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Topic: Why ethereum gas price is very high? - page 3. (Read 337 times)

member
Activity: 242
Merit: 10
Hi Crypto Friends :)
October 31, 2021, 08:16:14 AM
#10
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.

I think once L2s become more widespread, it should help the gas fees a bit, but the reason that gas fees are high is because ethereum has trouble scaling. The upcoming change to eth 2.0 should also help a bit once sharding goes live, but it's not expected to go live until sometime in 2022.
member
Activity: 1218
Merit: 49
Binance #Smart World Global Token
October 31, 2021, 08:10:51 AM
#9


All I can say is that this is a very sad situation and expensive transaction cost is one of the biggest reasons why we shifted away from traditional way of transfer and yet we never thought that we can even experience a lot higher here in cryptocurrency using the Ethereum blockchain. The sad thing is there is no price control here because of decentralization...it makes me think that all ideas and inventions of man really has some disadvantage aspects and cryptocurrency is not exempted.
hero member
Activity: 3066
Merit: 536
Leading Crypto Sports Betting & Casino Platform
October 31, 2021, 08:03:03 AM
#8
Recently?

It's like $180
Ethereum has small block size but the transaction that needs to be confirmed was more than what can be processed by the block. that makes lots of transactions got stuck in queue. People are speeding their transaction to make the block to process their transaction as it will be placed as a priority transaction by the block. This is triggering the fees to increase as fees calculated by average transaction gas fees in the blockchain.
Buying WETH in ronin becomes expensive.
The cheapest one to buy this from binance. I were sending WETH from my ronin wallet to the binance directly and it's very cheap.
I've heard binance allows that. However, we can't buy WETH in binance. There is no such market.
Have you checked it before? When you wanna withdraw your ethereum and there will be some options appeared. You can choose WETH on binance to withdraw your WETH to your ronin wallet.
full member
Activity: 1820
Merit: 107
October 31, 2021, 07:59:31 AM
#7
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.

I think not just you or me is wondering why the Eth gas price has become a burden these days I'm an Ethereum user since 2015, and I don't expect this to happen in Ethereum, Now I am convinced that the EIP-1559 update was not designed to fix the gas problem because it made worse compared before that's why I temporarily stop using Ethereum and sold all my Ethereum base tokens to ease the burden of the gas fees.    
full member
Activity: 630
Merit: 102
October 31, 2021, 07:55:41 AM
#6
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.

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.

Everyone has switched to the BNB network which consumes less gas, fortunately Binance has so many options for withdrawals and it's not too expensive if we choose the option using BEP-20 or TRC-20, at least it doesn't cost too much and the transaction process is fast .

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.
hero member
Activity: 2800
Merit: 595
https://www.betcoin.ag
October 31, 2021, 05:56:17 AM
#5
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.

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.
member
Activity: 405
Merit: 19
October 31, 2021, 05:13:56 AM
#4
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
legendary
Activity: 2156
Merit: 1622
October 31, 2021, 05:11:54 AM
#3
Why ethereum gas price is very high? Recently?


Because it looks like slow and highly decentralized chain is a horrible solution for building an exchanges on it. Its like building a huge sea ferry on a small mountain stream and be surprised that its stuck. Fees will go only higher (with market pump and volatility increase) unless a scaling solution will be implemented to ETH. Scaling solution will lower ETH decentralization and change ETH into BSC that is scalable but not as decentralized ... which is pointless because we already have BSC.
legendary
Activity: 3010
Merit: 1460
October 31, 2021, 01:38:59 AM
#2
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.
hero member
Activity: 960
Merit: 514
October 31, 2021, 12:45:43 AM
#1
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.
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