Why ethereum gas price is very high? - page 2.

coin-investor

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Quote from: BitKongy on October 31, 2021, 06:13:56 AM

I try to stay away from any ETH tokens as we speak, even withdrawal from cex exchanges are insane and yes uniswap is the worst of them all, most of my tokens are on matic and BSC chain, if market pumps harder in coming months it will be very difficult to buy ETH tokens

I have 10 tokens stuck on my wallet that I cannot trade, it all becomes shit tokens because of the cost of trading or transferring it, as much as possible I stay away from Etherem based tokens and it's good to know up and coming projects with potentials are on BSC and MATIC if you are a small trader Ethereum is not for you, I really missed those times where I can send a huge amount of token for pennies.

TheGreatPython

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Quote from: Bollexz1 on October 31, 2021, 04:23:59 PM

Ethereum gas fee has been denying a small trader like me from trading Grin

. And I think the massive adoption of NFT has someway, somehow contributes to the price hike. We just hope ETH 2.0 have it resolved.

Obviously with so many tokens created on the ETH blockchain clogs it up and there are way too many transactions made on ERC-20 which is the basic reason for the high transaction cost and the slow confirmations. I believe the eth 2.0 will solve this problem but I am worried whether they have covered the scaling bases because again there will be a huge wave on the blockchain.

I used to transact USDT on the ethereum blockchain but now I am transacting on the tron blockchain as much as possible unless the site doesn't accept TRC-20. Even bitrefill has started to accept USDT on the tron blockchain so everyone knows the problem.

justdimin

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It is because of higher demand by small investors and the Gas prices keep climbing higher. There are several reasons to hold Eth and small Erc20 tokens that to sell on altcoin boom but fees make it impossible to get an profit.

That's why I feel that decentralized exchanges are always at a disadvantage as compared to centralized ones. There are no such issues and then there are problems of front running bots in the decentralized exchanges which is near impossible to get rid off.

Quote from: shiba inu coin on October 31, 2021, 04:57:59 PM

would it not have something to do with all the people buying will shiba inu coin and fees being pushed up to cash in on it ?

That isn't the reason, I am sure. Yes shiba inu has been pushed pretty hard by the community and their owners but there are lots of other tokens as well which are being traded all the time and them along with others is what's causing the price up.

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Quote from: pornluver on October 31, 2021, 01:45:43 AM

Recently?

It's like $180

Buying WETH in ronin becomes expensive.

I've heard binance allows that. However, we can't buy WETH in binance. There is no such market.

When you are tending to buy WETH then you could possibly make use of RAMP directly from Ronin wallet. Fees isnt really that high compared when you are trying to buy it directly with Binance or other platforms since fees would really be that high.I dont know on whats happening with the network but this is commonly happens whenever we do have clogged network which do really sucks when you are
dealing with erc20 transactions.

shiba inu coin

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would it not have something to do with all the people buying will shiba inu coin and fees being pushed up to cash in on it ?

Bollexz1

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Ethereum gas fee has been denying a small trader like me from trading Grin

. And I think the massive adoption of NFT has someway, somehow contributes to the price hike. We just hope ETH 2.0 have it resolved.

BitKongy

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Quote from: cabron on October 31, 2021, 06:56:17 AM

Quote from: BitKongy on October 31, 2021, 06:13:56 AM

I try to stay away from any ETH tokens as we speak, even withdrawal from cex exchanges are insane and yes uniswap is the worst of them all, most of my tokens are on matic and BSC chain, if market pumps harder in coming months it will be very difficult to buy ETH tokens

more than $40 I tried yesterday. Switching to an altcoin because even the USDT(ERC20) cost $25 on Binance. What more could happen in the next 5 years.

Quote from: bbc.reporter on October 31, 2021, 02:38:59 AM

This is because the demand for blockchain transactions in Ethereum have become too high causing the pricing out of small holders. This is the cost of decentralization similar to bitcoin. However, as a user if you want cheaper fees you should accept a more centralized design. Binance smartchain, Solana and others are available to use.

It's not how it used to be with ETH anymore and I guess a new platform has to exist. BSC is also going the way ETH is. Solana is still cheap, this is probably going to be used more if they will also have coin wrap soon. Polygon could be another.

You are right, I hope the next Ethereum upgrades will fix all this insane gas fees, if altcoin season starts it will be almost impossible to start sending ETH tokens to exchanges due to charges

Sweetbtc

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Eth is trying to upgrade system and we can hope gas price will decreased.
This upgrade was done to a chain that runs parallel to the current chain that is being, called the Beacon chain. The Beacon chain IS eth 2.0. Next and final step is to merge Beacon with the current chain to fully implement proof of stake. Maybe as soon as Feb 22

GreatArkansas

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Quote from: cryptoaddictchie on October 31, 2021, 12:02:43 PM

Quote from: pornluver on October 31, 2021, 01:45:43 AM

Recently?

It's like $180

Buying WETH in ronin becomes expensive.

I've heard binance allows that. However, we can't buy WETH in binance. There is no such market.

Im not sure if weth is available on Binance since as far as I know only slp and axs are two of those they are supported using sidechain ronin. Weth becomes only ronin chain when it is inside the ronin chain.

Im sure its only a glitch. $180 fee on ronin is impossible since they are using free gas fee to transact on this chain with 100 slot available daily.

Using ronin bridge for your ETHEREUM to become Wrapped Ethereum (WETH) is the only way to get WETH if you will not buy on other people (p2p) or using Ramp to for WETH.
That's why if you are just using the Ronin bridge for just a very small value of an asset, better to buy on someone that already has WETH on their ronin wallet to avoid such huge fees.

The GAS fee is much more if using a bridge on ronin, it's not like ordinary transferring of Ethereum/ERC20 tokens to another value since you are interacting with smart contract here.

Doell

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swap trade ethereum gas has been too expensive for a long time and it's been heard that some whales are increasing their fees insanely speed up their transactions ,this is actually a big problem when dealing with high fees for a some trade ,don't force trading by lowering the gas you will lose it because I've tried it Cry

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Quote from: pornluver on October 31, 2021, 01:45:43 AM

Recently?

It's like $180

Buying WETH in ronin becomes expensive.

I've heard binance allows that. However, we can't buy WETH in binance. There is no such market.

Im not sure if weth is available on Binance since as far as I know only slp and axs are two of those they are supported using sidechain ronin. Weth becomes only ronin chain when it is inside the ronin chain.

Im sure its only a glitch. $180 fee on ronin is impossible since they are using free gas fee to transact on this chain with 100 slot available daily.

Alanaz

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Quote from: BitKongy on October 31, 2021, 06:13:56 AM

I try to stay away from any ETH tokens as we speak, even withdrawal from cex exchanges are insane and yes uniswap is the worst of them all, most of my tokens are on matic and BSC chain, if market pumps harder in coming months it will be very difficult to buy ETH tokens

eth gas is back to being a problem now.
I don't even see my tokens there right now because the gas is quite out of my control for now.
and maybe eth lovers will start complaining about this again.
when pumps and altcoins start to climb, I think it will be very difficult to catch gas from eth, the comparison is very large and it takes many times the fee to get the same and different tokens from the past few months

sheenshane

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Quote from: bbc.reporter on October 31, 2021, 02:38:59 AM

This is because the demand for blockchain transactions in Ethereum have become too high causing the pricing out of small holders. This is the cost of decentralization similar to bitcoin. However, as a user if you want cheaper fees you should accept a more centralized design. Binance smartchain, Solana and others are available to use.

Did you know that the Ethereum transaction fee was significantly higher than Bitcoin this weekend? It shows a $50 range per transaction and that is a huge amount if we compare it to the Bitcoin transaction fee.

Exactly right, because the Ethereum blockchain network was experienced a high volume of transactions, imagine there are too many projects that have a token based on ERC-21 which is under the Ethereum network. The same with Bitcoin, Ethereum has a demand and supply that miners vary on it to get incentives per transaction that has a higher fee.

I have been also waiting when Ethereum fees to cool down, I have many tokens and coins that I want to sell on exchange but I can't move them due to these recently high fees. If there's an option through the BSC network, it's good to grab the opportunity since it was created by CZ to counterfeit with the Ethereum network.

Hobo66

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everybody knows that Ethereum is one of the most popular coin. Every person want to invest in Ethereum. If the number of transaction increases then automatically the gas fees also increases. You should use some of the master plan to reduce the gas fees for Ethereum. If transaction is low then you should sell the coin.

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Many people are transacting with Ethereum and vying to push it faster so Ethereum gas costs are very high and make miners richer to make transactions, and Ethereum owners don't care about this very high gas issue. We recommend switching networks to BNB to avoid high transaction fees so that you no longer burden your transaction fees in the future.

carrigan

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The application of high transaction fees is usually due to the fact that the token price is still very cheap. Just as Bitcoin miners prioritize transactions with the highest mining fees, miners on the Ethereum block are also free to ignore transactions whose Gas price limits are too low. miners can decide to increase or decrease gas usage according to their needs.When needed, gas tariffs can be increased or decreased to avoid a situation where the ETH price increase could result in the need to change all gas prices.

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Quote from: BitKongy on October 31, 2021, 06:13:56 AM

I try to stay away from any ETH tokens as we speak, even withdrawal from cex exchanges are insane and yes uniswap is the worst of them all, most of my tokens are on matic and BSC chain, if market pumps harder in coming months it will be very difficult to buy ETH tokens

The only crazy thing is the transaction fee, while if you have a few usdt on the cex exchange, then you can easily buy it and at this point it is very illogical to use a Dex exchange like Uniswap just to buy ETH, because the cost is always a consideration from the start.

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Quote from: pornluver on October 31, 2021, 01:45:43 AM

Recently?

It's not just recently. I stopped using Ethereum a long time ago but I still remember the congestion caused by a game called crypto kitties. As we all know when a network is clogged, users tend to increase their gas fee in order to send their transactions faster than the rest.

Quote from: Jeger.Kiting on October 31, 2021, 08:55:41 AM

~

I don't know what the miners expect to make ETH to the point of consuming very high gas costs and frustrating everyone, not even just investors, bounty projects also suffer from this gas problem.

Let's not put the blame entirely on the miners especially when the design/code itself couldn't handle the number of transactions on the Ethereum blockchain. Don't forget that it's still on POW and layer 1 just like Bitcoin.

bigjuk

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Quote from: pornluver on October 31, 2021, 01:45:43 AM

Recently?

It's like $180

Buying WETH in ronin becomes expensive.

I've heard binance allows that. However, we can't buy WETH in binance. There is no such market.

Now anything related to ETH will always feel very expensive and even some people say it doesn't make sense but in reality it is a compulsion if there is no other option to save all costs.

nira09

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True, Lately transaction fees on the Ethereum network are very high, even for trading on DEX Exchanges like Uniswap the trading fee is up to $100 USD.
I think this happened because of the large number of transactions on the Etherium network, There were a lot of token sales and a lot of transactions on the DEX exchange. Even yesterday the BSC also experienced problems due to the large number of transactions.

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