Why is the gas price so high on Ethereum?

bitgov

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Quote from: ringgo96 on May 30, 2022, 07:31:08 AM

The increase in gas prices on ethereum occurs due to the large number of transactions that occur on the ethereum network, and also the value of ethereum is currently quite high when compared to others, for example the BSC network whose BNB value is certainly still very cheap when compared to ethereum, so this is a very influential effect on ethereum gas today, but users of the network are still relied on until now.

That is rightly mentioned that the increased price on Ethereum has occured due to large number of transaction - With the increase in the gas prices - the prices of the gas and oil has increased to the extreme all around the world.
Likewise nothing is easy - and nothing comes in lesser prices these days.

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The increase in gas prices on ethereum occurs due to the large number of transactions that occur on the ethereum network, and also the value of ethereum is currently quite high when compared to others, for example the BSC network whose BNB value is certainly still very cheap when compared to ethereum, so this is a very influential effect on ethereum gas today, but users of the network are still relied on until now.

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gas prices are soon a thing of the past with some new changes coming

MishaSER

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Quote from: Jackl87 on April 27, 2021, 07:37:02 AM

Seems like the effects of the ETH berlin upgrade are now showing. The gas fees of the last 2 or 3 days were on average around 50 gwei, which is way lower than last week and before where 150 gwei and more were the standard. I really hope that the gas fees will stabilise in this area or maybe will even go even lower. At the moment we are at around 3 dollars for an ETH transfer which is quite ok already, but 6 dollars or more for an ERC-20 transfer or even 15 $ for a swap are still way to expensive for small traders. As far as i know the Berlin upgrade was a rather small one and bigger ones are still to come of course with the transition to POS.

Yes, trading on Uniswap is still not attractive, but it makes me happy that I can send my tokens from 2018 to the exchange to wait for the right moment to sell.

Jackl87

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Seems like the effects of the ETH berlin upgrade are now showing. The gas fees of the last 2 or 3 days were on average around 50 gwei, which is way lower than last week and before where 150 gwei and more were the standard. I really hope that the gas fees will stabilise in this area or maybe will even go even lower. At the moment we are at around 3 dollars for an ETH transfer which is quite ok already, but 6 dollars or more for an ERC-20 transfer or even 15 $ for a swap are still way to expensive for small traders. As far as i know the Berlin upgrade was a rather small one and bigger ones are still to come of course with the transition to POS.

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Quote from: TopTort777 on April 27, 2021, 06:43:48 AM

Quote from: Midy on April 26, 2021, 06:38:49 AM

The high ETH fee gas that occur today are due to the number of transactions, all starting from the majority of traders and investors who raise the gas cost benchmark to speed up their transactions, so that the price will be even higher if traders or investors exceed the already hight Gas costs.

Today, or yesterday? Ethereum gas fees are low right now. Probably due to Berlin update.
Market cap is 2 times greater than it was on February. For me, it means that number of transactions has increased. How can it be then? More transactions and less fee? Looks that number of transactions does not affect transaction fees significantly. Agree?

They fixed it now and the moment they implemented the update, the transaction fees in you send any tokens in the Ethereum network is already back to normal and this is the best news you can have today. As I checked my ETH in my wallet the price has quite increased a few days ago and the moment the price has returned back to normal again, the transaction has become lively and continues to increase as well.

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Quote from: Midy on April 26, 2021, 06:38:49 AM

The high ETH fee gas that occur today are due to the number of transactions, all starting from the majority of traders and investors who raise the gas cost benchmark to speed up their transactions, so that the price will be even higher if traders or investors exceed the already hight Gas costs.

Today, or yesterday? Ethereum gas fees are low right now. Probably due to Berlin update.
Market cap is 2 times greater than it was on February. For me, it means that number of transactions has increased. How can it be then? More transactions and less fee? Looks that number of transactions does not affect transaction fees significantly. Agree?

Dexion

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Quote from: Midy on April 26, 2021, 06:38:49 AM

The high ETH fee gas that occur today are due to the number of transactions, all starting from the majority of traders and investors who raise the gas cost benchmark to speed up their transactions, so that the price will be even higher if traders or investors exceed the already hight Gas costs.

Because waiting is an annoying thing, with the increasing number of existing transactions it causes queues to accumulate, and inevitably has to increase the existing costs so that they can be processed immediately, and of course investors will pay whatever it is even though on the other hand it will cause prolonged complaints if the costs getting higher

kak uli

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Quote from: suryogandul on April 27, 2021, 02:47:20 AM

the effect of the increase in ETH prices is the main factor why ETH fees have increased, besides that there are also other factors that influence, the most important thing is that when the ETH price goes down, maybe ETH fees can go down, so that is the hope of all ETH platform lovers

as you mentioned it may be true, but does this only apply to ethereum?, now binance or bnb prices have also jumped, but why are the transaction fees not as high as making transactions in ethereum ??

suryogandul

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the effect of the increase in ETH prices is the main factor why ETH fees have increased, besides that there are also other factors that influence, the most important thing is that when the ETH price goes down, maybe ETH fees can go down, so that is the hope of all ETH platform lovers

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Quote from: slashz9 on April 26, 2021, 09:23:43 PM

because the users are very many and the network is dense and still uses the proof of work network so it will be difficult before they move to proof of stake, but recently the news said that the eth fee has dropped, and I tried it and it's true I usually spend 20 -30 $ to send tokens, now it's only around 10 $ or less, it is still quite expensive but at least it has decreased

it looks like the decrease has not been maximal. yet the plan for reducing transaction costs will be fully resolved in July. We are waiting for how these transaction fees will decrease, but don't expect such transaction fees at BSC to be very cheap. I think the decline that occurs will be gradual.

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Quote from: Jocuserious on April 26, 2021, 02:24:08 PM

Because ETH price going to very high and it the main reason the traffic increase lot of. However you should move on binance smart chain if you won't pay lot of gas in Ethereum. Do you know at this time every new project going forward on binance smart chain and forget Ethereum network. So i hope this is the best solution for save fees.

That seems only work for the projects that have migrated to BSC but big amount of projects are still staying in ETH because they prefer decentralized chain than a chain that kinda centralized and probably because the migration could costs them something.
However this time around the fee has decreased like a lot really good for transaction but still cost quite the amount for sending ERC20 tokens. It's better if any projects have alternative token that are on other blockchain, hopefully though there's gonna be a projects that create bridging between cryptocurrency, if that could helps us to solve this gas problem, that's gonna be awesome.

slashz9

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because the users are very many and the network is dense and still uses the proof of work network so it will be difficult before they move to proof of stake, but recently the news said that the eth fee has dropped, and I tried it and it's true I usually spend 20 -30 $ to send tokens, now it's only around 10 $ or less, it is still quite expensive but at least it has decreased

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Quote from: prosperoustop on April 26, 2021, 02:22:53 PM

For last time I use tronlink to send or transfer funds! Eth have too high gas and I think people better will choose tron or binance chain for transactions!

Mostly have been choosing BSC as the best alternative to send the fund to avoid the gas fees on ethereum. You can see that the daily transaction on the BSC chain.
TRON is only good to be used to send your USDT consider it may take less than a dollar for the fees but whole of exchange sites were putting 1 USD as the fees to create a USDT TRC20 transaction. Ethereum transaction fees are also very low these days.

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Quote from: Antlia Protocol on April 19, 2021, 12:17:45 AM

Why is the Gas price to send ETH so astronomically high nowadays. I've been reading threads here where people are complaining about high gas prices. Why the transaction cost is set so high? Wasnt ETH supposed to provide us with a faster and cheaper alternative than traditional banking?

Have you ever paid for those fees? I used to pay close to $200 for a transaction against the Ethereum network, however I am not uncomfortable with that money because of the profitable nature of that transaction to allow me to accept payment of such fees. And why is it high? Just to think about it, given its huge user demand that has led to its problems, the current situation is getting better when I see gas costs falling and failing very well for people regularly use Ethereum.

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Quote from: prosperoustop on April 26, 2021, 02:22:53 PM

For last time I use tronlink to send or transfer funds! Eth have too high gas and I think people better will choose tron or binance chain for transactions!

Those two were the alternatives that's being used by many during the surge of Ethereum's for having a high fee. But if you'll have to take a look again to the fee of Ethereum, it's decreased somehow but others are still considering it as high as it is.

https://ethgasstation.info/

Jocuserious

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Because ETH price going to very high and it the main reason the traffic increase lot of. However you should move on binance smart chain if you won't pay lot of gas in Ethereum. Do you know at this time every new project going forward on binance smart chain and forget Ethereum network. So i hope this is the best solution for save fees.

prosperoustop

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For last time I use tronlink to send or transfer funds! Eth have too high gas and I think people better will choose tron or binance chain for transactions!

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Quote from: Antlia Protocol on April 19, 2021, 12:17:45 AM

Why is the Gas price to send ETH so astronomically high nowadays. I've been reading threads here where people are complaining about high gas prices. Why the transaction cost is set so high? Wasnt ETH supposed to provide us with a faster and cheaper alternative than traditional banking?

The gas fee was discussed over a long, but still now the gas fee was not reduced. The reason behind this was the back transfer happened with the ethereum.So when the price of Ethereum had increased, the fee also increased automatically. So while transferring we need to spend some money as a fee. We can't escape from that, we can get that fee from the trading profit.

kak uli

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The complaint about transaction fees in ethereum being too high has become a topic of discussion in the past few weeks, this is due to the DENSITY OF THOSE WHO CONDUCT THE TRANSACTIONS, which causes the gas costs to be very high. but for now it seems like it's getting a little normal i think.

Topic: Why is the gas price so high on Ethereum? (Read 486 times)