Why is the gas price so high on Ethereum? - page 2.

shinratensei_

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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.

I thought that if the majority of traders on ethereum were putting the standard fees and there would never be any spike on the ethereum fees.
Are you sure about that? Im not even seeing the spike in the ethereum transaction fees and you can check it out on etherscan. The fee for uniswap is around $25 and that still makes sense for me to use it.
It's far better than last week when we need at least almost $100 for a single swap transaction on uniswap.

gurunanakji777

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Due to the continuous high gas fee of Ethereum, I saw many new projects are giving priority to the Binance Smart chain due to the less transaction fees but I have noticed from the last 2-3 days Eth gas fee is around 50 GWEI. Gas fees increased due to network congestion. I heard there is some ethereum network up-gradation in July if that implemented will see less gas fees but we will come to know only when it will be implemented.

Midy

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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.

elda34b

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Quote from: bitterguy28 on April 26, 2021, 05:49:39 AM

actually this leads me not to trust Ethereum again , I use to believe in 2.0 version that has the first phase last year but up to now there is nothing that comes to be better and look how Ethereum perform this year.

Feel free to drop them, it's not like you have to trust Ethereum anyway. But according to what I've read, the progress is quite good and there's dozens of updates such as rollups that also help this fee problem. Atm, you can already see it drop to nearly 40 gwei.

Meanwhile, you can use Fantom, Solana, and others if you want a fast and cheap network to run your dapps.

MishaSER

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Well, congratulations to everyone who has been waiting for so long, now we can enjoy low commissions because now 38-51 gwei https://etherscan.io/gastracker. Hopefully there will be fewer people who are unhappy.

Antlia Protocol

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Quote from: bellicose on April 26, 2021, 05:15:30 AM

Quote from: prosperoustop on April 20, 2021, 09:32:06 AM

I think this prices on gas will kill ethereum, people prefer to use binance smart chain or better tron blockchain!

I doubt it very much. Ethereum has been around for a very long time and just like that, some new wave of tokens traded through bnb will not dethrone it. In addition, the developer promises the introduction of a PoS system, which will give the ethereum a second life.

I believe once the sharding phase gets completed and the migration is successful we will see a drop in the prices

bitterguy28

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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?

actually this leads me not to trust Ethereum again , I use to believe in 2.0 version that has the first phase last year but up to now there is nothing that comes to be better and look how Ethereum perform this year.
all is disappointment and people are continuously crying about the fee that sometimes almost much higher than Bitcoin.

bellicose

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Quote from: prosperoustop on April 20, 2021, 09:32:06 AM

I think this prices on gas will kill ethereum, people prefer to use binance smart chain or better tron blockchain!

I doubt it very much. Ethereum has been around for a very long time and just like that, some new wave of tokens traded through bnb will not dethrone it. In addition, the developer promises the introduction of a PoS system, which will give the ethereum a second life.

matchi2011

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Quote from: Luffygroove on April 26, 2021, 04:54:44 AM

the main issue in the ethereum network is the clogged network, which makes the network working harder than usual and affects the miner's effort and higher fees.

Yeah right and miners are choosing those who are capable in paying much higher fees to prioritize and earned much better.

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One of the major causes is the big amounts of DeFi projects that mostly using ethereum smart contracts to build their project.

There are flowing money from this project using ERC network make it more busy.

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The increasing of activities apparently become an issue for ethereum networks and it's also referring to ethereum scalability.

Most of it and the fact that there are still many developers who used this chain and continue to transact using this system.

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It has never been the fastest cryptocurrency anyway, ethereum become massive because of the smart contract feature

yeah, stability and good codings not the fastest but developers entrust their project to this chain.

Luffygroove

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the main issue in the ethereum network is the clogged network, which makes the network working harder than usual and affects the miner's effort and higher fees. One of the major causes is the big amounts of DeFi projects that mostly using ethereum smart contracts to build their project. The increasing of activities apparently become an issue for ethereum networks and it's also referring to ethereum scalability. It has never been the fastest cryptocurrency anyway, ethereum become massive because of the smart contract feature

OcTradism

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Quote from: asriloni on April 25, 2021, 07:21:48 PM

https://etherscan.io/gastracker

etherscan.io gas tracker tool is used by many people but if they want to have a customization for hours and make their plans, schedule to move their Ethereum or ERC20 tokens, they will need other tools. One tool I know of is GasNow.

How to customize it?
See the table, at the bottom of it, you will see a scroll bar. Drag the scroll bar from left to right (from lowest to highest gas price), you will see hours that have most expensive gas price and hours with lowest gas price.

ETH/ERC20 - Check and select good gas price
GAS NOW - New Price Gas Forecast Service

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It's going down again but it looks like this is just temporary.

The correction reduce transactions on the network but you are right that it is temporary.

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The BSC and TRON users are still using ethereum but we can't deny the fact if some of t[quhem were fully moving away from ethereum chain to the BSC chain.
The small traders are saying that they are not interesting with ethereum anymore due to the gas fees.
The TVL of pancake has been showing it.

Ethereum network can get support from BSC and TRC20 chains to reduce pressure from waiting transactions on ERC20 chain. However, it is a pain if they have to depend on opponent networks like that.

asriloni

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Quote from: prosperoustop on April 20, 2021, 09:32:06 AM

I think this prices on gas will kill ethereum, people prefer to use binance smart chain or better tron blockchain!

It might be true but take a look at the current gas rate on ethereum chain

https://etherscan.io/gastracker

It's going down again but it looks like this is just temporary.
The BSC and TRON users are still using ethereum but we can't deny the fact if some of them were fully moving away from ethereum chain to the BSC chain.
The small traders are saying that they are not interesting with ethereum anymore due to the gas fees.
The TVL of pancake has been showing it.

ene1980

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Quote from: Luqman on April 25, 2021, 06:03:40 PM

Yes, it is true. During the bullrun, the gas price to send ETH very expensive. We can understand it because many people become more active to send their ETH. This may be one of the reasons for the expensive price of ETH gas. But as I stated above, the gas price has just dropped significantly. I hope the gas price can stay at the current rates, or not increase significantly again.

The upgrades are coming and hopefully we could see a significant drop in gas price, when i last made a transaction it was over $20 to make an ETH transaction and since those were crazy charges i stopped sending the coins and even though i needs to send some tokens i am not willing to make further transactions because of the high fees.

Luqman

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I saw the gas price dropped significantly in the last few days. Please, check again the current gas rice, bro @Antlia.

Yes, it is true. During the bullrun, the gas price to send ETH very expensive. We can understand it because many people become more active to send their ETH. This may be one of the reasons for the expensive price of ETH gas. But as I stated above, the gas price has just dropped significantly. I hope the gas price can stay at the current rates, or not increase significantly again.

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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?

Transaction fees on ethereum network used to be very cheap and very affordable for users to pay. But it became a problem with the introduction of stuffs like token sales in 2017 - 2018 and defi in late 2019 till date. These new ventures meant there was an influx of new users joining the network to participate in these projects resulting in more transactions in the backlog. When this happens, some people are willing to increase their chances of skipping the line and getting their transactions confirmed first before others. With time, people kept increasing their fees until it got too high. Now, it's just like if you don't want to pay those fees, then you're not ready to get your transactions confirm. It's a norm until pos goes live.

NewRanger

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Quote from: Teknisi88 on April 20, 2021, 11:35:37 AM

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

Wasnt ETH supposed to provide us with a faster and cheaper alternative than traditional banking?

In general, banking provides convenience to customers in terms of transactions and this only applies in everyday life.
Whereas ETH running in the Crypto space has experienced rapid development, it is clear that it will experience high gas costs which is also influenced by the very high price.

ethreum price not be main problem for it. since uniswap booming we see gas fee skyrocketing too, ethereum core developer must aware with this situation and need to upgrade as soon as possible they can. even ethereum gas fee more expensive than bank services fee, for example to swap worth of $200 token , it need gas more than $100.

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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 traffic is huge and its congested that’s why most of the time ETH gas fees are high but right now its cheap again maybe you can timing your transaction to have a lower fees. This issues has been raised many times and let’s hope that the ETH 2.0 will address this problem and give a better solution. We all want to save money from the fees, this should be solve.

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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?

People are trying to make their transaction faster to confirm and so they pay huge fees for it. Imagine, if everyone does this, it definitely makes the fees going higher and higher. And there is one way to settles this one is to stop selling and transferring coins, and this will possibly minimize the congestion. If we can manage to do that, there will be no longer to wait for the ETH2.0 upgrade if possible, and besides, we are not even sure that this could really help to decrease the fees.

chakhigh

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I think it is mainly due to the low competition with eth network. The majority of transactions use either bitcoin or eth network. So with more projects relying on different networks, eth will be faced with the necessity to lower its gas fees. Actually, BNB is the way to go for cheaper fees, using the BSC network gives the new projects (like Mocktail finance) a fair advantage. Lower fees, fast transactions, and trust are sought after by crypto investors.

Teknisi88

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

Wasnt ETH supposed to provide us with a faster and cheaper alternative than traditional banking?

In general, banking provides convenience to customers in terms of transactions and this only applies in everyday life.
Whereas ETH running in the Crypto space has experienced rapid development, it is clear that it will experience high gas costs which is also influenced by the very high price.

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