Topic: Why Ethereum GAS fee so high? - page 4. (Read 761 times)
Devs and traders are spending 200+ dollars for a transfer, it’s crazy fee going on, you wonder why devs and traders are fleeing ethereum? Really? Really?
In my opinion, it should already be clear to everyone that the high transaction fees in the ethereum network arose due to the high congestion of this network. Even NFT tokens are issued mainly on the ethereum platform. I look forward to July when this issue should go away as a result of the planned implementation of the Ethereum 2.0 improvements. I hope that soon we will see a completely different ethereum coin and its popularity, as well as the price will rise a lot.
main factor that affects the cost of transaction for most of blockchains as I've seen is quite surprisingly the bullrun itself. just see btc for example, it was normal to have 0.0001 required for a transaction fee and now it's not normal anymore because 0.0001 already $6 and also affected by the increase of bitcoin users and therefore increasing the transaction per second as well, that doubles the fee increase for ya! and the same thing happened to ETH, price getting high while the ETH required to pay gas also incerasing.
At this point I think even if the fee problem gonna be resolved with the full release of ETH 2.0 we gonna face the same problem again when crypto reaches astronomically high price.
At this point I think even if the fee problem gonna be resolved with the full release of ETH 2.0 we gonna face the same problem again when crypto reaches astronomically high price.
Still not any chance to se ethereum gas under 1 gwei wher only have 0.0003 ethereum we can send coin to exchange wallet, now minimum you should prepare more than 0.007 ethereum in your wallet to make transaction faster, now many transaction move to bnb but this the same with eth later if BNB raise to higher price.
It should be more than 0.01 eth to be used as gas fees now. You will never the gas price will be going down until the full implementation of EIP. I do agree with your statement about BNB. I have been checking some transactions on binance chain from time to the time and I were seeing the fees were going from 1 cents to the 10 cents and this time each transaction needs at least 35 cents to be confirmed by the block but binance has advantage because it's totally centralized. Scalability solution can be implemented easily.
In my opinion the main factor causing the high ETH transaction fees is because the ETH network is very congested because many transactions are carried out simultaneously, causing the congestion on the ETH network, as we know where the current ETH exchange rate has reached $2130, of course this is very high value, especially transactions carried out in small amounts are very pronounced, I think the etherem must pay the serious attention to this problem, so as not to interfere with the development of the etherem in the future,
As far as I know, high gas fees are caused by the number of transaction within a timeframe.
If there are a lot of transactions happening in the network, it will really make the fee to be up. But as what I've read recently, ETH 2.0 will be a great help to reduce as hasten transaction on the blockchain.
It will and hope that it will really solve scalability issues.Just to ask... how can I able to see how much gas fee will be needed for a particular input?
Your wallet will have its own estimation for your transfer but you can use this website too for checking.(https://ethgasstation.info/)
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?
Ethereum gas fees are very high lately all because the price of Ethereum is pumping and the network is congested with so many pending transactions, imagine 1,000 people want to make a transaction at a particular time, the Ethereum Network can't handle such so the congestion will make it treat transactions with higher fees as priority and others with lower fees will have to wait. Is there any possibility of fee reduction?
What are the factors are responsible for increasing or decreasing the fee?
As far as I know, high gas fees are caused by the number of transaction within a timeframe. But as what I've read recently, ETH 2.0 will be a great help to reduce as hasten transaction on the blockchain.
Just to ask... how can I able to see how much gas fee will be needed for a particular input?
Just to ask... how can I able to see how much gas fee will be needed for a particular input?
yes as network fee back again to normal , trader and investors might work with customs on following personal strategy as managing plan that now only traders with high volume might still gains benefit on high fees as relative with the fee scale gives with length on difference.
As of today, the price of gas fees is not that high compared to a few days ago when the price was quite impossible to make a transaction. I can't even send my tokens to some of the exchanges because I am lacking a few $ on gas fees. Now is the chance to send your tokens to the exchanges if you worried about the transaction fees because it could be back later when the Ethereum network will be congested and people are using the network again in a crowd.
Miner couldn’t keep up with the number of transactions need to process, coupled by chip shortage and gpu unaffordable, mining is very challenging it’s all depend on gpu, there is no ASIC that can mine the eth, unlike all other pow coins.
I think that totally depends on the blocksize. The miners will be able processing a lot of transactions at the same time but the problem is the blocksize of ethereum is too small and that makes miners will not able to get more than 15 TPS at the same time. You must see another blockchain that can perform more transaction rather than ethereum chain. The miners have capability to process so many transaction at once.
I think is due to scalability problems within ethereum platform. Its not able to handle many transactions at the moment(TPS) resulting in congestion of network. So to make the transaction up in the queue and faster, fees is increasing exponentially.
Hope soon the price will be reduced.
Hope soon the price will be reduced.
Miner couldn’t keep up with the number of transactions need to process, coupled by chip shortage and gpu unaffordable, mining is very challenging it’s all depend on gpu, there is no ASIC that can mine the eth, unlike all other pow coins.
Still not any chance to se ethereum gas under 1 gwei wher only have 0.0003 ethereum we can send coin to exchange wallet, now minimum you should prepare more than 0.007 ethereum in your wallet to make transaction faster, now many transaction move to bnb but this the same with eth later if BNB raise to higher price.
Ethereum network can currently handle only 15 transactions per seconds 15/TPS. With the level of mass adoption and exponential traffic the ETH network has become very congested hence the need for ETH2.0 which will increase the TPS and cut off the heavy gas fee been incurred. This is already been worked upon, but will take much time to be fully deployed. Reason we have offchain scaling and layer2.
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This topic has been discussed countless of times on this forum, but anyways, the Ethereum high transaction cost has affected alot of both individual users and businesses on the Ethereum blockchain, and the saddest part of this whole thing is That personally, I don't see a near end to this, initially, people said that when ETH 2.0 gets launched, it will help end the high gas cost, but today, whether ETH 2.0 is launched or not, it does not make any difference, the menace keeps getting worse by the day, this have caused many to leave Ethereum and switch to binance chain.
But I believe there's still hope, definitely some day, this whole menace on Ethereum blockchain will become a thing of the past.
But I believe there's still hope, definitely some day, this whole menace on Ethereum blockchain will become a thing of the past.
I think it is because many defi platforms are using ethereum network, see here for top gas users : https://etherscan.io/gastracker
My advice, you should using binance smart chain to avoid high gas in Ethereum. There are many projects already using BSC token as their native token and the gas fee is far better than Ethereum gas fee.
I have to say it is good that there are a lot of places that uses etheruem, that should be what is wanted from ethereum to begin with, having that and not being able to do it for cheaper prices is not an excuse. Defi platforms should be on erc20 and it should be even more, should be tens of billions of dollars more, and there should be daily movements like crazy, more than this and on top of that price should be lesser and cheaper.My advice, you should using binance smart chain to avoid high gas in Ethereum. There are many projects already using BSC token as their native token and the gas fee is far better than Ethereum gas fee.
You know why it is more expensive? Because the more expensive it got the more money people were willing to pay and as long as people are willing to pay that amount the price will go higher and higher, everyone pays 1 more than the previous person to get their coins faster. That cannot be done, it shouldn't be done and that is why I think erc20 will only recover when there is a limit put into how much fee will be charged.
This limits the use of higher fees if the prices had to be slowed down and the post - service price has to settle again, consumption gas charges are very high, which is why it is so high. Investors and Ethereum users will still benefit from this environment. Let's see what will happen after ETH 2.0 launch.
ETH 2.0 is just a delaying tactic and it can be compared to Lightning Network in Bitcoin. Did Lightning decreased the transaction fee for Bitcoin? Even now only around 5% of the users are opting for Lightning. The same will be the case with ETH 2.0 as well. For those who are using ERC-20 Blockchain, be ready to pay higher transaction fee for the foreseeable future. There is not going to be any decrease in the fee once ETH 2.0 is implemented (BTW when they are going to implement it - 2022 or 2023?).
The selling factor of ethereum is starting to increase, and there are also a lot of markets that have sprung up now, plus the public interest is very high, therefore any costs about crypto start to increase..
Lol are you joking about that? selling is not the factor that was making the fees is increasing a lot. The adoption rate of ethereum is growing so hard and that was creating a very big pressure to the ethereum blockchain. Ethereum is under pressure by so many transactions and the block can't process these transactions at the same time. that's why there are lots of transactions getting stuck and people wanna pay more ethereum to make their transaction to be delivered.
I think that you got no point about that.
This limits the use of higher fees if the prices had to be slowed down and the post - service price has to settle again, consumption gas charges are very high, which is why it is so high. Investors and Ethereum users will still benefit from this environment. Let's see what will happen after ETH 2.0 launch.
The selling factor of ethereum is starting to increase, and there are also a lot of markets that have sprung up now, plus the public interest is very high, therefore any costs about crypto start to increase..
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