Bitcoin Forum

Recently?

It's like $180

Buying WETH in ronin becomes expensive.

I've heard binance allows that. However, we can't buy WETH in binance. There is no such market.

This is because the demand for blockchain transactions in Ethereum have become too high causing the pricing out of small holders. This is the cost of decentralization similar to bitcoin. However, as a user if you want cheaper fees you should accept a more centralized design. Binance smartchain, Solana and others are available to use.

Because it looks like slow and highly decentralized chain is a horrible solution for building an exchanges on it. Its like building a huge sea ferry on a small mountain stream and be surprised that its stuck. Fees will go only higher (with market pump and volatility increase) unless a scaling solution will be implemented to ETH. Scaling solution will lower ETH decentralization and change ETH into BSC that is scalable but not as decentralized ... which is pointless because we already have BSC.

I try to stay away from any ETH tokens as we speak, even withdrawal from cex exchanges are insane and yes uniswap is the worst of them all, most of my tokens are on matic and BSC chain, if market pumps harder in coming months it will be very difficult to buy ETH tokens

more than $40 I tried yesterday. Switching to an altcoin because even the USDT(ERC20) cost $25 on Binance. What more could happen in the next 5 years.


It's not how it used to be with ETH anymore and I guess a new platform has to exist. BSC is also going the way ETH is. Solana is still cheap, this is probably going to be used more if they will also have coin wrap soon. Polygon could be another.

Everyone has switched to the BNB network which consumes less gas, fortunately Binance has so many options for withdrawals and it's not too expensive if we choose the option using BEP-20 or TRC-20, at least it doesn't cost too much and the transaction process is fast .

I don't know what the miners expect to make ETH to the point of consuming very high gas costs and frustrating everyone, not even just investors, bounty projects also suffer from this gas problem.

I think not just you or me is wondering why the Eth gas price has become a burden these days I'm an Ethereum user since 2015, and I don't expect this to happen in Ethereum, Now I am convinced that the EIP-1559 update was not designed to fix the gas problem because it made worse compared before that's why I temporarily stop using Ethereum and sold all my Ethereum base tokens to ease the burden of the gas fees.    

Ethereum has small block size but the transaction that needs to be confirmed was more than what can be processed by the block. that makes lots of transactions got stuck in queue. People are speeding their transaction to make the block to process their transaction as it will be placed as a priority transaction by the block. This is triggering the fees to increase as fees calculated by average transaction gas fees in the blockchain.
The cheapest one to buy this from binance. I were sending WETH from my ronin wallet to the binance directly and it's very cheap.
Have you checked it before? When you wanna withdraw your ethereum and there will be some options appeared. You can choose WETH on binance to withdraw your WETH to your ronin wallet.

All I can say is that this is a very sad situation and expensive transaction cost is one of the biggest reasons why we shifted away from traditional way of transfer and yet we never thought that we can even experience a lot higher here in cryptocurrency using the Ethereum blockchain. The sad thing is there is no price control here because of decentralization...it makes me think that all ideas and inventions of man really has some disadvantage aspects and cryptocurrency is not exempted.

I think once L2s become more widespread, it should help the gas fees a bit, but the reason that gas fees are high is because ethereum has trouble scaling. The upcoming change to eth 2.0 should also help a bit once sharding goes live, but it's not expected to go live until sometime in 2022.

True, Lately transaction fees on the Ethereum network are very high, even for trading on DEX Exchanges like Uniswap the trading fee is up to $100 USD.
I think this happened because of the large number of transactions on the Etherium network, There were a lot of token sales and a lot of transactions on the DEX exchange. Even yesterday the BSC also experienced problems due to the large number of transactions.

Now anything related to ETH will always feel very expensive and even some people say it doesn't make sense but in reality it is a compulsion if there is no other option to save all costs.

It's not just recently. I stopped using Ethereum a long time ago but I still remember the congestion caused by a game called crypto kitties. As we all know when a network is clogged, users tend to increase their gas fee in order to send their transactions faster than the rest.

Let's not put the blame entirely on the miners especially when the design/code itself couldn't handle the number of transactions on the Ethereum blockchain. Don't forget that it's still on POW and layer 1 just like Bitcoin.

The only crazy thing is the transaction fee, while if you have a few usdt on the cex exchange, then you can easily buy it and at this point it is very illogical to use a Dex exchange like Uniswap just to buy ETH, because the cost is always a consideration from the start.

The application of high transaction fees is usually due to the fact that the token price is still very cheap. Just as Bitcoin miners prioritize transactions with the highest mining fees, miners on the Ethereum block are also free to ignore transactions whose Gas price limits are too low. miners can decide to increase or decrease gas usage according to their needs.When needed, gas tariffs can be increased or decreased to avoid a situation where the ETH price increase could result in the need to change all gas prices.

Many people are transacting with Ethereum and vying to push it faster so Ethereum gas costs are very high and make miners richer to make transactions, and Ethereum owners don't care about this very high gas issue. We recommend switching networks to BNB to avoid high transaction fees so that you no longer burden your transaction fees in the future.

everybody knows that Ethereum is one of the most popular coin. Every person want to invest in Ethereum. If the number of transaction increases then automatically the gas fees also increases. You should use some of the master plan to reduce the gas fees for Ethereum. If transaction is low then you should sell the coin.

Did you know that the Ethereum transaction fee was significantly higher than Bitcoin this weekend?  It shows a $50 range per transaction and that is a huge amount if we compare it to the Bitcoin transaction fee.

Exactly right, because the Ethereum blockchain network was experienced a high volume of transactions, imagine there are too many projects that have a token based on ERC-21 which is under the Ethereum network.  The same with Bitcoin, Ethereum has a demand and supply that miners vary on it to get incentives per transaction that has a higher fee.

I have been also waiting when Ethereum fees to cool down, I have many tokens and coins that I want to sell on exchange but I can't move them due to these recently high fees.  If there's an option through the BSC network, it's good to grab the opportunity since it was created by CZ to counterfeit with the Ethereum network.

eth gas is back to being a problem now.
I don't even see my tokens there right now because the gas is quite out of my control for now.
and maybe eth lovers will start complaining about this again.
when pumps and altcoins start to climb, I think it will be very difficult to catch gas from eth, the comparison is very large and it takes many times the fee to get the same and different tokens from the past few months

Im not sure if weth is available on Binance since as far as I know only slp and axs are two of those they are supported using sidechain ronin. Weth becomes only ronin chain when it is inside the ronin chain.

Im sure its only a glitch. $180 fee on ronin is impossible since they are using free gas fee to transact on this chain with 100 slot available daily.

swap trade ethereum gas has been too expensive for a long time and it's been heard that some whales are increasing their fees insanely speed up their transactions ,this is actually a big problem when dealing with high fees for a some trade ,don't force trading by lowering the gas you will lose it because I've tried it :'(

Using ronin bridge for your ETHEREUM to become Wrapped Ethereum (WETH) is the only way to get WETH if you will not buy on other people (p2p) or using Ramp to for WETH.
That's why if you are just using the Ronin bridge for just a very small value of an asset, better to buy on someone that already has WETH on their ronin wallet to avoid such huge fees.

The GAS fee is much more if using a bridge on ronin, it's not like ordinary transferring of Ethereum/ERC20 tokens to another value since you are interacting with smart contract here.

Eth is trying to upgrade system and we can hope gas price will decreased.
This upgrade was done to a chain that runs parallel to the current chain that is being, called the Beacon chain.  The Beacon chain IS eth 2.0. Next and final step is to merge Beacon with the current chain to fully implement proof of stake. Maybe as soon as Feb 22

You are right, I hope the next Ethereum upgrades will fix all this insane gas fees, if altcoin season starts it will be almost impossible to start sending ETH tokens to exchanges due to charges

Ethereum gas fee has been denying a small trader like me from trading  ;D. And I think the massive adoption of NFT has someway, somehow contributes to the price hike. We just hope ETH 2.0 have it resolved.

would it not have something to do with all the people buying will shiba inu coin and fees being pushed up to cash in on it ?

When you are tending to buy WETH then you could possibly make use of RAMP directly from Ronin wallet. Fees isnt really that high compared when you are trying to buy it directly with Binance or other platforms since fees would really be that high.I dont know on whats happening with the network but this is commonly happens whenever we do have clogged network which do really sucks when you are
dealing with erc20 transactions.

That's why I feel that decentralized exchanges are always at a disadvantage as compared to centralized ones. There are no such issues and then there are problems of front running bots in the decentralized exchanges which is near impossible to get rid off.

That isn't the reason, I am sure. Yes shiba inu has been pushed pretty hard by the community and their owners but there are lots of other tokens as well which are being traded all the time and them along with others is what's causing the price up.

Obviously with so many tokens created on the ETH blockchain clogs it up and there are way too many transactions made on ERC-20 which is the basic reason for the high transaction cost and the slow confirmations. I believe the eth 2.0 will solve this problem but I am worried whether they have covered the scaling bases because again there will be a huge wave on the blockchain.

I used to transact USDT on the ethereum blockchain but now I am transacting on the tron blockchain as much as possible unless the site doesn't accept TRC-20. Even bitrefill has started to accept USDT on the tron blockchain so everyone knows the problem.

I have 10 tokens stuck on my wallet that I cannot trade, it all becomes shit tokens because of the cost of trading or transferring it, as much as possible I stay away from Etherem based tokens and it's good to know up and coming projects with potentials are on BSC and MATIC if you are a small trader Ethereum is not for you, I really missed those times where I can send a huge amount of token for pennies.

The problem of high Ethereum gas fees is not new, I who have been in the crypto world for a long time often experience it. And I believe the Ethereum
team knows this, that's why ETH 2.0 was created to solve the problem of high gas fees. As you said many tokens are created using the Ethereum
network, this is what ends up being a lot of transactions on the Ethereum network, and make gas fees increase. But if we are a little patient, slowly
the gas fees will go down by themselves. But if we do make transactions frequently, there's no harm in considering using another network.

If you invested in any token built on top of the Ethereum network then you are doomed as there is no idea when the situation will be back to normal but with the speed in which things are moving there is no way the Ethereum team will be able to sort the issues in the network during the rally. Majority of the projects were forced to have alternative chains, if not they will loose the investors and i am not willing to spend $40 per transaction to move some shit coins .

Just growing pains.

Same reason why BTC fees were so high over the last bull run.

Way too many transactions that are happening, including gas wars on NFTs etc. which makes it very hard for your transaction to get a confirmation without a good gas. But once all of this NFT madness dies down I'd think that gas prices should be a lot more reasonable.

Ethereum blockchain is not reasonable anymore since they don't fix the fees and when you only decide to send small fees, you end up paying more than you send for the transaction fees. I wonder how will they be able to fix this since no end to this kind of problem since everyone is rushing to send their transactions, they don't really like to wait any longer. They just gonna pay whatever the current gas fees are and it will continue like that till the gas fees rise in just an hour.

Transaction fees increase when the activity on the market is too high. It is connected with current huge hype of crypto. There is an altcoin season now, so there are many people who are interested in trading. There are moments when activity becomes lower, for example on Sundays and evenings of Fridays, so you can try wait for decreasing. Also you can just switch to a cheaper blockchain such as Polygon or BSC.

this will be felt when making a transaction at a small nominal then the cost feels very large. we can't be sure when it will return as before, but at least we can choose a time that is not during peak hours to make transactions, so the fee will be cheaper than us doing transactions during peak hours

actually this problem has been discussed in many threads on this forum, ETH has not been able to overcome the problem of expensive transaction fees that occurred in ETH even though they have used a system of burning transaction fees, but I still think crazy people use higher gas to get transactions faster

I'm sure people don't understand how to regulate gas fees so they continue to make transactions with higher gas it's annoying, I believe ETH 2.0 will not help solve this problem, I'm more comfortable using other blockchains like BNB BSC and MATIC polygons are more attractive and inexpensive

I'm not a rich person who likes to burn hundreds of dollars just for transactions on ethereum

But until now this has not been resolved by Ethereum where the price increase on Ethereum also continues to soar so that it is still very reasonable to happen even though it is not at all suitable for them as small traders.

The factor is that queues on instant exchanges require high gas to get the earliest queue. The exchanges I mean are like uniswap and 1inch. These two exchanges are the main factors that make ethereum gas even higher.

In this point i said that not anyone know that why the etherium gas fee is so high. But everyone use a BNB and the BNB Gas fee is so low to compare the etherium and the Transaction speed is high so my opinion is that ETH solve this issue and this point the BNB use and price is increase very fastly.

Since the high cost of Gas on Ethereum I have started to leave both exchanges and it is very rare to even see it again, especially if to make a transaction there must have a capital of around $180 in general, this is clearly very unreasonable.

Lots of transactions are being utilized thats why gases are getting higher. I don't think that this could be solved in the upcoming months but I think ETH2.0 deployment of other phases of the upgrade could lessen up this price hike. Another thing is that EIP 1559 wasn't helping at all. 180$ is high, thats why I think other chains should step up and beat this up.

It is because Ethereum network got famous nowadays and Ethereum coin has the most growing altcoin in crypto market and has the most volume. Unlike when it price is just under 300 usd, the gas fee ranged from 0.3 usd up to 1 usd, but now as the demand grows for ethereum network, the gas fee takes a high paying price, and then many investors and traders transfers from ethereum network to binance smart chain because of BSC network has only low gas fee for a transaction.

High price of Ethereum, and high demand for ETH computing power, makes the network congested, and thus increases the price in GAS for transfer or smart contract interactions.
It0s basically question of supply and demand

Ethereum gas price is very high because Ethereum is going to popular day by day and price of this coin is increasing so demand of this coin is too high.

To be honest, the inode price for az in the Ethereum network reaches unrecognizable amounts, inode it is very annoying. What is the reason? Because this is the very first network that implemented transactions on the network, it is very popular and there are a lot of transactions on the network ... If such amounts remain, then I think many will change this network for another, because there are already many others and much cheaper.

Unfortunately, this is not entirely true. This is in some way related to the popularity of Ethereum, but not directly. As you wrote, popularity influences the price increase and also the number of transactions in the Ethereum network. And it is the increase in the number of transactions that makes the gas fee grow.

ETH gas prices increased more than 20 times over the time of 2020, Ethereum was the original blockchain to introduce smart contracts. There, in turn, allowed developers to build decentralized applications. With an increasing number of apps built on top of the blockchain, the network quickly became congested, and gas prices went up.

ETH gas fee increased in 2020.This year ETH gas fee more increase. But BNB network transaction gas fee is too low.Now many people use BNB transaction. Recently ETH network transaction is very high gas fee and single transactioner face that problem hugely. I thinks they will be update 2.0 and solve this problem this year.

Simply put, gas fee is the fee you have to pay if you want to make transactions on the Ethereum network. More precisely, it is a fee paid to miners as compensation for completing transactions on the Ethereum network. The more calculations (calculations) are required to complete the transaction, the more gas is required to complete the transaction.