Bitcoin Forum

Good day, all,

 So, there was news recently about the rise in Ethereum's Gas rising to 72 GWEI on the 26th of September, 2023, and I decided to research it.
  
I believe we all know what the term "Gas" is on Ethereum's network. For those who don't,  it is simply the fee per transaction on the network. Gas price is determined by demand and supply in the market and may fluctuate depending on the network congestion and complicatedness of transactions.
 
Now, the causes of the increase include;

The deployment of Curve Finances native stablecoin. This had been long awaited by the Defi community.  The crvUSD attracted a lot of liquidity and actions to its platform,  thereby increasing the demand for GAS.
However, it was later redeployed shortly after deployment and added pressure to the network.

Another thing was the release of " stoner cats" NFTs on the network. It led to a lot of demands from collectors and lovers who rushed to buy them before they sold out.
This increased competition for block space and drove up the gas fees for everyone.

And then, the ongoing memecoin trading frenzy that started with the run of PEPE and continued with other tokens. Transactions took place on uniswap and accounted for 34% of all fees paid on the network in the last week.

This was what I could gather during my research, you can also read more here;

https://bitcoinist.com/
https://www.blocknative.com/gas-estimator

Was it that high? Upon checking on how much the gas fees are, it is not that much as of now unlike to what you've said. While for coinmarketcap, I have checked the fees and it's like this.


At most times, it's always that the network is clogged and that's why the fees are that much. The other day, it was on bitcoin and that's due to ordinals.

Feels like a long time since I last used ETH Mainnet. I generally just use L2 these days for my transactions and I'm fine with it. Btw, it's good to see Curve Finance team and community is still waxxing strong despite the vulnerability that happened last month due to a bug in the Vyper smart contract programming language.

I will check out the details of the Curve stablecoin if it would be any good. I hope it would be a fully decentralized stablecoin: DAI, but better.

The availability of alternatives in the form of L2 makes the gas problem a thing of the past, so every increase in gas fees in the ETH Mainnet simply means that people and decentralized exchanges will move to L2 projects, and vice versa when fees decrease, although for a while I have not noticed gas fees more than ~69 gwei.

crvUSD has seen some momentum, but it is still far from having high liquidity affecting gas prices. We still have liquidity of $36,388,774.11, while some wrapped tokens may have higher liquidity than that.

O0..I'm just general. BTW. This increase in fuel costs was certainly welcomed positively and negatively by Ethereum network users.

Yes. Recently, crypto activity has increased with the birth of meme coins, one of which, like the one you OP, was developed on the Ethereum network. One thing that is certain is that traders have to spend a lot of money to pay transaction fees compared to the number of original transactions carried out on the Ethereum blockchain.

Nah. Its dead flat for the last 4 months:

https://www.talkimg.com/images/2023/09/27/PmQ5d.png

And even if, there is nothing to share. Gas is constantly changing and we can observe it here -https://etherscan.io/gastracker. There is no need to write "news" about it or passing it here.


I think thats the real rison for this thread. Promoting NFT scams.

Ethereum gas is not stable because of steady transaction movements and keep fluctuating up and down and not a new thing to hear about Ethereum network gas fee being high. So it has been Ethereum network culture, before executing any transaction, check when the gas fee's low.

Eversince eth network becomes a congested network and even with high gas fee due to some nft hypes there are still a lot uses the network since its the most used when it comes to dapps and dexes. But if you wanna pay small fees there are lots of L2 choices where you could utilize the small fees. Ethereum network need to scale more to attain a good speed transaction and a cheaper one cause maybe one day the fees cant be compensated anymore or not worth it then users will leave and pick other choices.

The GAS fee you're saying is not as high as you are suggesting. It is currently normal on the Ethereum network, and it occasionally increases when network congestion is high. Traders are well aware of this. It depends on us whether we choose to conduct our transactions at high fees or wait for GAS fees to decrease. GAS fees have been quite low for several months now, but they are likely to increase during a bull run when transaction volumes rise. However, for the time being, GAS fees remain within the normal range and are affordable.

Looks like they cannot really do anything about this problem since most of their customers and investors don't seem affected by this kind of calamity that fallen only to the small traders. They don't really care because as we already know, lots of platforms are being made to counter this issue and they even made their own network with the lowest fees but still they remain behind against Ethereum. Throughout the years this has been the problem for Ethereum users but not its owner and those who don't really find a problem with the large amount of transaction fees because they are rich and also transacting huge amounts of ETH as well which made them blind to that kind of transaction fees.

a few more sites for gas information
https://etherscan.io/gastracker
https://dune.xyz/hildobby/Gas
https://www.gasnow.org/
I have said many times that it is better to pay a high commission, but no one will be able to block your funds on centralized exchanges. And during the period of mass rush, if possible, do not make transactions. Now the situation is very good and gas is cheap.

gas fee reaching low is very situational, not everyone could afford to wait whole week just to execute smart contract transactions like swapping to stablecoin.
its definitely a problem need to be solved, the solution given to wait until the gas fee becoming low isn't solution at all, therefore ethereum is about to solve this problem with sharding their blockchain.

I haven’t seen such high gas price in Ethereum network, even i think right now gas fee is pretty low comparing in the last a few months. Normally, i wouldn’t like to use ETH network because of it’s expensive transaction fee but after long time yesterday i made a transaction with 15 gwei it was fast transaction, i think it was very low. Swapping is different thing, especially in UniSwap you have to pay high gas fee.

I just checked Ethereum network gas 15 Gwei now. I did a transaction on this network last Friday. At that time the Ethereum network gas was 9 Gwei. I did a transaction a few days ago when the gas was 6 Gwei. I have not seen gas 72 Gwei of this network recently. But if the gas increased for some reason, I don't think it stayed long.

Yes gas fee was increases just for sometime because of the reasons concluded by OP. Now GWEI is become normal and the time I am checking now is 30 Gwei now. I usually use layer 2 networks to get avoid from high fee but sometimes coins only available in Ethereum network then There is no way except to bears the high fee burden of Ethereum network. People was thinking that fee issue will be solved once ETH succefully migrated to POS but still high fee issue is not solved. Many projects are migrating to other layer 2 networks. If base network succeeded then most of big project will migrate and fee issue will be solved.

This has been a pain for such a long time because I have been in terrible situations in the past when I needed to withdraw and the gas price was very high, i understand it doesn't remain high throughout the year but it should have been fixed long time ago at the time of migration to POS, but unfortunately it's still a major issue which drives away the users and if this continues then people will opt for other options which are available in the market rather that paying exorbitant gas fees.

Yes ethereum have failed to meet the expectation pf many of its users most especially in the area of gas fees because since the network migration from proof of work to proof of stake which promised to be a better version and give solutions to the present challenges being faced in the ethereum network.

So how long this will persist is still not clear and we have to face it or choose from the multiple choice of alternatives we have.

You just have to timing it when you transact with ETH network as the fees continues to become more volatile as well and that is for some reason. ETH network still one of the most expensive network to transact with, so make sure to double check the fees first before you approve the transaction to avoid a higher cost when you transact, probably the traffic increases and that is why the network feed increases.

This is not new anymore and ETH can’t make any solution to address this issue and I think we have to deal with that higher fees not until ETH develop something new to make it cheaper again. There are cases before where the transacted amount is just a small one and yet they paid a huge fees for that transaction so I agree that you should double check it before you proceed. After all the updates with ETH, they can’t still meet the expectation of many which is to have a cheaper fee and a faster transaction, let’s see how the fees affect the ETH itself.

Fees may vary depending on the network's situation and it certainly goes high when there is a huge number of transactions. But never think it stays high for long as it drops again. Like in Bitcoin's transaction fees, there is a time that is also high and that is not a worrying part. I don't think it was hard to become patient and wait for the gas fee to drop but if you are badly needed for it, then make no choice but to pay the gas fee.

Well, the Ethereum gas fee has already been high for several years already. Unlike before, we can just pay $1 but these days, $10 is quite normal.

True, this has been ongoing for years now, that ETH gas fees is increasing to the point that everyone is screaming that they should do something about it. But I guess moving to Pos didn't help a bit as well, on the contrary it just balloon the gas fees even higher than expected.

So just imagine what will be the look during the bull run as for sure the fees might double that everyone will have to find a way to swap their ETH just to get over this high fees. And it might have a dire effect as well to ETH itself. All we can do is hope that something can be done before the next bull run.

it depends on whether there are many transactions or not, nowadays, the fact that NFT has already faded in term of popularity really make the fee becomes normal again, back then it was NFT that dominates the gas guzzler that causes the transaction fee to increase as well as those airdrops.
right now i rarely see opensea and the likes become number 1 gas guzzler because they starting become irrelevant.
I think ethereum fee nowadays is bearable unlike few months back where it could even reached $60 for just bridging asset to L2.

Seriously how tall is this? Or maybe because you are transferring ETH or ERC20 tokens or NFTs with a high value, so you also need a high Gwei too. Currently, the average gwei is still below 10. Or maybe at that time transactions were also high so there was an increase. Since then, Ethereum gas is still very volatile and can rise high depending on current transaction conditions. especially during the bullish era, usually even hundreds of tokens are needed to transfer Ethereum or erc20 tokens, the nominal value of which is only a small amount. Because that is one of the weaknesses of the Ethereum network, which is exploited by other competitors by providing smaller and cheaper transaction fees, with speeds that are not much different, even the same. Like BSC, Polygon, Solana and others.

thats quite high gwei required actually, even 35 gwei is already costing so much money with current value of ethereum quite literally that'd be massive waste of money.
its always the thing with making transaction inside ethereum blockchain we need to be careful not to just clicking without thinking with the transaction because sometime the gwei can spike very suddenly due to some events
like altcoin project having their airdrop claiming or some sort.

its truly the reason why so many people complained about the gas fee in ethereum, though right now in bearish ethereum has gotten better in term of gas.
its already considered affordable for majority with current nominal thats below 5 gwei sometimes.