Why is the gas price so high on Ethereum?

bitgov

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Quote from: ringgo96 on May 30, 2022, 08:31:08 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.

ringgo96

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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

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Quote from: Jackl87 on April 27, 2021, 08:37:02 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, 07:43:48 AM

Quote from: Midy on April 26, 2021, 07:38:49 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, 07:38:49 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?

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Quote from: Midy on April 26, 2021, 07:38:49 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

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Quote from: suryogandul on April 27, 2021, 03:47:20 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 ??

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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, 10:23:43 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, 03:24:08 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, 03:22:53 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, 01:17:45 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, 03:22:53 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, 01:17:45 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.

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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.

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Quote from: Midy on April 26, 2021, 07:38:49 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.

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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, 06:49:39 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.

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Quote from: bellicose on April 26, 2021, 06:15:30 AM

Quote from: prosperoustop on April 20, 2021, 10:32:06 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

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Quote from: Antlia Protocol on April 19, 2021, 01:17:45 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.

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Quote from: prosperoustop on April 20, 2021, 10:32:06 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.

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Quote from: Luffygroove on April 26, 2021, 05:54:44 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.

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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

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Quote from: asriloni on April 25, 2021, 08:21:48 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, 10:32:06 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, 07:03:40 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, 01:17:45 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.

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Quote from: Teknisi88 on April 20, 2021, 12:35:37 PM

Quote from: Antlia Protocol on April 19, 2021, 01:17:45 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, 01:17:45 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, 01:17:45 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.

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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.

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Quote from: Antlia Protocol on April 19, 2021, 01:17:45 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.

jossiel

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Quote from: Raflesia on April 19, 2021, 12:49:03 PM

Quote from: jossiel on April 19, 2021, 05:40:18 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.

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Quote from: prosperoustop on April 20, 2021, 10:32:06 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

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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, 01:28:51 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.

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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.

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Quote from: Antlia Protocol on April 19, 2021, 01:17:45 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.

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Quote from: jossiel on April 19, 2021, 05:40:18 AM

Quote from: ?? on ??

Quote from: jossiel on April 19, 2021, 02:41:00 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, 01:17:45 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, 01:17:45 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: jossiel on April 19, 2021, 02:41:00 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, 01:17:45 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: jossiel on April 19, 2021, 02:41:00 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.

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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.

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Quote from: Antlia Protocol on April 19, 2021, 01:17:45 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? (Read 477 times)