Why is the gas price so high on Ethereum? - page 3.

jossiel

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Quote from: Raflesia on April 19, 2021, 11:49:03 AM

Quote from: jossiel on April 19, 2021, 04:40:18 AM

It's the most common and probably easy to develop because most of the projects are on it. But just as said, there are now new competitors and becoming popular also and could be tagged as its rival in terms of developing new projects.

I remember the cryptokitties, the fees were increased too. And I think by this time, after all of these high fees that we're getting on ETH, there will be a cool down for these high fees soon.

It is true that most of the big projects are in the Ethereum smart contract, this decentralization is widely used by other platforms because it is indeed a network that is in great demand despite the high cost constraints that have to be issued at this time, I do not know what has happened to the update in Berlin not influential now and some say in the middle of this year everything will be stable is that right?

The popularity of other smart contracts also adds to the many major development projects one of them is the BSC I think this is the second decentralization that will be successful and this is much interested in easily and simply.
Now only likes current BSC tokens.

There are other more but BSC is second to it.

Because of the popularity that it's getting from the community, many projects are getting their networks into BSC because they want to avoid the high fees that the ETH network is charging.

If it's not for the high fee, they'll stay to Eth.

khiholangkang

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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!

Wait until ETH 2.0 is actually running, because the price of gas should drop dramatically if he has the same network as BSC

prosperoustop

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

dihari

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Quote from: bitmover on April 19, 2021, 12:28:51 AM

No, ethereum is not a chepaer/faster bank. Ethereum is a platform to run decentralized applications. Decentralization is the big deal here.

This is the answer I am searching for since I am not agree anymore to treat eth like money. Because sending money on the internet is supposed to be free and fast. And ethereum is bigger than money.
Now I got my answer, eth is platform to run dapps, not a payment gateway. Thanks man

rosebrand

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The recent rise in transaction fees of Ethereum blockchain is really too expensive, at first Ethereum transaction fees wasn't as high as it is now, due to the fact that lots of people are using this network therefore making it too conjested, the traffic is really the reason for ETH high transaction fees and not only that, the rise in ETH price is also contributing to the high transaction fees we are having today but I guest after the launching of the ETH 2.0 everything will be settled and transaction fees will be less

ashmodeus

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since its a very limited transaction each block, several people wont waiting for it, and of course we got rekt by who have huge amount of money for paying fees for their transaction. a common deficiency of ether since its creation.

Psynthax

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Just wait until EIP1559 fully launched which is around july 2021 and then the fee probably gonna be decreased significantly, the problem with ETH have to do with the blockchain itself isn't as scalable as other and the tps is only limited to 15 per second atleast for now.
For now if you intend to send ETH somewhere else you can just use the wrapped version of it in BSC chain since it's a lot cheaper there and the liquidity is suifficient enough. If you want to move ERC20 tokens then better to forget that idea if you don't want to pay for the high gas fee since ERC20 requires more gas than sending ETH meaning a lot more expensive than sending ETH.

whiteblue

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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 you are a little late to ask about this because the high gas costs on the Ethereum network have been around for a long time and not only at this time, so I wonder why you are only now waking up to this.

Antlia Protocol

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Thank you guys for the replies. I am new to ETH trading and I wanted to confirm this before doing the transaction.
i know the traffic congestion increases the gas price. Hopefully when they completely shift on ETH 2.0 the gas will be lower.

Raflesia

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Quote from: jossiel on April 19, 2021, 04:40:18 AM

Quote from: ?? on ??

Quote from: jossiel on April 19, 2021, 01:41:00 AM

The clog is caused by most of the projects that were built on its smart contract like those decentralized finance projects and as well as the NFT projects.

I was always wondering why those projects stick to ethereum solely. There many platforms (like Stellar, Obyte, Ardor etc.) with smart contract capabilities, faster network and much lower fee for transactions. Probably when top mangers realize that ethereum is not a honey pot for their projects and move them to alternative platform the gas price will go down.

It's the most common and probably easy to develop because most of the projects are on it. But just as said, there are now new competitors and becoming popular also and could be tagged as its rival in terms of developing new projects.

I remember the cryptokitties, the fees were increased too. And I think by this time, after all of these high fees that we're getting on ETH, there will be a cool down for these high fees soon.

It is true that most of the big projects are in the Ethereum smart contract, this decentralization is widely used by other platforms because it is indeed a network that is in great demand despite the high cost constraints that have to be issued at this time, I do not know what has happened to the update in Berlin not influential now and some say in the middle of this year everything will be stable is that right?

The popularity of other smart contracts also adds to the many major development projects one of them is the BSC I think this is the second decentralization that will be successful and this is much interested in easily and simply.
Now only likes current BSC tokens.

grabpopcorn536

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The topic of high GAS prices has been repeated on this forum and you can refer to previous topics via search.
I can briefly explain as follows:
First, because ETH increases in value.
Second, the price of GAS is high due to the need for transactions in the ETH network. The essence of validation is the auction, which pays high fees to take priority. This happens when there are too many participants trading on the DEX, IDO-GAS WAR platforms.
To have a good GAS fee, it is necessary to keep track of the right time when GAS prices are low to pay less.

suzanne5223

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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?

The huge traffic in the crypto market which lead to network congestion is the reason why the Gas price of making a transaction on ETH network is high and the same thing happen to other crypto like BTC.

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

Wasn't ETH supposed to provide us with a faster and cheaper alternative than traditional banking?

First crypto was not created to compete with traditional banking they were as an alternative solution but the reason why ETH is not providing fast and cheap transaction activity is the ETH2.0 which is not complete.

jossiel

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Quote from: ?? on ??

Quote from: jossiel on April 19, 2021, 01:41:00 AM

The clog is caused by most of the projects that were built on its smart contract like those decentralized finance projects and as well as the NFT projects.

I was always wondering why those projects stick to ethereum solely. There many platforms (like Stellar, Obyte, Ardor etc.) with smart contract capabilities, faster network and much lower fee for transactions. Probably when top mangers realize that ethereum is not a honey pot for their projects and move them to alternative platform the gas price will go down.

It's the most common and probably easy to develop because most of the projects are on it. But just as said, there are now new competitors and becoming popular also and could be tagged as its rival in terms of developing new projects.

I remember the cryptokitties, the fees were increased too. And I think by this time, after all of these high fees that we're getting on ETH, there will be a cool down for these high fees soon.

Taskford

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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?

Your question has been answered already by many forum users but to make you understand better click this article since you can read here the explanation on why fees are so high especially with ethereum network also there is a recommendations written https://community.trustwallet.com/t/why-is-my-eth-transaction-fee-so-high/30604

If you like low fees transaction better to use other altcoins since this is mostly people do to avoid fees example ideal alts right now is trx,xrp and doge.

royalfestus

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Quote from: ?? on ??

Quote from: jossiel on April 19, 2021, 01:41:00 AM

The clog is caused by most of the projects that were built on its smart contract like those decentralized finance projects and as well as the NFT projects.

I was always wondering why those projects stick to ethereum solely. There many platforms (like Stellar, Obyte, Ardor etc.) with smart contract capabilities, faster network and much lower fee for transactions. Probably when top mangers realize that ethereum is not a honey pot for their projects and move them to alternative platform the gas price will go down.

It something about trust on long service platform and the larger community, ethereum is promising to carefully resolve this congestion with the hardfork and I noticed projects are even ready to wait. They allow a share of the coin to be on other blockchain until size of transaction is increased in next 3-4 months. It also matters how projects on the blockchain are enjoying this, Aside Ethereum and Binance chain most projects dont enjoy the DEX trade to increase the volume trade.

filomena20

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Thanks for the info. I was also looking information about that.

joniboini

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Quote from: ?? on ??

I was always wondering why those projects stick to ethereum solely. There many platforms (like Stellar, Obyte, Ardor etc.) with smart contract capabilities, faster network and much lower fee for transactions. Probably when top mangers realize that ethereum is not a honey pot for their projects and move them to alternative platform the gas price will go down.

Other than money, decentralization is definitely what they're looking for. Some developers need to use a decentralized network, and ETH is proven to be one. Compared to other chains, ETH is more secure (at least for now) and more decentralized. In addition to that, they probably spend more time on Solidity, so they don't wanna learn new programming languages. That being said, moving to other chains that forks ETH like BSC should be easier for them. Some projects already did this btw, pretty sure more will do it sooner or later if the ETH gas fee is still a huge pain in the ass.

jossiel

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The clog is caused by most of the projects that were built on its smart contract like those decentralized finance projects and as well as the NFT projects.

It will take time until they'll solve the high network fees but as said, the upcoming network upgrade of EIP1559 is part of the solution that will make the fees lower by July as estimated.

bitmover

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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?

Transactions are expensive because the network is congested.

No, ethereum is not a chepaer/faster bank. Ethereum is a platform to run decentralized applications. Decentralization is the big deal here.

Until ethereum upgrades to Proof of stake or Defi ecosystem dies (defisare congestingthe network), transaction fees will be very expserive.

Antlia Protocol

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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?

Topic: Why is the gas price so high on Ethereum? - page 3. (Read 486 times)