Why Ethereum GAS fee so high? - page 2.

blockman

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Quote from: iram3130 on April 21, 2021, 01:07:40 PM

Even after having so high fees, ethereum settled 1.5 trillion dollars in transactions in the first quarter of 2021, that is more than its previous 7 quarters combined. You can imagine the scale of the new transactions which are going on. It's not easy but once the eth 2.0 comes into play we can surely say that ethereum will move heavily.

It is assumed to move heavily and likely to fix the issues like the fees that the network is experiencing. Before there's really no problem with it but when the crowd has been in the network and makes it full, the fee has increased.
We're expecting that positive changes would come to it and that will make Ethereum one of the most desired crypto again due to the low fees that it offers once 2.0 is done.

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Even after having so high fees, ethereum settled 1.5 trillion dollars in transactions in the first quarter of 2021, that is more than its previous 7 quarters combined. You can imagine the scale of the new transactions which are going on. It's not easy but once the eth 2.0 comes into play we can surely say that ethereum will move heavily.

muratsink

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Quote from: motun01 on April 20, 2021, 05:50:14 PM

I really dont understand why ethereum gas fees are so high, is it a problem from the miners is there something wrong with the ethereum blockchain? Something has to be done and very soon too
My brother tried to swap some TANGO tokens on uniswap some weeks ago and over $35 was deducted for transaction fee and the swap still failed.

When your swap failed your assets will deduct and very sad moment like this, I am not a trader on Uniswap because I see higher fees take for swap and sending coin, ever loss fees when sending coin failed and I have fill 10$ again to buy ethereum and sent back, some time we need more than 20$ for make transaction success.

motun01

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I really dont understand why ethereum gas fees are so high, is it a problem from the miners is there something wrong with the ethereum blockchain? Something has to be done and very soon too
My brother tried to swap some TANGO tokens on uniswap some weeks ago and over $35 was deducted for transaction fee and the swap still failed.

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Quote from: JooBra on April 20, 2021, 04:18:55 PM

If you are not dealing with uniswap or eth wallet use some other coins to transfer funds. I use ripple to transfer from exchange to exchange since is cheap and fast. ETH 2.0 wont come soon so try to work around it.

I am sure that there are many problems that the value of the erc20 token that has been stored has increased but they cannot sell it because the calculation of transaction fees is too high.
for transactions between exchanges, I think we can still handle it. but to overcome what happened to the ERC wallet I am sure many have difficulties.

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Quote from: Willitivity on April 20, 2021, 04:09:48 PM

Quote from: mdashik46 on April 05, 2021, 01:14:20 PM

Why ethereum GAS fee is so high?
Is there any possibility of fee reduction?
What are the factors are responsible for increasing or decreasing the fee?

Currently Ethereum gas fee have skyrocketed since Ethereum prices are pumping and there are so many transactions happening on the Ethereum Network, the blockchain is congested since the transactions are way too much, which we all know it can't process them all once, that why the fees have been insanely higher through this bull run, the only way the TX can be reduced is when Ethereum release the ETH 2.0 upgrade and it's not in sight as at the moment writing this,if you want to pay lesser transactions fees make transaction at night when there are lesser people making transactions or when the Ethereum blockchain is less congested.

If you are not dealing with uniswap or eth wallet use some other coins to transfer funds. I use ripple to transfer from exchange to exchange since is cheap and fast. ETH 2.0 wont come soon so try to work around it.

Willitivity

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Quote from: mdashik46 on April 05, 2021, 01:14:20 PM

Why ethereum GAS fee is so high?
Is there any possibility of fee reduction?
What are the factors are responsible for increasing or decreasing the fee?

Currently Ethereum gas fee have skyrocketed since Ethereum prices are pumping and there are so many transactions happening on the Ethereum Network, the blockchain is congested since the transactions are way too much, which we all know it can't process them all once, that why the fees have been insanely higher through this bull run, the only way the TX can be reduced is when Ethereum release the ETH 2.0 upgrade and it's not in sight as at the moment writing this,if you want to pay lesser transactions fees make transaction at night when there are lesser people making transactions or when the Ethereum blockchain is less congested.

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Quote from: mr.robot8 on April 17, 2021, 12:35:24 PM

in part the high value of eth fees is due to its high value on the market the introduction of eip-1559 which will put a cap on the fees that miners can ask may perhaps solve the problem

You want to see ethereum gas price down just back your day to last three years Grin

, there are you can see how lower gas fess transaction and little eth fund can use to send and swap eth coin, after Uniswap become most popular just awhile ethereum gas up and make not control how Uniswap need 40$a when sell coin there,

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in part the high value of eth fees is due to its high value on the market the introduction of eip-1559 which will put a cap on the fees that miners can ask may perhaps solve the problem

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Quote from: XCANA on April 17, 2021, 12:10:46 PM

Quote from: ttcsalam on April 14, 2021, 07:21:28 AM

I think April month they will publish some update about Deduction of transaction fee.i agree with you for the gas fee lots of investor going to use BSC wallet personally i am also fadup on eth i am using BSC wallet for my transaction.

They actually went live with the deployment of their upgrade which they promise to reduce the ethereum fee but we haven't seen anything they said about the reduction becasue the fees still remains high, the lowest fees is around the $9.... and so on. The Berlin upgrade wasn't enough to give what the users wanted from ethereum and possibly there will be more vendors or investors that will definitely move their ass from ethereum Blockchain to Binance Blockchain.

I think it will be sooner than we think, but the value of ETH will not decrease from this. And the price tag, respectively, too, although I don't remember when I made transactions in eth, I go around it by any means.

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Quote from: ttcsalam on April 14, 2021, 07:21:28 AM

I think April month they will publish some update about Deduction of transaction fee.i agree with you for the gas fee lots of investor going to use BSC wallet personally i am also fadup on eth i am using BSC wallet for my transaction.

They actually went live with the deployment of their upgrade which they promise to reduce the ethereum fee but we haven't seen anything they said about the reduction becasue the fees still remains high, the lowest fees is around the $9.... and so on. The Berlin upgrade wasn't enough to give what the users wanted from ethereum and possibly there will be more vendors or investors that will definitely move their ass from ethereum Blockchain to Binance Blockchain.

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Quote from: ttcsalam on April 14, 2021, 07:21:28 AM

I think April month they will publish some update about Deduction of transaction fee.i agree with you for the gas fee lots of investor going to use BSC wallet personally i am also fadup on eth i am using BSC wallet for my transaction.

People mostly depressed about eth gas fees because of Uniswap. Many people want to trade on uni swap but the gas fees in there are unbearable. Binance takes that chance and brings BSC network and pancakeswap against eth and uniswap. Eth gas fees were expected to be reduced after the Berlin update but that didn't happen either. Eth just losing its ground to BSC because of its high fees.

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Quote from: devollito on April 17, 2021, 11:45:29 AM

It is so high because miner only want to take who want to pay gas fees higher and the transactions is too much in the network, it is also because of NFTs used a lot of network resource. We will see the gas reduction if we already move to PoS.

We will have to wait for the eth 2.0 update and that will reduce the Gas fee. I don't know exactly when Ethereum will be completely shifted to PoS ?
Also if you note the development in the ethereum network is slow and the updates always get delayed.

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It is so high because miner only want to take who want to pay gas fees higher and the transactions is too much in the network, it is also because of NFTs used a lot of network resource. We will see the gas reduction if we already move to PoS.

muratsink

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Quote from: ttcsalam on April 14, 2021, 07:21:28 AM

I think April month they will publish some update about Deduction of transaction fee.i agree with you for the gas fee lots of investor going to use BSC wallet personally i am also fadup on eth i am using BSC wallet for my transaction.

BSC have cheapest gas price than ETH coin and now they only planning with eth upgrade with 2.0 where promise will give lower fees transaction later, but this planning have run more than six months before December last year, until now just an issues without adoption when upgrade to be 2.0 and have lower fees for using erc20 coin, so far still popular with erc20 coin and most IDO still use eth platform.

ttcsalam

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I think April month they will publish some update about Deduction of transaction fee.i agree with you for the gas fee lots of investor going to use BSC wallet personally i am also fadup on eth i am using BSC wallet for my transaction.

OcTradism

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Quote from: Roidz on April 14, 2021, 06:32:48 AM

I think the cause of the current high gas costs is due to the increasing popularity of defi, which triggers the density of transactions that occur on the Ethereum platform today and so I have seen an increase in gas prices like this happened in 2018, which was when crypto was experiencing its peak increase in price. We know that with an increasingly congested network, transactions need to be prioritized so that this triggers an increase in gas costs as they are today.

In the past, gas was high when Ethereum has price increases or with ICO in 2017. Since 2020, the DeFi trend and swap exchangers cause the gas stays at high levels for many months.

It sucks when you have to pay $30 for your swap on swap exchangers.

Binance with Changpeng Zao behind are smart and take advantage of Ethereum collapse to hype their Binance Smart Chain. They got big success so far.

They again are leader in crypto. In the past, they grown fastly from zero to become a giant by taking advantage of the technical problems and bad customer supports on Poloniex and Bittrex.

You can check gas with https://www.gasnow.org/
ETH/ERC20 - Check and select good Gas price

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Quote from: Dexion on April 14, 2021, 02:17:53 AM

I don't know what the ETH developers think, it looks like it's relaxed to face this problem, as if the news of eth2.0 is like a diversion and a promise that never happens, many are starting to switch to other platforms and create opportunities for other coins to narrow down gap in the competition for coins in crypto, even though the already high eth value if this cost problem is not resolved will be catastrophic

perhaps they are already have a solutions to fix this problem "Hight Fees" .. But unfortunately the price of some alts is keep increasing as well and tends to over take the place of ethereum. . And the fact that some investors, traders are now trying to swap their ETH to Alts such BNB and etc, ( just to make a good profits in the bullish.). So its either they don't want to lose support reason they raised the fees .. Or there's another reason ? Lol just kidding

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Quote from: pinggoki on April 13, 2021, 09:25:21 PM

Quote from: mdashik46 on April 05, 2021, 01:14:20 PM

Why ethereum GAS fee is so high?
Is there any possibility of fee reduction?
What are the factors are responsible for increasing or decreasing the fee?

The ethereum gas fee is high because the sudden pump up of altcoins including the ethereum pump also in which it also affects the gas fees that the people do every transaction. The possible chance to decrease again the gas fee or the transaction fee on ethereum is when the ethereum itself will dump again and because of that the gas fee will be back to the normal again. That's the possible thing that might happen in order to decrease the gas fee or back it again to the normal prices.

I think the cause of the current high gas costs is due to the increasing popularity of defi, which triggers the density of transactions that occur on the Ethereum platform today and so I have seen an increase in gas prices like this happened in 2018, which was when crypto was experiencing its peak increase in price. We know that with an increasingly congested network, transactions need to be prioritized so that this triggers an increase in gas costs as they are today.

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The problem comes with the demands of decentralization. There is no efficient way of scaling a blockchain without losing much of the decentralized part. Technologically it would require an increase in block size, which in turn will create problems with running your node and validating your transactions. Moore's law is behind in the speeds of CPU's and many think it will find an end in capacity terms too. Ethereum as Bitcoin has to make fundamental changes to keep scaling without fees growing. The Ethereum network is used more than ever before with DeFi and NFTs, and this is the most it can give right now. Of course, Ethereum is not Bitcoin and requires changes, as it is a service. Bitcoin is an investment and it is an asset but doesn't have thousands of projects running and clogging its network. It performs as an investment asset and its fine like that. Ethereum needs to scale and this is why Ethereum 2.0 upgrade is in progress.

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