Topic: Why Gas Fee is too High? (Read 1129 times)

if you are new to crypto, than you missed the train for ETH L1 usage, it was a thing of the past, and L1 is now for institutions, big players and L2 settlements
new people in crypto should try to use L2 or alternative L1 networks, if Ethereum is too expensive at the moment, then the amount of your investment does not need security level that Ethereum networks provides

You mentioned that high gas fees are normal. I'm a normie coming into crypto, so my thoughts on this are different. The second I saw the gas fees I decided not to do any withdrawal/moving of ETH or any ETH-20 based coin. Non-starter.

I think of crypto/blockchain like a credit card processing network, so this is what I compare it to in my mind. To bring crypto to the masses and make it more mainstream as a currency, the gas fees will need to go down. I would like to see it cost less than credit card processing fees, which range between 2% - 3% per transaction. So for example if you buy a $20 item using a traditional credit card with fiat, the credit card processing (network) fee will be $0.40 - $0.60, and in some cases more because there is also a fixed amount included, so it could be as high as $1.00.

I would like to see a $20 online transaction made with crypto cost $0.10 to process. I am ready for this to happen; I am ready for cheaper online buying/selling, but the blockchain is not there yet.

Will ETH 2.0 (Serenity update - proof of stake model) get us there? How much will the gas fees be? Will it only be 50% lower than current gas prices? If so, this is not enough to make the ETH network mainstream, and more progress will need to take place.

I also look at polygon and would prefer to try to move coins on that, but so far I can't seem to find any wallet that actually allows this as an option, like its not supported. And what would the gas fees be on polygon as opposed to eth? How much cheaper?

indeed, eth 2.0 is still one of the most awaited ones because with this update it is predicted that they can fix gas, which most people and ETH lovers are still complaining about.
But there is still no clarity about this and I feel that even though eth 2.0 is indeed launched, I don't dare to expect much because the gas will not decrease significantly I think

They are working on this. They will provide a node system which will probably best solution to reduce the fee. There is high load of transactions in etherium network dur to higg usecase.
Opensea and Uniswap transaction are here very large. Eth 2.0 can be partial solution but will not at all.

When Ethereum was developed, most likely they did not consider the possibility of such a heavy load on the network as it is now, + to this the price of the token has grown very much, which is the reason for such a high price for gas.
But smart guys have long come up with EVM, thanks to which you can avoid paying a lot of money for gas.  An excellent example of an EVM is Aurora, and which gas costs the same as in the NEAR blockchain, which is <0.01$.  Many Ethereum projects integrate EVM so that users can avoid paying huge Ethereum gas when using their application.  For example, you can find Aurora in DoDo, DeBank, Coin 98.

it's true It's rare to get a transaction fee of 32 gwei , but it does exist and I've found it some time ago. but for now it's true as you said that the normal cost is above 50 to 80 gwei, and this is also high I think. but the solution is that we can do it by changing to another network such as Bsc and Matic

Indeed this is common in issuing ethereum gas transaction costs at that time, if ethereum continues to increase then the cost of gas will certainly be higher as it happens in bitcoin, so for now there are still other networks that we can do transactions and gas costs are cheaper than erc20, namely the BSC and polygon networks that are currently widely used by investors because the cost of gas incurred is very cheap, And I'm sure this network will solve your current problems.

It's very rare to get a transaction fee of 32 gwei because the normal fee is above 50-80 gwei, I don't really compare the transaction fee prices when transferring token exchanges because I prefer selling tokens at a high price than waiting for a low gwei except for ETH transfers may need to wait to save fees transaction.

Earlier I was I use to think that gas fee are being measured base on the smart contract congestion, and how busy the Blockchain is, where individuals willing have to pay for transaction upfront. But now I see it's way more than that, because the bsc smart chain is during really well when it comes to daily transaction volume which is rapidly increasing, but the gas fee is nothing compare to that of ETH, sometimes I think that's how the Eth Developers have just set it to be.

maybe you are not at the right time when making transactions so you get high gas costs. it's best when making transactions Always pay attention to the right time when gas costs decrease to 32 gwei, because for now 32 gwei is already in the cheap category, because usually when experiencing high spikes up to 100 gwei even more than that. Well, it's best to find the right time when making transactions to make it a little more profitable.

In my opinion, every crypto that has a high price definitely determines its quality, for example, the Erc20 network. Density of transactions can also affect the high transaction costs. if you feel this is a burden because of the high transaction fees, I think there are many other alternatives that you can use. for example using a much cheaper network such as BSC, and polygon network. for now I think anyone would choose another alternative using a cheaper network.

Besides having high prices, another reason for the large transaction fees in eth is because transactions are very dense at the moment. And it could also be because many projects are building their contracts on the Ethereum network, I think this is the complaint of many people transacting on erc20, but for avoid it we can also use other networks such as BSC, and Matic

Demands for fast transactions with high transaction volumes make gas costs expensive, as is the case with Ethereum which currently has transaction volumes reaching 1.7 T/PS so it takes miners with high specifications and this is what makes gas very expensive.

The more calculations (calculations) required to complete the transaction, the more gas is required to complete the transaction. And it should be noted that the gas fee is not constant, the fee fluctuates depending on network demand. Some of the main factors that determine the gas fee is the price of ETH itself, the complexity of the transaction, and the number of people transacting at the same time. Gas fees can reach US $ 100 or even more, depending on the time when you make the transaction. Therefore, it's a good idea to avoid Ethereum peak hours to avoid high gas fees.

Many argue that gas costs are expensive because miners do a lot of tasks and verification so it costs money, I think this is a big problem if it can't be overcome then cryptocurrencies will die.

Gas fee are high because the ethereum network is congested and there are many tx taking place.  The block size of ethereum is low compare to demand of transaction. If you must make a transaction on ethereum network, you may have to wait for a period when the gwei is low and that usually happens during weekend!

It is a really high gas fee sent on the Etheureum network. There has to be a prompt solution for this tough situation.

I prefer TRC20 transactions. Better than the Eth fees.
With more Tron adoption, TRC20 will be huge in the near future. New Defi projects (like the Ferox/FRX token) will benefit from the low fees and fast transactions offered by the TRC20 blockchain.

BSC is another good option. But, we cannot guarantee the fees will stay this low in the future.

Expensive gas is certainly affected by very high transaction volume, and I think the current highest gas is from Ethereum, I want to send tokens worth $50 but transaction fees are $40 so I cancel the transaction.

LOL! Near protocol isn't really that close enough or near to POLKADOT's power when its 100 parachains go live. Polkadot can do 1 million TPS and that's coming right from Dr. Gavin Wood's mouth. Polkadot is actually the blockchain against maximalism. No other blockchain can make ETH better except the creator of ETH himself (Dr. Gavin Wood).

1M TPS sample sources:
https://twitter.com/econoar/status/1260280979131756544?lang=en
https://cryptonews.com/coins/dot-polkadot/
https://www.fool.com/investing/2021/11/17/3-reasons-to-buy-polkadot/
https://financefeeds.com/polkadot-dot-solves-pain-points-but-scalability-to-1-mil-sec-is-not-live-study/
https://www.deltecbank.com/2021/11/11/what-is-polkadot/?locale=en#:~:text=Because%20of%20the%20Relay%20chain,transactions%20per%20second%20(TPS).

POLKADOT is just in its infant stage but already make it to the TOP 10 in terms of MARKET CAPITALIZATION since it was listed in the market last year. Additionally, it is one of most used blockchain already ahead of Eth in terms of Developer engagement:

Blockchain Developer engagement sample sources:
https://u.today/cardano-kusama-polkadot-top-list-of-most-developed-assets-ahead-of-ethereum-in-2021
https://news.coincu.com/51738-cardano-kusama-and-polkadot-lead-ethereum-in-terms-of-performance-in-2021/
https://pvplive.net/cardano-tops-the-pack-in-terms-of-developer-activity-in-2021/

Sorry mate but i don't even see Near Protocol's name there.

I would have to agree, I have $2.00 worth of token sitting in my wallet and had a token that is worth $20 if this is the Ethereum of old I can send that token to exchange with less than $0.25 cents,  but four days checking on the gas tracker it never goes down to $3, the lowest was $4 I don't want to add more Ethereum on that wallet, I prefer waiting for the gas fees to decrease, just lucky that price of the token I'm about to transfer is going up.