Bitcoin Forum

The ETH  blockchain is a crazy place to play now. So I initiated a transaction  about 6 hours ago, the transaction took  6 hours  before it finally got confirmation on the Ethereum blockchain network,  I nearly did the   cancel/replace option.  First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

You already know the current situation of the chain is congested despite all the hardforks or minor ugrades and yet you try to send with the cheapest possible gas hehe.

Ethereum 2.0 status will remain "under development" indefinitely until they finally decide to put an official date for launching so don't expect too much.

Reading complaints about the Ethereum fees is becoming tiring to be honest.

Why should the transaction fail?
Even if you set the gas price to 1 Gwei, the transaction will never fail, unless you set the gas limit to lower than the required amount.
In the case the network is so busy and you use a low gas price, your transaction will take long time to be confirmed. It may take months, but it won't fail.

Choose other chain if you're going to transact with ethereum and erc20 tokens. It's not looking like the gas fee will be calmer soon that's why if you're about to send and there's a way to exchange it on another coin for transaction, then do convert.
This is only good if your funds are at the exchanges but if not, you have no option but to bear with the fees and pay for it if your transaction is needed to be done as soon as possible.

I myself don't really understand how come Ethereum has descend to this level...this is so disadvantageous to the real users of the Ethereum network, the many small players like you and me. I am just wondering who are the people getting rich because of this absolutely shockingly ridiculous but painful high gas fees. Ethereum developers should be hiring help from others so they can solve this problem once and for all...seems to me they are not capable enough to look into this big problem and come up with viable solution/s. We never enter cryptocurrency only to be slapped with transactions costing $50-100 each. This is injustice!

Another hard complaint about the ETH. Not good at all and we are in 2021 year end. If ETH team does not work on the 2.0 at the earliest then ETH is gonna be messy place for real. This much amount in fees is crazy, I would literally shake to spend 24 bucks on the transaction fees alone considering its fiat conversion is huge in my local currency. I don't understand why they did not take the good step when ETH was on the verge of bursting out to high levels (2017 may be??).

These little forks won't do much if they have not already. Kinda started to feel that peeps might be literally holding all the coins because they do not want to spend too much gas fees and thats why the prices are hiking. (Due to holding effect). Lolz.

The Ethereum network is again very congested so you cannot expect the gas fee to simply fall down. But it constantly fluctuates. You could wait for some time for the network to loosen up a bit and start your transaction again. But if you really want a transaction to be done with as soon as possible you will really have to pay the cost.

ETH 2.0 has yet to be fully implemented. You will wait for it a little longer. The schedule seems unfixed. Who knows we will finally have it by December this year. But if not, it is much better to transact with other altcoins. You could simply hodl your ETH. It might rise to $5,000 soon.

Transactions aren't cancelled automatically.
If you use a very low gas price and the network is so busy, your transaction may stay pending for months. But it's not cancelled.

OP has definitely cancelled the transaction (replaced it with another one) himself.

Ethereum chain is the shittiest chain currently, 3 years ago I use to say that Ethereum is a good alternative to bitcoin to be used as a currency but today things are entirely different, bitcoin main chain is 100 times better than Ethereum chain, all thanks to shitty NFTs trend most of which are going to become a shitty asset next years and only like 5% would actually make a good project. It's idiotic currently to send transactions on the Ethereum chain and its token. I hope Polygon is able to solve this problem faced by Ethereum chain by developing it's multi-chain solutions.

What do you mean by "They"? Who are you referring to?
Ethereum is decentralized (at least it is claimed to be) and no one has control over transactions. So, there is no one who can cancel the transactions.
If you want an unconfirmed transaction to be removed from the mempool, the only way is to replace it with another one. Note that this can be done only by the sender.
Even if you replace the transaction, you still have to pay the transaction fee. You pay for the replacing transaction instead.

Your transaction may not enter the mempool if the gas price is set too low. This means that the transaction is not broadcast at all and you have to use a higher gas price.
Not being broadcast and getting an error due to that is different from being failed.

Gas price in ethereum is something like fee rate in bitcoin.
If the gas price is set too low, the transaction may not be broadcast at all and even if it is broadcast, it will take a very long time to be confirmed. But it won't fail.

I know a transaction can fail due to different reasons. But a transaction doesn't fail due to low gas price.

It would be nice if you share more details on this. Is it something like "out of gas"? That error comes from low gas limit and it usually happens when sending erc tokens or transactions that deals with smart contracts as far as I know. It requires more computational power which eats up more gas.

I agree with the sentiments of the OP. But it won't fail after 24 hours, it will continue to be re-broadcast until it picks up, but most likely it won't because if you have set it wrongly or at least the gas fee's is too low then it might take several days. I think by now we should understand that this is a problem and there's now way that Ethereum's current version will not solved this issue. But there are several ways to get about it, you just have to research.

your operation will not fail. However, at the moment, the transaction fee costs are very high as the market is constantly active. As a result, the process you send may take longer. As far as I understand, you are trying to send tokens with less cost. As a matter of fact, if you prefer the cheap transaction fee, the transaction will wait until the price drops there. But when the transaction fee cost drops there, your transaction will definitely be done. However, ethereum transaction fees do not drop easily unless there is a fast dump coming soon.

The new mechanism that already implemented when london hardfork happened didn't meet our expectation and it was even making the transaction fees become even bigger from day to the another day. It never goes down again since london hardfork already implemented. If you're using the lowest gwei to send the transaction and then you will not be putting into the priority transaction by the block. Adding 2 more gwei means nothing and what you need to do to use the average gwei ( medium - high) instead of using low gwei because low gwei will make your transaction gets stuck until the gwei will be going down to touch your your transaction.
That's why try to put medium - high gwei instead if wasting your fees to speed up or cancel your transaction. You need to add more money to make your transaction to be delivered and this is the best choice.
When you're using low gwei for your transaction and that means you're wasting your money and your time. This is the worst thing from ethereum blockchain.

Stop using ethereum network for making small transactions. If you aren't making transactions worth thousands of dollars, then it's not worth using at all. Those DEX fees are also awful right now. You have to pay like $250 in fee if you are trying to swap $100 worth of tokens. Why would anyone even do that? Wait for the Eth 2.0 upgrade, at least the phase 1 where I believe the sharding will be implemented and see if things improve or not.

Fortunately you can use the rainbow bridge to bridge ETH and ERC20s to NEAR or Aurora. Gas fees on NEAR are a fraction of a penny and transactions take 2 seconds maximum. Plus NEAR is easier to use- it doesn't require metamask. I even showed my grandpa how to farm on Ref Finance. LOL

Ethereum is bad for active work on the crypto market now. It costs too much just to transfer money, but when you invest in a defi-project, you need to run at least two-three transactions so it will take more than 100$ in total. I would recommend you to switch to another network and try Polygon or Binance smart chain that have a huge ecosystem like Ethereum has, but at the same time they are very cheap.

Ethereum network congestion is the reason for higher gwei fee! It has been like this for a while, lots of dev prefers ethereum network for their project. As more project deploy on ethereum network, the more the congestion and the price to execute smart contract, tx and lots more. The only solution is for ethereum to scale up otherwise, we are stuck here with high gas fee!

The ethereum network is really making things look so difficult nowadays. I am also having similar situation.

I have a token which I intend to swap for ethereum and withdraw from my metamask but the transaction fee alone is bigger than the actual money that will be left after deduction.

Infact, I need help here.
I'm thinking of bridging the token to Bsc network and withdraw using Bsc network even though I would still pay bridging fee.

What do you think...would that be a better idea?

ETH2.0 I think will solve a lot of these challenges.

Unfortunately with the hype around DeFi as well as NFT gas wars the gas prices have been skyrocketing as a result. Nothing you can really do about it if you are strapped for time for your transactions, but if you have the luxury of time I'd wait until the network is a bit less congested and the NFT hype dies down.

Scaling decentralized blockchains are hard but I think ETH can do it in the long run.

Ethereum blockchain sucks badly and everyone is pretending that everything is alright here :)
Decentralisation, anonymity, fast and low cost transactions!.. Do you remember all this shill crypto spam coming from every blog or channel?
The king is naked, guys!

So to avoid this, either pick up a new blockchain that has smaller fees and avoid eth, cause the fees is not good for retailers and small quantity of trades would be worthless if the gas fee to pay is too high. Not good on ethereum side as customer and users are jumping ship to other projects but what can users do, its not like we will monitor the lower fee sched for using the network.

Crypto price fluctuations are difficult to predict. When one crypto asset goes down, another may actually go up. So not all assets will go down at the same time. For example, you have Bitcoin and Ethereum. At some point Bitcoin goes up, and Ethereum goes down or vice versa.
The condition of price fluctuations can be very detrimental to crypto users who do not diversify their assets. Because by owning a variety of different crypto assets, you can avoid serious losses, because there are other assets that can be used as a foundation or even cover the losses of other assets.
Well, if you have spent capital to buy only one type of asset and are just thinking about diversifying your assets, you can exchange these assets into various other types of assets without the need to buy from scratch. The trick is to register on the Remitano exchange and use their swap feature.
That's roughly what I think.

I have many under 20$ stuff in erc20 and I can't withdraw them neither. There is about 218 dollars total there, none of which that I can withdraw right now because it is spread into many smaller stuff, none of which worths to swap because of how expensive gas fees are. So, I agree with you that ETH needs to find a solution for this, otherwise I do not see them survive for too long. However, the moment people start to leave for other coins or tokens, that usually means there are less transactions and that ends up with the gas fee going down which makes ethereum popular again and then gas fee goes up again. It is a vicious cycle that I do not think that we would see it changed.

I think,If you are small investor then very difficult  gas fee for You. Now ETH transaction impact very high.Always high Gwei 100+. ETH transaction network evry gas fee now 20$-25$ so it is very high small investor.So we should wait for upgrade 2.0.I think they will upgrade 2.0 as soon as possible and solve this Problem.

Given the current situation, I just don't use the ethereum network right now, unnecessarily. Everything has its time. In May-June next year, this network will switch to the PoS algorithm, the Ethereum 2.0 update will come to an end and, perhaps, in the middle of next year, transactions will become much cheaper.
Now you just need to come to terms with the congestion of the ethereum network and temporarily use others.

The whales are still actively using ethereum blockchain to trade as their profit can be used to cover all of their transaction fees.
It's quite difficult because none can help you caused by a transaction fees in ethereum can be used to buy lots of pizzas.  :D

If you're using assets that can be bridged just like USDT, ETH, and any other asset that will let you to swap it from ethereum to the BSC asset and then just do it but the question is bridging was also forcing you to pay big fees. If you can afford it and just do it but remember if you didn't wanna deal with non sense fees in ethereum blockchain and you must use BSC asset rather than buy ERC asset. I have been migrating from ethereum to the BSC and Polygon.

You may know metamask, Trust wallet, set auto eth fee during sending but myetherwallet, blockchain let you set it manually. don't set gas with hurry because i notice gas price keep changing each eight-ten seconds later. Sometimes it suddenly increase a lot within eight-ten sec from its previous one. So you if check 98 gwei & set 100 gwei, it could verily possible gas increase around 150-160 gwei within next eight-ten sec So suggest you to track gas price for 4/5 minutes, otherwise same will happed with you and so your transaction get stuck even giving more fee than required. It might not be fail but taking long time to done, is really irritating. Eth update ​is sleeping, it need time to have its development done

I'm afraid to say that there's nothing we can do about it right now since the traders are willing to pay no matter how much the transaction fees are. The only few people who are affected are those who are making small transactions which now requires them to pay gas fees more than they paid for a product if it is cheap. If only Ethereum can fix this problem right away, it cannot be defeated by its competitors who have worked hard for the remedy this kind of problem.

This to me is a BIG SHAME for Ethereum as practically the network failed especially the small and ordinary users like me. In the past, one can easily send an ERC-20 token or coin to an exchange from a wallet even if it is just worth $5 because the gas fees required is so negligible but doing that today is tantamount of being insane. Right now, I have an ERC-20 coin in MyEtherWallet and I could not yet send it to an exchange due to impossible transaction fees required and sometimes I feel that we are left alone without any help coming from Ethereum.

ethereum 2.0 is still in development and testing stage. You can find the latest update of 2.0 on your favorite cryptocurrency news website. but I don't think this is coming anytime soon. seeing this mess it's better not to make transactions using the ethereum network until they have a solution to this problem.


this is the biggest problem with ethereum, their network is not friendly. and there's nothing we can do about it. we can only surrender. I personally haven't used ethereum for more than 6 months, even though the erc20 token I have has gone up in price. I never once had the thought of selling it, because the fees transaction with the profit earned was not comparable. and it would just be in vain.

Although Ethereum network has improved and it's price really takes a high peak, we should expect it's ethereum gas fee to reach high also, but not quite for long time, i think there would come times it goes down its gas fee and we just have to wait for the good timing to have a lower gas fee for ethereum transactions.

I faced the same issue as you but the difference is my transaction was pending for 3 days and I can't stand it then I decided to cancel it with additional fees of course lol. However, we can't do anything about it for now. Take it or leave it. If it's really urgent to do some transaction with ethereum then be it.

However, I'm confused about the smart contract mechanism. Probably one of you could help me. A project claimed that they distributed airdrop and bounty rewards using their dAPP (smart contract) and set the gas fee at 60-ish gwei. So, if the gas fee touches that point, the rewards will be distributed automatically. But, yesterday the gas fee even touched 53 gwei but nothing happened. What's actually happened? and how the mechanism should be?.

My last transaction was quoted at over 500 usd, fk that. I've moved all of my funds to Fantom and NEAR protocol and now I farm exclusively on Spookyswap and Ref Finance. Never looking back.

although the transaction fees using the ethereum platform are very high, it doesn't make the price of ethereum go down. but few new altcoins are using the ethereum platform due to high transaction fees. and if you want to speed up then you have to increase the cost of the gas needed. if you take the lowest gas then you have to wait a long time for it to be confirmed.

Every transaction that happens in the ethereum network, they're all expensive in fees.

ERC20 and eth are not yet seen to be going down in fees. More than 150 gwei in fees and that's totally a lot that no one will be forced to pay sums of bucks just to continue transaction.

Most provably it could be you made transaction with a little bit low gas fee which was below required fee according to ethgasstation or etherscan that's why transaction was pending three days. You have to spend another massive fee to cancel pending transaction i badly face this issue when i see my transaction is go pending more than a week and i cancelled it by metamask. 

That is ethereum for you in a nutshell, and I avoid it like the plague. Its untouchable. I stopped using it honestly when I was faced with an option of send a token worth $30 with gas worth $58. Crazy stuff here

It doesn't only happen in every 6 hours. In every second, the gas fee is changing.
That is why when we are going to transfer ERC20 tokens, it will be very important to check the recent gas fee for transaction before sending.
And we can wait whether it seems to have decreasing fee or not.
In fact, rights now itself, the gas fee is around 153 gwei for only low transaction, this is very high, isn't this?
And commonly I will delay transferring and waiting for lower gas fee, at least at around 70gwei