 and poor people have to stick with BSC, MATIC Solana and others, imagine investing money only on BSC chain projects 🤣🤣🤣 just to avoid high gas fee

hugeblack

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The problem of gas fees is one of the problems that found many discussions. In short, there are many solutions proposed in ETH V2^[1], which may be launched soon.

Until then why not use the second layer (Polygon^[2]) which is cheap and secure and withdrawal fees are not high.

Check ---> https://withdrawalfees.com/coins/matic-network to choose exchange that have low fees (OKEx^[3] is the best in my option,)

You can also use NEW wallet or MetaMask^[4] if you do not want to use it.

[1] https://ethereum.org/en/eth2/
[2] https://www.polygon.com/
[3] https://www.okex.com/
[4] https://medium.com/stakingbits/setting-up-metamask-for-polygon-matic-network-838058f6d844

indah rezqi

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Because the price of Ethereum is already high, it is natural that transaction fees using the Ethereum network are also expensive compared to transaction fees using other networks such as the Binance Smart Chain (BSC) or the Matic Network which are currently very cheap between BSC and Ethereum.

2girls

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In this case i said that Ethereum gas fee is so high then campare to another coin and that is the biggest reason the people move on in the plate form and they are very good coin but people use and support of a bsc because there Transection fee is so less than compare to etherium.
And my advice to that the etherium community please solve this problem in future all people away for Ethereum.

masterrex

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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?

Thats because the Ethereum Network is busy, and partly affected by the implementation of the EIP-1559 update, the gas fees now are calculated via base fee plus priority fee, but I think the transaction fees now are a little cheaper compared before? because I was able to send an ERC20 token with just $13 dollars worth of Eth as a transaction fee unlike before it was reached from $23-$30 worth of Eth, and I hope it will continue to improve to ease the burden of expensive transaction fees for all users.

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I think many factors cause that, The high price of ETH itself, many miners are mining right now, and etc. So, we may not say that eth is having high gas fee, because As I say before that it is proportional to some conditions. Yeah we know that a few years ago the gas fee is quite cheap but the eth price is also still cheap. So, I think it ia proportional.

But, I also felt like the gas fee is too high if we compare it with bsc, or matic.

Godwinpaul

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I recall when the gas fee in ethereum was quite cheap. We could have a transaction completed with less than 5 cents. I really don't know the exact reason why we've been having an outrageously high fee lately. It could be because of the network growth we've recorded in the ethereum blockchain and I recall that the ethereum 2.0 project promises to address the challenge, but I really don't know why it's taking this long.

Ifunanyawinner

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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?

Topic: WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH? (Read 406 times)