Print Page - High gas fee for sending token is still a problem

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

That's anticipated every bull run. Network congestion is the main reason why the fees for sending are increasing. It's way even higher on 2017 for bitcoin paying a cup of coffee during that time. And IIRC, last 2021 was also quite high for ethereum transactions to make.
But what's good with these altcoins, they've got other support on other chains like for USDT which has its ERC20 (eth network), it's got other networks too like in TRC20 although it can't also skip that part because suddenly the fee for transactions being done there have increased too. This problem IMO is gonna be dealt by most projects if there's a traffic and surge on its demand for transfers and transactions through its networks.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Due to the high price of ETH, its fees are much higher compared to dollars. Gas fees were very low in a dip market but it is not unusual for them to rise again in a bull market. But to avoid this gas fee, you have to hold tokens in cex, but it is also very risky, so in bull market, small investors avoid eth network and focus more on bsc, trx, polygon. So you also need to use another chain instead of eth to avoid high gas fees.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Yeah, the fees for smart contract transactions like token swapping and NFT buying/listing can be even higher than simple token transfer. I agree with what @disconnectme said - lately I've been using L2 chains like Arbitrum for my on-chain activity. It has lower fees and faster confirmation times compared to Ethereum, so it's definitely worth considering if you're getting frustrated with the high fees.

Out of curiosity, what kind of transactions are you mostly doing on Ethereum? Maybe we can suggest some specific solutions based on your needs.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I mean that's kinda normal because of the price spike a lot of people use the Ethereum network making it congested and pumping the network fees, you know Ethereum is already a was already a very big network so maybe you could use other networks that are for sure doesn't cost a lot when it comes to fees. Just wait until the network is back and the fees will go back to normal, sometimes there are specific days that fees are down. I mean there's no good way to prepare for it but to buy Ethereum at a lower cost, I mean it's still better instead of paying fees when Ethereum's price already skyrockets to thousands of dollars.

Fees are really inevitable especially if you used these networks and it's a big problem for everyone already in the past, I mean comparing Ethereum to Solana or any other network, a lot of investors will still use Ethereum for some reason. So just need to avoid the transaction especially when you think that the fees were not fair.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

There are only few things you can do:

- Wait until Ethereum scales
- Keep your tokens in exchanges so you don't have to move them from wallet to wallet
- Move your tokens only inside layer 2 solutions
- Use alternative cheaper chain
- Be rich so you don't have to care about the fees.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

- My transaction under erc20 last month was okay for me, around 4$ if I'm not mistaken. Why is the fee increasing again now? no idea at the moment mate.

But I agree with what you said that the chances of earning in altcoins are higher compared to bitcoin, that's true and I'm experiencing that too. But when it comes to large capital investment, bitcoin is still better in the long run.

Quote from: Apocollapse on March 16, 2023, 09:02:02 AM

I think everyone already know if the problem of high gas fee on ETH network seems high likely wouldn't be solved since Vitalik Buterin only give a fake promise over few years, even ETH already updated to version 2.0, the gas fee is still high too.

But if you're don't mind to use the other network, you can to reduce the high gas fee. But you're need to trust the network because you're using a scam network, your ETH will be stolen by them and you're only get a fake ETH.

A significant issue in the space is sending token to someone. The most well-known network and one with the highest transfer fees is the Ethereum network. Following Vitalik Butterin's promise, it has been expensive from the start. However, it is a waste of time since the problem won't be solved any time soon. I preferred to use the TRC-20 network over the fast but pricey ETH network since it is more cost-effective and accessible. It's quick like the Ethereum network, but it's not as secure as ETH because the majority of fraudulent projects create their own unique networks to scam traders and investors.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Not just ETH, BTC as well right now have high gas fees, perhaps it was due to the current rise of the price as everyone wanted to move or sell their bitcoins. So in any case, you need to check everything first before you do your transactions.

And it's just part of the bull run I guess, and there are no preparations for the high fees, it's either you withdraw it with just the normal price and wait a little further or pay high fees for much quicker transactions.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I sent stablecoins yesterday in the ethereum ecosystem and paid fees of 5-7 dollars.
If you have 10 tokens worth $10 for each position, then you are in trouble. With a price increase of 5 times, commissions can cost 30-50 dollars. If you have 10 tokens at $1,000 per position, then if the price increases by 5 times, the $50 fee will not ruin you, and this is a very cheap fee for decentralized storage.

Quote from: disconnectme on March 15, 2023, 03:09:09 PM

I know some people are very bullish on Ethereum be I don't see how because of these high gas issues and in the near future if this is not rectified most of the good and strong projects will likely migrate to L2 platforms plus new tokens will not see Ethereum attractive for listings, these 2 point makes me sit on the fence when it comes to Ether price until I see a significant reduction in gas price. I am bullish on L2 projects and not on Ethereum

I don't believe this, some developers believe that the reason why most erc20 tokens have good value is because of Ethereum, if Ethereum pumps up to 10k for example, even shit coins running on Erc20 will surge as well, if projects should have migrated it should have been in 2017, it is also said that many investors, both small and retail investors prefer tokens on erc20 than BNB and others.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Fees is not just affected by the current trend, it can also be affected by the traffic on that network.
This has been the problem with ETH, though they claimed that this is already solved from their updates but still many are paying huge fees with this network. If you have other option better to use it instead of paying such fees for just a small transactions. Hoping for a better solution for this problem, ETH should take action or else they'll lose more investors in the future.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Usually when the ETH price bull market increases at the same time a lot of rich people burn their money using high gas fees to get fast confirmation, I have long abandoned anything related to ETH, because this problem of gas costs has not been solved at all, but if you have an ERC20 token on the ETH network better wait until it is really high value so you can send the token directly to the exchange instead of doing a swap because it will cost a lot

I would guess that the most recent increase in price once again clogged the market and that caused a lot of transactions to be more expensive. I do not think that this will go on for a long time, it is already at an acceptable level right now, but the reality is that ethereum gas fee problem is not fixed and it shows once again that in the future when there is a big bull run, we are going to end up paying a lot of tx fee once again and paying for that gas fee is not going to be nice.

I mean ETH is the biggest altcoin and that means there will be plenty of tokens under it, and people who would like to use those tokens will have to pay a huge gas fee.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

it's true that ERC-20 can be expensive, especially during times of high network congestion. This can be a challenge for those who frequently send ERC-20 tokens, as you mentioned to prepare for potential gas fee increases during a bull market here is some strategies you can follow

Optimize transactions by consolidating balances, batching transactions or using layer-2 scaling solutions like Polygon or Optimism.
Use other blockchain networks such as Binance Smart Chain, Avalanche or Solana, with lower fees and faster transaction times.
Diversify your portfolio with other types of altcoins outside of Ethereum.
Stay informed by monitoring gas fees and market trends to adjust your investment strategy accordingly.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

The high gas fee of ETH transactions could probably be a long-lasting issue in the crypto world. Because many years passed by but the developers haven't developed yet an effective strategy to help it out. This is because of the network congestion that leaves us no way to bring it down just like 10 years ago. I don't want to expect though but can't anticipate as well that the fees will be growing in the coming days, especially during the bull season as pretty sure the demands will badly increase. This is somewhat an excuse why they convert their ERC20 tokens to another platform for the seek of escaping from paying huge fees when moving their coins to another wallet.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Due to the increase in the price of ETH, the gas fee is increasing day by day. But there is no way to reduce it. Its gas fee fluctuates based on the volume of transactions, so we cannot increase or decrease anything at our discretion. If you are transacting on an ERC-20 chain you must accept this or you will have to change the chain. In this case, BSC, Polygon chain has a much lower gas fee. So you should make your own decision

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I think there might have been an issue yesterday with the gas fees of Ethereum because I saw another post with the same complaint as well, but if we check on the ETH gas station (https://ethgasstation.info/), the fees are not that high at the moment. Maybe there was a sudden spike for some reason and then it normalized later, I'm not sure but it isn't something normal.

I don't believe that this is happening because of network congestion or due to a high number of transactions, but it is more like a glitch or an error within the network. It must be resolved already, and if not, it should be shortly.

Quote from: Ketesnuko on March 17, 2023, 04:21:21 PM

People have gotten used to this problem, even if Vitalik decided not to fix this Gas issue it's never going to be a problem, do not expect any solution from the Ethereum team and dev any time soon, how many years it's been already? If they wanted to fix this issue they would have.

its not that people are used to this gas fee but instead there are other alternative they'd just switch over and not worrying about ethereum, there are L2 and many more, shouldn't expect too much from ethereum that's why they decide to switch over instead, it just makes more sense.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

You do not really have any option, we know that once an altcoin season starts the ethereum network will get incredibly busy, so you need to send enough ethereum to cover the transactions costs on the future, which quite honestly is not as hard as long as you send a reasonable amount of ethereum to your wallet, however if your holdings are very small then things could get to the point in which the fees could be higher than the value of your tokens, with this in mind you need to make sure to select the right altcoins in which to invest so you can avoid this scenario.

Quote from: Retainly_Collie on March 17, 2023, 07:44:41 AM

I've had the same problem before where the tokens were worth not much but the moving fee was too expensive, and made it impossible for me to sell them and accept it could be worthless if not sold in time. .
Depending on the value of tokens on the ERC20 network to decide to make the move, I think ETH has done well in terms of pulling fees low when not congested.
I hope there will be more information in the future, but hopefully next season this won't be an issue for people to switch to another platform.

It is seems that they are already worthless even at the start because if not then I don't think their overall value will be smaller than the fee but don't lose hope yet as some tokens are just late to bloom, sometimes it can took them a couple of years for their value to grow. The high fees that we experienced can be a blessing in disguise for those dumpers to HODL their coin.

It's normal for the fees to subside when the network is congested so don't praise ETH for this but ETH have done a couple of updates/upgrades on the past. Did those help to lessen the fees in normal situations? I don't know it because I am not dealing with ETH and Erc20 tokens anymore.

Quote from: racminer on April 09, 2023, 03:10:02 AM

I came across a strange Ethereum wallet https://etherscan.io/address/0x4DE23f3f0Fb3318287378AdbdE030cf61714b2f3 with unusual behavior. The transactions have abnormally high fees which far exceed the amount transferred. Obviously a sweeper bot is in action here. It seems that 99% of the funds are spent in fees!

It is abnormal activity but is it affected you and your transactions on ERC20 chain?

I check and see Gas now is 20 to 21 Gwei that is not different than the last weekend. Days ago, Gas dropped to 17 to 18 Gwei too. I don't say it is cheap transaction fee as it is about $0.8 to $1 for one transaction but you don't have to spend 200 to 280 Gwei like that user to have quick confirmations.

Quote from: BlackBoss_ on April 09, 2023, 03:23:35 AM

Quote from: racminer on April 09, 2023, 03:10:02 AM

No, it is not affecting me, but I am trying to understand why someone would desperately want to have quick confirmations and spend almost all funds."

The fact that most of your tokens are on an Erc-20 chain amazed me. You must be a fan. Hehe, no, I'm kidding, sorry. Well, this gas issue has always been a main issue that hasn't been solved until now, even though some solutions have been offered by Vitalik and his team. But because of its utilities and popularity, Ethereum has still become the "King" of altcoins. However, they really need to address this issue as soon as possible before people get really fed up. I've met so many projects in the Erc-20 chain trying to solve this by becoming multichain projects or migrating to Layer 2 platforms; let's hope it will happen to your tokens too. From your side, I can't really give any suggestions other than to minimize token transfers now to save gas for the coming bull season and find other tokens that are not ERC20. Pardon me to be lame.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

At the time I'm posting this, the gas fees range from $0.77-$0.85 which is for me not that high TBH. You only feel the high gas fees if you are sending small amounts of coins under Ethereum Blockchain.

As expected, more transactions will happen in a bull market, and when there are many tokens under Ethereum that are being traded, there will be a network congestion then after that, gas fees will increase because many people are willing to pay more gas fees just to let their transaction to be a successful one

Most of your tokens are ERC-20? You're asking for a good way to prepare? Maybe a few months before the "expected" bull market starts, put the coins that you will sell in to different exchanges already. In that way, you will not wait for your transaction to be successful, and at the same time, you can sell your tokens immediately. The question is when do you think is the "expected" bull run?

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

If you're willing to sell your altcoins in the upcoming bull run just move it to an exchange that has a good reputation, since the gas fee will keep increasing in a bull run it's better to move your holding right now. because a lot of people moving their Ethereum and ERC-20 tokens no wonder that the Ethereum gas fee keeps surging.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

It's day to day basis though, I mean there are days that the network is not clogged, but there are when a lot of activities are going into the blockchain. So I understand that with the ETH moving to PoS it's supposed to solved the problem of network fees, but as you can see it's not so I guess we will have to live with it for the time being.

And not to burst the bubble, but it could be worst when we hit the bull run next year.

So just prepare for the worst, just like when we have the same issues with many altcoins and bitcoin too as everyone is going to be in crypto in the next bull run, 2024-2025.

Quote from: raidarksword on April 09, 2023, 12:22:18 PM

Network congestion on Ethereum is pretty normal now hence many users have been interacting with it that's why that's an inevitable for the ethereum gas fees to rise up. This was always been a problem despite all the updates though the gas fees has been not that outrageous now unlike before it was a pain in the wallet.

And never I think this could be solved. The only thing we can do is convert ERC20 tokens to another platform that only utilizes small fees like XRP. I use this strategy for a long time and I save a lot. Unfortunately, this never applied to all, especially if we are sending to wallets that never support this coin as some are not. Otherwise, we leave no option but to pay huge fees as we can't expect that it lowered down because even during the bear season the fees are still high and it rises more as the bull season comes.

Gas fee remains terribly high, but it is because the upgrade that will really address the gas fee isn't underway yet. The best way to prepare for the bull market is to buy as many Bitcoin or ETH as possible. Since the gas fee is high, you would be discouraged to spend or use your ETH. You will instead use other coins. This is actually to your advantage because it means you are keeping with you a solid altcoin. When the bull run comes you would be happy that you've kept ETH instead of other coins. In fact, I think it's better to convert some of those ERC-20 tokens into ETH.

Quote from: Bay_Harbour_Butcher on April 09, 2023, 03:12:30 PM

In my opinion, the problem of high gas fees for transactions has been a problem for a long time, especially when a bull market occurs, gas fees will go up very high, but I personally prefer to use the BSC network rather than the ETH network, because it is much cheaper.

Not only BSC, currently the Layer 2 ETH Network is no less fast and cheaper. Layer 2 network is made specifically to overcome the expensive fee gas. But for now, Gwei ETH gas is quite stable, unlike before when ETH was still using the POW ecosystem, and now moving to POS, gas costs are cheaper.
Cheap networks for layer 2 at the moment are Arbitrum, Optimism etc.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I have more interest in altcoins than bitcoin because they give more ROI,

Wow, This is a quite difference preference, but this is your choice, so no offense. This will probably gives you more profits but also more risks.
Btw related to the gas fee especially for Ethereum, right now, the fee is still low enough. During the Bearish era, the fee for Ethereum network is around 20Gwei. But this will be a rising up of course in the bullish era. So this will depend on the rate of Ethereum itself. So far, free for Ethereum network always becomes the reason why it is too hard because the fee sometimes is very high until we are not willing to send the token. That is why we must be smart when to send the tokens while the price is still low.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

this is why I really hate Ethereum because the Gas Fee is very expensive,
but it cannot be denied that EThereum still dominates the crypto market and it is clear that Ethereum can be priced at $ 1,000 more,
but if you want it to be much better and cheaper, my advice is just use Binance Smart Chain and of course fees are very cheap there.

Quote from: Inspiron14 on April 09, 2023, 10:10:36 PM

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

The bigger the chain, the bigger the gas fee; the larger the amount to be transferred, the larger the gas fee as well. Been existing for years. When Ethereum 2.0 was launched many people thought that the gas fees would be smaller but there ain't nothing much of a difference. This is why there are alternative coins to choose from; to achieve less of gas fees in every transaction. Also, there's this surge of the transactions which makes the gas fee high and it lowers as the 'traffic' lossens. On my end, I prefer using Bnb for transaction because for me it costs lower than bigger names in this industry, and still with assurance of the transaction. Problem only would be if the project or platform only accepts particular tokens and for sure big ones would be used; this is where you should just embrace the gas fee or wait for it to be lower through time.

Quote from: Inspiron14 on April 09, 2023, 10:10:36 PM

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

BSC network is indeed cheaper when it comes to fees. however, it depends on where the person wants to send his funds to. sometimes you have no choice but to use the ETH network. but since a lot of exchanges are now offering different networks, check your options first before sending. sometimes you only need a lil bit of research to get cheaper fees.
you can always consult also the eth gas tracker site (https://etherscan.io/gastracker) to see how much fees are they currently siphoning from the users.

there's still quite frequent sudden hike of gas fee which is really ridiculous considering there have been many layer 2 solution and still it increase that much anyway, the thing is that, many of the layer 2 are still using ethereum massively, these l2 are quite frequently executing the smart contract inside the ethereum main blockchain meaning it just adds up some traffic and they're quite proud about it. I'd say these L2 are adding no solution but just make things getting worse, but I guess soon after some time they'd eventually find solution that minimise their use of ethereum main chain meaning it could some how reduce the current traffic of ethereum but at the mean time it's just gonna make things worse.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

(....)
because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

There are already a lot of projects or platforms that started on the Ethereum network before and now became available to other layer 2 networks which EVM compatibility. This means, these layer-2 networks are running on top of the Ethereum network and you can guarantee that the gas fee is extremely low compared to the Ethereum network.

This is also a problem before from my side, Ethereum became a whale's territory now. If you are just retail and you can't afford the gas fee or too much for you, then go for layer 2 networks like Arbitrum.

You are right, the high gas fees for transactions on Ethereum has become a problem for users, especially those trying to send ERC-20 tokens. This is due to the growth in demand for the Ethereum network and its bandwidth limitations, which lead to the fact that users are forced to compete for access to network capacity.
Luckily, there are several ways to fix this problem. First, you can try to send a transaction during a period of low demand on the network, such as at night or on weekends. Secondly, you can use networks that are not based on Ethereum to send tokens, such as Binance Smart Chain or Polygon (Matic). These networks have lower fees and process transactions faster. Third, you can use gas pools such as GasNow to determine the optimal gas fee for your transaction.

Quote from: MIner1448 on April 10, 2023, 08:47:18 AM

The suggestions are not bad, but at the same time I think the very first one is very difficult for most people to implement.

If the network is congested the most likely reason for this to be the case is that there is an important movement on the price of ethereum and people are either buying or selling desperately, and a trader cannot miss those moments, so there is no room for waiting until things calm down because if you do by the time you can pay a low fee for the transaction the movement is over and you left a lot of money on the table, so during those moments you have no other choice but to join everyone and pay a high price for the transaction fee.

Quote from: fvb on April 10, 2023, 05:47:43 AM

This happens all the time. And many of my tokens have just been sitting in my wallet for a long time. Because the gas price is high and it makes no sense to transfer tokens to exchanges. So let them be in the wallet, but for now I use other networks

Yes, high gas fees have always been a problem. This becomes a bigger problem when someone holds a small value token in their personal wallet and wants to sell it for some reason, as gas becomes more expensive than the value of their token. And this is why many people refrained from trading Erc-20 tokens due to Ethereum's high gas fees. And new projects started to build their tokens on Bep-20 by skipping Erc-20. But Ethereum's gas fees have dropped significantly in recent times

Choosing an altcoin to invest in is an important decision and needs to be carefully evaluated. On the cryptocurrency market today, most of them are linked to the Ethereum chain and many projects are developing on similar chains. So, for those interested in investing in altcoins, the willingness to pay high gas fees is a matter of concern to avoid unnecessary risk. To prepare for a bull market, you should consider evaluating altcoin projects thoroughly before investing. You should research projects with stability and reliability, and determine the risk ratio and potential return of each project. If you are interested in avoiding high gas fees, you might consider looking for newer projects or contributing to new developing projects on other project platforms like BSC or Matic. Finally, remember that investing in cryptocurrencies is a personal decision and is always risky, so make sure you have a clear understanding of what you are doing before making an investment decision.

Quote from: coinerer on April 10, 2023, 10:47:03 AM

Yeah! unlike before, gas fees are the main problem and the reason why my altcoins in my bounty ETH wallet are stuck until now because back then when you want to sell them, you cannot unless you sent some huge amount of gas fees in your wallet and it's not really worth it because you only get few returns from the bounty rewards you get minus the gas fees you spent. That's based on my personal experience and also you cannot rush to sell your altcoins whenever the gas fees are high.

Quote from: ije07 on April 10, 2023, 02:19:54 PM

The cost of gasoline today is said to be cheaper because the services provided currently range from 25-29 gwei and are estimated to cost $1 for transactions from wallet to wallet. which is very crowded with the transactions and usually occurs at the time of the bull market, so to overcome this, it is best to transact during hours outside of busy hours so that Gwei gets relatively low, or you can also manually change the Gwei to one that is lower and be patient when doing the translation.

it is very long if you manually change Gwei because the withdrawal is very long and you can wait for an indefinite period of time, now gas is very expensive and it’s not worth making any unconsidered transactions. only if necessary. I do this.I make transactions only when selling altcoins

Quote from: yazher on April 10, 2023, 01:47:53 PM

Quote from: coinerer on April 10, 2023, 10:47:03 AM

Most of us are getting affected by this. Imagines moving $20 worth of token and then paying 10$ as a gas fee due to network congestion, you can never find that it is worth it, we ended up not sending any more. That is why many bounty and airdrop hunters are too disappointed but can't help it anymore because it was already a long issue and never had any solutions. I think we need to embrace that this is gonna happen in ERC20 tokens and ETH. We can never expect that to turn back low but rather think it increases.

Quote from: ije07 on April 10, 2023, 02:19:54 PM

I'm gonna consider 29 gwei to be ridiculously expensive considering the fact that usually executing smart contract requires tremendous gas and it might take $10 just for smart contract interaction which is very ridiculous if you compare it with some other blockchain that usually only takes 1/100 of what ethereum requires you to pay, it's just ridiculous that the scalability in ethereum is really bad and it seems it'd just stay like this for other decades into the future.

Quote from: Natalim on April 10, 2023, 09:51:33 PM

Quote from: yazher on April 10, 2023, 01:47:53 PM

Quote from: coinerer on April 10, 2023, 10:47:03 AM

And because of this, Erc-20 tokens are seen to create very few new projects. Although now the amount of gas fee has come down. These high gas fees were especially a big problem for bounty and airdrop hunters. Investors always invest a potential amount so gas fee is not always a big problem for them. Many believe that ETH 2.0 will solve this problem. But how much it will really work is questionable.

Ethereum gas fee will always be a big problem, it's also the reason so few project nowadays are actually building something in ethereum blockchain instead many just ditch this blockchain and using some other alternative like matic, moreover, the presence of many layer 2 like arbitrum, and optimism seem didn't really help that much, I'd say if ethereum wanted to get that share of new project capitalization to their coin, they should really take care of their gas, but here's the thing, even though the gwei required seem relatively small for many, consideirng the value of ethereum that's quite high compared with its initial appearanace, they gonna be having hard time solving this problem, their only option is through layer 2. but even then the bridging cost of layer 2 also quite tremendous but at least speaking from my experience, you could save hundred dollars just from swapping, even many layer 2 platform are using this advantage for marketing purpose.

Quote from: JayTrain on April 10, 2023, 08:46:38 PM

An eye on gas fees and plan their transactions accordingly.This may involve waiting for lower gas prices during periods of lower network activity, or exploring other options such as layer 2 solutions or other networks with lower fees. As the crypto space continues to evolve, we may see new solutions emerge to address the issue of high gas fees on the Ethereum network.

Exploring other options are our rights and we can do that. Some people did and layer 2 options got a lot more attention, and layer one alternatives got a lot of investment too. Look at the top 20 and you will see alternatives to high transactions everywhere there, all those projects were created as an alternative to current situation and that should be as good as it gets.

It is not going to be a troublesome thing but as long as we believe that we will be able to have our options open, that means high transaction fee can't go on forever. Because if ETH goes high, we will go to sol, avax, matic whatever and as a response to that ETH will not have as many transactions and the fee will drop as well.

Quote from: shinratensei_ on April 10, 2023, 10:34:18 PM

It is a big problem that is why I don't think about it, instead, I look for a solution to save fees. But unfortunately, I didn't find any solution other than paying high fees just to move ERC20 tokens from my wallet to the exchanges, otherwise, they only stuck in my wallet forever. Yet, there is a way to cut some costs and that is to wait until the fees drop a little bit and take that opportunity. Yes, it was very small but at least, we save some cents.
Honestly, most of us are complaining but I think that we don't have any option other than accept the reality as ETH gas fee is difficult to lowered down when the network congestion remain high.

Quote from: daenarys_stormborn on April 13, 2023, 05:43:50 PM

I always use the BSC network in crypto transactions because the gas fee is much cheaper than Ethereum, but it is undeniable that Ethereum still integrates more with other altcoins, so the role of the ethereum network is still very important, especially during a bull market, the ethereum gas fee will be very high

there's certainly reasons why layer 2 is always famous whenever there's release, it's because they offered solution to this problem and different with binance and even matic, their native coin that's being used for paying the gas fee is ethereum, so basically you'll have more leeway of using the blockchain without ever worrying you don't have the native token to pay for gas fee.

Quote from: MIner1448 on April 10, 2023, 08:47:18 AM

It is a problem if you are a poor person and you are transacting small amounts. You will feel that the fees are already close to what you are going to sell or maybe more than that sometimes, when the network is fully loaded. For the rich and whale users, they can disregard the surge in fees.

I remember there's even one whale who send a small amount but the transaction fee is valued at a million dollar, damn. It was like they are playing with their money. You gave good tips there on how to lessen the fees. I've tried all of them but I am currently doing the second option because I'm impatient and can't wait any longer when doing a transaction.

Quote from: darewaller on April 14, 2023, 10:30:32 AM

Even whales got hurt for the hight fees takenin their transaction since it could also hurt their profits knowing that they transaction crypto on daily basis for their investment matters. And we see this problem exist when network clogged on ETH before where many got pissed of by fees together with transaction takes time before it landed to wallets.

At the moment we didn't see this surge since maybe the demand is not so really high since maybe many are still doubting to accumulate maybe due to bearish treat which is feared by some traders.

It may be a little bit off topic, but a good way to get ready for that scenario you just described would be to invest in gas tokens.
I have read about them before and I am not sure they are still a thing, those are tokens within the blockchain of Ether which increase their value proportionally with the demand for space in the blockchain/mempool of Ethereum.

So if you are bullish on altcoins and at the same time you thing that gas will continue to surge, you may want to do your own research on gas tokens and see if you can speculate with them, so when the alt season comes, you can profit off the high gas price.

Not financial advice, obviously. ;)

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Transaction fees on the Ethereum network rise whenever there is pressure and demand on the network and when there is increased activity by users who cause network congestion by a large number of transactions and through the markets of NFTs, so there are two solutions in front of you, either to choose a time when the network is unoccupied and does not have pressure such as off-peak times, or you can use other networks as alternatives and solutions for lower fees. Me, I prefer Polygon, BSC, Optimism, and Arbitrum, and I see that the fees in these networks are low compared to Ethereum in which fees may reach more than tens of dollars per transaction, So the choice is up to you.

Quote from: disconnectme on March 15, 2023, 03:09:09 PM

I totally agree with you, we started a project years back on ethereum, hoping the new ethereum upgrade will fix the high gas issues, but we were left disappointed,
we have since started explore alternatives like stellar blockchain making use of batching features to carry out many transactions and still pay same fees, I think ethereum can think in that direction as well, if the gas issues is solved, ethereum will have massive projects coming on board

If you have been experiencing with the previous bull market and you might know so well what happened with ethereum fees during the bullish market. You can use this as your reference to know the historical chart of ethereum fees right now

https://bitinfocharts.com/comparison/ethereum-transactionfees.html#3y

You can see if ethereum transaction has ever touched $200 bucks for a single transction. That thing could repeat. Ethereum has a very slow block transaction and it will be better to avoid use ethereum blockchain for the transaction during the bullish market. Your profit may be only used to pay the transaction fees.

The second layer solution has been giving us more choices to avoid the high fees in ethereum blockchain. The only solution for this.

1. Use second layer solution which was supporting ethereum or EVM compatible like Optimism, Arbitrum or Zksync.
2. Use first layer solution that is also having EVM compatible.

I think it's not only the problem of altcoin market or ETH in general, but if you look at BTC mempool right now, it's up to more than $7 to do a transaction. I haven't seen this one since 2017 mempool clogging.

So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.

Quote from: carrie_white on May 05, 2023, 06:50:44 PM

the problem with the ethereum blockchain is always the expensive gas fee, especially when the market bullish, the ethereum gas fee will be very high anyway, that's why I prefer to use BSC, because it's much cheaper even though the market bullish

BSC has less traffic of course it will be having significantly cheaper fee, even right now the trading volume between the two differs a lot.
the problem with eth is that there are too much airdrops claiming and even NFT minting, it's on daily basis, it trigger the change in fee heavily.

Quote from: Kemarit on May 05, 2023, 09:07:33 PM

I wonder if it's caused by constant transaction of the layer 2 transaction batch submitter in which consistently submitting transaction every second, instead of helping ethereum keeping the transaction off chain so that the ethereum transaction reduced, it instead further clogs the ethereum by increasing traffic since we all know there so many meme coin minting in these layer 2.

Quote from: Kemarit on May 05, 2023, 09:07:33 PM

The same thing, the last time I've seen the fees to be this high and even higher was during that year.

Quote from: Kemarit on May 05, 2023, 09:07:33 PM

So this is very bad for the whole crypto market in general, investors and traders are going to be frustrated. I know that it's going to be cleared, but if you are in a hurry and wanted to send someone some ETH or BTC to exchange to Fiat then this is the bad time. I'm not looking for a fix, just hoping that it will be cleared as soon as possible to enjoy the benefits, just saying.

And it will be even gonna frustrating to see when these media again publish how expensive the fees are. It's going to be another fiesta for those media that don't agree with crypto and are just waiting for some events like this for them to give exposure to the public.
Sure, it will be another great headline for them that will easily trigger a lot of readers whether pro or anti-crypto. That's how their business works but they're on the position to do that because they're on that business.

Quote from: blockman on May 05, 2023, 11:55:05 PM

Quote from: Kemarit on May 05, 2023, 09:07:33 PM

The same thing, the last time I've seen the fees to be this high and even higher was during that year.

yes, it was this high when metaverse and general blockchain gaming which requires so many transaction are still a thing. right now they are rather miniscule if compared with the nft minting and airdrops. it also still rather baffles me how many developers out there still deploying their nft and coin in ethereum blockchain i mean there are quite literally so many second layer solution already out right now and they just choose ethereum just because it's popular with the down side and disadvantage of paying the tremendous gas fee as high as more than $100 just for transfering erc20 which is ridiculous, and not only that, even the participants that claimed airdrops and mint nft are willing to do that knowing the value of the thing they claimed more likely less than the fee used, which is ridiculous.

Quote from: shinratensei_ on May 06, 2023, 12:26:33 AM

Quote from: blockman on May 05, 2023, 11:55:05 PM

Quote from: Kemarit on May 05, 2023, 09:07:33 PM

The same thing, the last time I've seen the fees to be this high and even higher was during that year.

I guess this has something to do with the hype coins that have been lately flying like the meme coins and Pepe coins. The NFTs during 2021 have also made the fees too high, while we're near to the bull run again. There have been projects left and right and developers are quick into making something again that shall gather the attention of many investors. From this, they're making cause for the traffic in the network that results for the fees to be high. While for bitcoin, the fees are high as well and this is ridiculous where you can see almost everywhere that the fees are nowhere to be found but all of them to be crazily high. I'm just thinking positive on this that we're actually near to the bull run.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Well that's the big problem specially when the token is very low price it will end up like the gas fee is higher than the amount of token that we sell or we buy, i already experience it that is why i am now looking for a token than runs through different networks not in erc-20 only because of the gas fee.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

lately, the fees for altcoin transactions have been very disappointing, gas is very expensive today and making transactions is very expensive today, apparently, the price will not fall soon, but not long ago in 2017, transactions were miserable and you could drive altcoins wherever you want, we will expect a drop in gas prices in order to make some kind of movement

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder

This is a major concern and the main reason why coins like bitcoin and ethereum and the rest have not gone full adaption, and when you build project on them, the high cause fees will make less people to use it but i think blockchain as a technology is still in it's infancy and i strongly believe in the future, they will navigate around it and offer cheaper fees, I would love a situtation where app builders on blockchain will be able to specify fees they want their users to pay. It will make massive sense for me

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I am also the type of investor, that is preferring to invest into altcoins instead of into bitcoin. I joined the crypto market back in 2017 and even back then it already felt to me like i was already to late for Bitcoin, because the early investors had already made a x10000 or something with bitcoin even back then and i just don't like to invest into such projects. I only invest small amounts into crypto so if i invest 100$ into bitcoin then maybe those will be 200$ in a few years but that is not really an amount that will do anything for me.
The current fees on ETH make it's whole chain almost completely unusable for me. I only make small investments and if i have to pay 50$ for a swap than i prefer to not make a trade at all.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

If the market experiences a bull run, of course the token transaction fees on the Ethereum blockchain will be even higher. This also happened before during the 2021 bull run. However Ethereum 2.0 can reduce gas fees when making transactions, but does this only apply to Ethereum transactions, while for token transactions it remains high. If the blockchain is busy, then Gwei will increase automatically, so the gas fee is even higher.

Quote from: disconnectme on May 06, 2023, 07:18:09 PM

The gas fee on Ethereum is crazy and I just don't know how those people trading on it expect small accounts to make money from it, I saw an account spent $81 to exchange $100 tokens on Uniswap, he should have waited or not make the trade at all because it is a zero-sum game, the only winner hear are the whales, If your portfolio is less than $100k there is no need to use Ethereum network move to other chains and compound your gains

there are some coins airdrop that still outweight the fee needed so someone are just gonna go on and swap their coin despite the massive fee, heck even yesterday it requires $200 for just swapping which is ridiculous yet so many are still doing it because they think at least they still made profit from the swap even though 80% of the profit get eaten by the fee alone.
i recommend to just use layer 2 these days, moreover many of the activities are now moving over to the layer 2 anyway, like nft minting and some meme coins airdrops. but we can't deny the fact that many good quality platform are still fully deployed in ethereum, can't deny that even though some of them already deployed their smart contract in layer 2.

Quote from: disconnectme on May 06, 2023, 07:18:09 PM

Because Etherum is very busy network comparing with other chain. But it’s true that ETH transaction fee is very expensive even in this bearish market. I always avoid UniSwap it’s not for small traders, sometimes here swap fee is bigger than your initial token price which is ridiculous.

Quote from: blockman on May 06, 2023, 09:14:23 AM

It isn't specifically caused by hyped tokens or coins since not all of them are released on the ETH network and they mainly support multiple chains, it is pretty rare these days that a token or a coin is only available on a single chain, interoperability has become the new norm for the projects launching in recent times.

The fees on the Ethereum network have always been a problem since its inception, that is the reason why developers decided to switch the network to PoS so that it can process more transactions in less time with lower fees.

You are more interested in altcoins and you only know how to use the ecosystem on ETH :) , maybe you should look at the problem a bit more when we can easily find other solutions with the system. eco has lower fees. I'm thinking if you're FOMOing shitcoins or memes on that system, if that's true then you also need to understand the risk and return you need to accept for your behavior. With the overall return from investing in altcoins I think there are many ecosystems in this space that provide a pleasant experience so you really do your research, dumps from BNB, AVA, DOT, MATIC, SOL,... lots of places to look.

The increase in Ethereum gas fees can cause many difficulties for cryptocurrency wallet users. The best way to get ready for the bull market and reduce the risks associated with sending tokens from one wallet to another is to approach some Ethereum alternative. For example, consider using other blockchains like BSC, Solana or Polygon, where transaction fees are lower and transaction confirmation times are faster.

Alternatively, you might consider moving your tokens to another version, which is not based on the Ethereum chain. For example on the BSC or on another technology platform like Cardano, Polkadot or Avalanche. This can help reduce the load on the Ethereum chain and help reduce gas fees. Before making any changes, you should thoroughly understand the different blockchains and platforms and make a decision based on the facts and your needs.

Quote from: Rampagoe004 on June 14, 2023, 11:21:42 PM

You can switch to another network like BNB, MATIC or ADA. They have smooth transaction speeds and low GAS fees.

As long as there's the option to go with other networks for those altcoins that you're about to transact or send then that's much better.

But AFAIK, still, not all of these altcoins do have supports for their other networks and that's why those that are into ERC20 that has need to pay for the high fee needs to pay the fee.

Quote from: Rampagoe004 on June 14, 2023, 11:21:42 PM

BTC is the mother of crypto but with expensive GAS fees and slow transaction speeds this is a problem BTC needs to solve.

You don't call gas fee if the transaction is made in bitcoin. And this problem isn't for bitcoin to solve but those altcoins that needs to solve their own scaling issues.

Quote from: Rampagoe004 on June 14, 2023, 11:21:42 PM

You can switch to another network like BNB, MATIC or ADA. They have smooth transaction speeds and low GAS fees. BTC is the mother of crypto but with expensive GAS fees and slow transaction speeds this is a problem BTC needs to solve.

Binance and Matic are more favorite than Cardano, I've never even seen some NFT market or DEX platforms use ADA as a fee,
so indeed these two coins are Binance and Matic who will replace Ethereum if Ethereum doesn't fix the gas fee problem,
even though the Ethereum ecosystem used to be far away better and busier than now.

Quote from: mdzahed134 on May 07, 2023, 05:54:49 PM

Quote from: disconnectme on May 06, 2023, 07:18:09 PM

Fee is less in the L2 network, but no one uses it. Therefore, you have to pay the cost of the transaction in the main Ethereum network. But everything is simple here, if it is profitable, and you need to urgently carry out an exchange, then you will still pay. It is a pity that the best times are gone. Now, the developers of any blockchain make money on you. I doubt that there is such a need to pay for the functioning of the network. If everyone refused to carry out such expensive transactions, then the commission would decrease. All this is artificial. Blockchain has become a centralized system, unfortunately. Nakamoto Satoshi's dream is dying.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

We do have different blockchain which it isnt really that just focusing on erc20 but cant really be denied that there are lots of projects under erc chain which it isnt shocking that they are really that somewhat

dominating in the market but come in mind that we do have BEP20 which is on binance chain which fees are way too cheap but surprisingly there are still having that huge demand on most tokens sitting on erc20.

Yes, its been a main problem on erc20 on having that huge gas fees on transferring token and this is why most of shit coins or meme coins being created is mostly on binance chain.
You would eventually be able to see and compare it out specially on checking out those DEXe's. Making up some small amount transactions is never been that worth
on which it would really be just that eaten by the gas fees and this is why there are lots of people who had been hating up on making tx on eth chain.

Quote from: carlfebz2 on June 15, 2023, 10:37:49 PM

~snip~dominating in the market but come in mind that we do have BEP20 which is on binance chain which fees are way too cheap but surprisingly there are still having that huge demand on most tokens sitting on erc20.

Yes, its been a main problem on erc20 on having that huge gas fees on transferring token and this is why most of shit coins or meme coins being created is mostly on binance chain.
You would eventually be able to see and compare it out specially on checking out those DEXe's. Making up some small amount transactions is never been that worth
on which it would really be just that eaten by the gas fees and this is why there are lots of people who had been hating up on making tx on eth chain.

BEP20 is also quite cheap but try to use the MATIC (POLYGON) chain, it will be cheaper and even very cheap. I quite often use the MATIC chain for some trading on Dex or to make withdrawals from some exchanges or do arbitration using the cheaper MATIC chain. Besides that, chains like TRX can also be another option for cheaper withdrawals compared to having to use an ERC20 chain, which we already know will be very expensive.
only in certain cases I use ERC20.

Quote from: Joeyp on June 15, 2023, 08:03:05 PM

Switch to TRON network, TRON transfers ( ~3 each day ) are free. Plus there are various tokens, like Tether USDT in TRON network.

they are really good solution for sending stablecoin honestly, their fees are so cheap that it's always worth it when it comes to using stablecoin in this blockchain.
though there aren't many tokens deployed there and also even meme coin is very few in there which categorized as some shitcoins.
i think the problem that forces people out there to use the ethereum blockchain is that the emergence of newer coins that gonna steal attention of many and become the next best coin
ever which gonna increase in value more than hundred times is always in ethereum, not in some place else.

Quote from: SyndicateLabs on June 13, 2023, 06:11:48 AM

Altcoins had some different functionalities from Bitcoin, no wonder why many people are hooked on them. We can't blame him if he only knew ETH. He might be one of the pioneers in crypto because ETH was among the first altcoin to be introduced to have a smart contract functionality. If he is a die-hard fan of it, I know that he is also aware about the problems of it and that is why he is here complaining about the gas fee.

There are solutions for it. One is like you said eco but I think this was rarely used compared to others so maybe they are much better than it? Shitcoin are risky but also very rewarding. It's up to us if we take the risk and pay more for the fee but there were also shitcoin in other networks. The risk on them is much lesser.

Currently, high gas fees for sending tokens within cryptocurrency systems remain a persistent problem. The fees required to process transactions on blockchain networks can sometimes be very high, especially during high network congestion. It can then be seen that if a customer tries to send a small amount of tokens, his transaction has little benefit with the cost. This high gas fee then makes that user unusable. This problem currently causes widespread problems and disruptions for cryptocurrency customers, which hinders the possibility of daily transactions. However, efforts are underway to explore alternative solutions. This high gas transfer will continue to hamper its usability and accessibility until an alternative solution is developed.

Quote from: kamvreto on June 15, 2023, 11:10:56 PM

Quote from: carlfebz2 on June 15, 2023, 10:37:49 PM

You know most of the coin didn’t deployed in Matic chain so it’s a main problem we can't use it and missed this opportunity. But i see now there are so many coins implemented in BSC network, so this is alternative way to sell tokens with low gas fees instead of ETH Network.Same thing in Tron network, a very few coins are deployed, so there are no way to use it without USDT Tether.

Quote from: mdzahed134 on June 16, 2023, 07:27:23 PM

Quote from: kamvreto on June 15, 2023, 11:10:56 PM

Quote from: carlfebz2 on June 15, 2023, 10:37:49 PM

Even with a very high gas fees, developers still choose to deploy on ethereum knowing that there are a demand on that blockchain. As an investor,, I don't find it helpful knowing that we all gonna suffer from ridiculous gas prices. Developers should consider blockchain that offer cheap gas fees. I don't know the technical side of things on how they deploy a token on ethereum but fundentally, ethereum is a strong project and even many project had tried and achieve to outperform ethereum, People still choose erc20.

Quote from: mdzahed134 on June 16, 2023, 07:27:23 PM

Quote from: kamvreto on June 15, 2023, 11:10:56 PM

Quote from: carlfebz2 on June 15, 2023, 10:37:49 PM

But you still have to pay a fee for using the bridge from ETH to BSC. Perhaps this approach is beneficial for large volumes, but for small amounts, such a fee simply kills.

Quote from: timoshani on June 16, 2023, 08:57:36 PM

Quote from: mdzahed134 on June 16, 2023, 07:27:23 PM

Quote from: kamvreto on June 15, 2023, 11:10:56 PM

Quote from: carlfebz2 on June 15, 2023, 10:37:49 PM

But you still have to pay a fee for using the bridge from ETH to BSC. Perhaps this approach is beneficial for large volumes, but for small amounts, such a fee simply kills.

Using up instant exchange or swap sites neither would really be that convenient or not but of course when it comes to fees then you should really be that wary about on how much of the amount they would be slicing up on the overall amount that you are tending to sent out. It would really be that understandable that they would really be taking up some slice which its never been that
new and this is how these services do make out some revenue too but most of the time it would really be majority be using up the recommended network fees in between chains.
This is why it would really be better on making some withdrawals manually but there are really that exchangers which do really charged up more + with the casual network fees
which would really be making the burden more heavier but if you are filthy rich then these things wont really be an issue.

Quote from: Rampagoe004 on June 14, 2023, 11:21:42 PM

The only problem is that these networks are not as decentralized and reliable as Bitcoin or Ethereum. As it's said in the real world, "you get what you pay for". When you pay high fees, you're essentially paying for unmatched security and decentralization. Of course, the network will be congested due to high activity/load. But you'll rest assured your transaction will go through no matter what. Not like Solana that often goes down due to its centralized design (even though you're paying very low fees per transaction).

The future of crypto lies on off-chain scaling solutions (aka Layer-2). It's the safest approach to scale crypto without "harming" the main Blockchain. People are often looking for convenience, so I'm pretty sure they will quickly adopt L2 networks after they're perfected for mainstream use. Who knows if high fees become history some point in the future? Just my opinion :)

Quote from: Jocuserious on June 17, 2023, 06:36:58 PM

Forget eth network and move on bsc network for reducing your transaction fees. Last few years the price of eth increasing lot of so that's why transaction fees goes up. So it’s not our hand work even It's your own choice any jumping anyone network for transaction token. But we can just suggest you for taken bsc network that's great reduce fees.

if only it's that simple but the truth is the ecosystem differs greatly, the closer ecosystem of eth that would be those second layer of arbitrum and the likes where you could easily convert your eth arbitrum to eth homestead ethereum main blockchain, then you're set other than that, i just find the solution of moving over to some other blockchain wouldn't solve anything.

Quote from: axxo on June 17, 2023, 12:02:08 PM

Yes, high gas fees for sending tokens on the Ethereum network continue to be a problem, Gas fees are the fees paid to miners to process transactions on the network. The fees are determined by the level of network activity and the complexity of the transaction. In recent months, gas fees have been on the rise due to increased demand for the transactions on the Ethereum network. This had made it expensive for users to send tokens, especially for small transactions. There are several solutions have been proposed to addres the high gas fee issue, including layer 2 scaling solutions such as rollups and sidechains, which can process transactions off-chain and then settle them on the Ethereum network.

the gas fee aren't paid to miners anymore there are no miners since ethereum switch over to PoS, and the proposed solution that was supposedly to solve the high gas fee
problem are such massive dissapointment honestly, these off chain solution using second layer instead add further burdens since they are still submitting their batch transactions in ethereum
blockchain, basically these second layer solution are instead of solving the problem, they just add some traffic, you can see the contract that spends most gasses are in general included these second layer sequencer or some batch submitter contract among the highest ranks.

Quote from: bittick on June 17, 2023, 11:08:25 PM

Quote from: Jocuserious on June 17, 2023, 06:36:58 PM

The Ethereum and Binance smart chain ecosystems are indeed different, but if we force transactions on the Ethereum network which has high gas fees,
of course you also have to be prepared to issue these fees, for now we can switch to cheap ones, such as the Polygon network or Binance smart chain.

Quote from: terencio on June 18, 2023, 01:07:49 PM

I also have some altcoins on the Erc-20 chain, and I find it hard to move them around without paying a lot of fees. However, I think there are some solutions that can help you reduce the fees and be prepared for a bull market. One solution is to use a Layer 2 scaling solution, such as Polygon or Optimism, which can offer faster and cheaper transactions on Ethereum.

Then we have the same problem. I also have coins that I want to take out from MEW and I cannot do it because of the expensive fees, especially in the ERC20 department. I think the lowest is $3-4 just so the transaction would go through without any issues. Because before there was an instance where I paid more just because it keeps on failing. If I remember it right, it cost me $20 in total until I realize that I must not use the lowest transaction service to push through. Now, I don't want to happen again but I lack the amount needed in my old MEW account. Sending it some will be another waste of money and it may not be worth the fees if I do it.
I have not tried the services that you mentioned yet. I may check that out and see if a solution can be done in a cheaper way.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I have more interest in altcoins than bitcoin because they give more ROI,

Indeed, altcoins can provide a significant ROI compared to Bitcoin, but you should still exercise caution, as altcoins are also highly risky.

Quote

but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

One solution to avoid high gas fees is to use other blockchain chains such as Binance Smart Chain (BSC), Tron (TRX), or Polygon. These chains offer lower transaction fees and can serve as alternatives for investors who want to avoid expensive gas fees. For your altcoins that are primarily on the ERC-20 chain, I believe there is no other option but to sell them and start researching other chains if you want to expect lower transaction fees. If you choose to remain on the ERC-20 chain, then you will have to accept the high gas fees.

Quote from: Madu$11 on June 18, 2023, 05:20:15 PM

Network congestion is now quite normal in Ethereum so many users are interacting with it so it is inevitable for Ethereum gas fee to increase.

It somewhat cleared for now, maybe everyone wanted to have a very cheap transaction fee, just like what we have seeing before. But I guess we won't have that experience as the fee might be ok for now, but there could be factors that might affect the fees again. So we can't be sure of the fees in the future. Specially when we are in a bull run, I'm seeing network congestion again, IMHO.

Quote from: Madu$11 on June 18, 2023, 05:20:15 PM

In my opinion, the issue of high gas fees for transactions has been a problem for a long time, but I personally prefer using the Tron(trx), BSC or Polygon network instead of the ETH network. , because it is much cheaper

Tron(TRX) is good, but still though, I don't know if it is just me, but I also find it quite expensive. But the good thing is that we have a lot of options for now like what we have mentioned. It's up to us what we wanted to use to be able to get around with this high tx fees.

Quote from: globalpain on June 18, 2023, 01:07:58 PM

Quote from: bittick on June 17, 2023, 11:08:25 PM

Quote from: Jocuserious on June 17, 2023, 06:36:58 PM

Polygon network not famous yet but bnb network very famous right now. There are many new project which wanted prepared bnb chain so it’s called best way. Eth network was very helpful before long year but now it has to much high gas fees which not comfortable for small investors.

Quote from: Jocuserious on June 17, 2023, 06:36:58 PM

You can't ignored Eth Network so easily because you know still it’s a highest using network in altcoins, most of the project implemented in this network, so it’s quite difficult to not use this network, people’s frustrated just for it’s crazy transaction fees in the last few years. That's true now Bsc can be alternative way to reduces gas fees.

Quote from: terencio on June 18, 2023, 01:07:49 PM

then the question arise, is your erc-20 token also deployed in these blockchain? if the answer is no, then it's useless using these layer 2, also polygon i think is not layer 2, it's standalone blockchain.

Quote from: danherbias07 on June 18, 2023, 01:33:02 PM

You need to be careful not to end up paying a very low fee that will end up getting rejected by the network. I've used to paid low gas fees on smart contracts a few years ago, only to realize that my transaction got canceled. My ETH was lost because of this. If you want to avoid this, pay a decent gas fee according to network activity. Etherscan's Gas Tracker is a great tool that lets you know ETH's gas fees in real-time.

I know high gas fees are frustrating, but that's the cost you pay for decentralization. Other chains provide low fees, but they're heavily-centralized (eg: BNB and Solana). I guess you get what you pay for. Luckily, there are off-chain (L2) scaling solutions similar to BTC's Lightning Network on Ethereum. Solutions such as Optimism and Arbitrum have low fees and blazing-fast (near instant) speeds. I know on-chain fees won't stay high forever, so all hope is not lost. Just my thoughts ;D

Yes, high gas fees for sending tokens are still a problem in the cryptocurrency world. Gas fees are the transaction fees paid to miners to process and validate transactions on a blockchain network. The fees usually paid in the native cryptocurrency of the network such as ether. When the demand for transactions on the network is high, the gas fees tend to increase, making it expensive to send tokens. This has been a recurring problem in the ethereum network, especially during periods of high network activity, such as during ICO's or when there is a surge in decentralized finance activity. There have been efforts to address this issue, such as the implementation of layer 2 scaling solutions like Polygon and Optimism, which aim to reduce the congestion on the main Ethereum network and lower gas fees. Other blockchain networks like Binance Smart Chain and Solana have emerged as alternatives to Ethereum, offering faster transactions speeds and lower gas fees.

Quote from: Romeotom on June 28, 2023, 10:53:04 AM

Ethereum gas fees high a long time ago even now this time everyone want use bsc network. When a small investors sending token then they indeed lot of transactions gas fees but it really a big problem. Anyway every new project has making bsc transactions system where investors buy there token by spending low fees.

You can use Binance Smart Chain (BSC) if that is applicable and the token is convertible. But having these ERC20 tokens which are very common to the market, they'll get no other option but pay huge fees in every transaction. That is why I suggest moving it in bulk or not investing ERC20 tokens anymore because this fee seems hopeless to see it rolling back down but instead, it probably growing up.
I can't really imagine transferring tokens worth $50 while paying $10-15, that is not worth it (for me).

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Yes, the huge transaction fees are making ERC tokens useless. I have a couple of tokens on my wallet of value around $20 but what I'll get by transacting them is net zero. Put some eth for fees allow access to uniswap, exchange the coins to Ethereum and get those ethereum back to my personal wallet, I'm getting exactly what I sent for tranaction fees. Ethereum is still a good trading pair is centralized exchanges but there's no way it could get volumes in dexs and dapps. There are many alternatives to it but whenever one of them gets much attention, the fees rises again making it less attractive. Still the fees would be much lesser than ethereum network.

Quote from: Romeotom on June 28, 2023, 10:53:04 AM

switching over binance smart chain only good if you have investments in token that deployed across various blockchain otherwise its not gonna be that effective.
the thing is, most of token are in ethereum, I think current gas fee still make sense if the amount of investment is quite big, after all with blockchain regardless whether you're investing big amount of money or small the fee will be the same when you did some swapping.
I guess the people with smaller capital also project with relatively low market capital already ditching ethereum and instead move over to second layer.

Quote from: tsaroz on June 28, 2023, 03:25:32 PM

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

well, we know that the risk of using coins that use the ERC20 chain has a very large fee. one way to reduce expensive fees is to wait for the gas to come down. however, there is no other way to make the fee cheaper, which is why there are very few transactions for coins using the ERC20 chain on dex or dapps. in fact, very many complain about this. however, if you use a coin that uses the chain, then you need to take into account the fees that you will pay. I even have leftover ethereum in several markets and I can't use it at all because the fees are quite expensive.

Quote from: tsaroz on June 28, 2023, 03:25:32 PM

There are some ERC-20 tokens that are true "gas guzzlers". That's because the developers of the token did not optimize the code to consume as less gas as possible. The same thing happens with dApps (smart contracts). There are too many useless ERC-20 tokens on the ETH blockchain making fees soar like there's no tomorrow. We can blame "meme" tokens like Shiba Inu for this.

Unless ETH developers increase transaction capacity of the Blockchain, things are only going to get worse in the long run. Not even off-chain scaling solutions (L2) such as Arbitrum or Optimism will work. These networks have ultra-low fees and blazing-fast speeds, but they require you to make a "deposit" on the main ETH blockchain which consumes gas. I wouldn't advise moving to other chains unless you don't care about decentralization/security/reliability. Let's hope someday ETH gets better with low gas fees for everyone. Just my thoughts ;D

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I think it’s worth preparing for the worst, the price of gas has grown very much lately, I think that it will continue to grow persistently, before all transactions cost a penny, it was possible to make transactions endlessly, since it was not expensive, but here now it's expensive, it's worth waiting for better gas prices

Quote from: Abiky on June 30, 2023, 05:40:55 PM

Quote from: tsaroz on June 28, 2023, 03:25:32 PM

Your analysis resonates with some of the major pain points plaguing the Ethereum ecosystem. Indeed, gas inefficiency is becoming the Achilles heel of many ERC-20 tokens and dApps, undermining the scalability of the Ethereum network. This problem, in essence, results from unoptimized code in smart contracts, often due to the developers’ neglect or sometimes, lack of expertise.

In terms of increasing transaction capacity, although it seems like an evident solution, the trade-offs could entail potential security vulnerabilities and centralization, thereby straying from Ethereum's decentralization ethos. Layer 2 solutions, while promising on the surface, are not the magic pill we all hope for. They do indeed necessitate interactions with the base layer, and hence consume gas.

Migration to other blockchains often entails compromising on aspects integral to blockchain's value proposition such as decentralization, security, and reliability. It's a bit like jumping out of the frying pan into the fire. The pursuit for a silver bullet solution must continue, but we should brace ourselves for a world where high gas fees might be the inconvenient reality.

Yes indeed high gas fees for sending tokens are still a problem. Ethereum, which is the most widely used blockchain for sending tokens, has seen a surge in gas fees due to increased demand and network congestion. This has made it expensive for users to send even small amounts of tokens. There are some ways to save on gas fees. One option is to use a layer 2 scaling solution like Polygon, which allows for faster and cheaper transactions. Another option is to wait for periods of low network congestion to send transactions, which can significantly reduce gas fees. Users can also optimize their transactions by setting the appropriate gas limit and gas price. Setting a lower gas limit can reduce to overall cost of the transaction, while setting a higher gas price can help ensure that the transaction is processed quickly.

It also applies to testnets. The fees are ridiculously high. Take Linea for example.

When I try to complete a swap, adding or removing liquidity, bridge and other tasks, sending, depositing and withdrawing tokens, etc., the fees in testnet are so expensive. In Linea alone I have spent like around 30 gETH and maybe more to come just to complete their Voyage quests (especially the current DeFi week where I am spending a lot of it and it’ll end on July 4th).

0.5 Linea ETH a day from the faucet isn’t enough so I just need to buy it using my own money under the mainnet ETH. Due to the congestion, the highest gas that I am paying was approximately between 1 to 2 gETH per action. Normal ones are between 0.2 to 0.7 gETH.

Quote from: Bolivar_Tony on July 01, 2023, 10:11:09 PM

High Gas is really a problem with ethereum and most blockchain networks but what i normally do is that whenever the gas fees are low, I normally move them to centralizes exchanges and leave it there so that i won't incurs high gas fee, I know it's risk but i am trying to avoid high gas fees for transactions

the other option would be to move over to the second layer alternative for the sake of avoiding the fee but then again it would still requires some fee when sending even in the second layer solution even though the fee significantly lower.

Quote from: Psynthax on July 02, 2023, 11:12:21 PM

Quote from: Bolivar_Tony on July 01, 2023, 10:11:09 PM

I think we should use arbitrum or optimism Network for saving our fee. most coins is now available on these layer2 network also and we would not pay high gas fee for token transfer or bridge fee if we transfer Eth(layer 2 network) to our wallet and then buy coin in uniswap or sushiswap supporting layer 2 network and almost all Ethereum network coin available to buy and sell. i am using same strategy because uniswap fee is more than 10$ which small buyer like me cannot afford.

Quote from: Ngemmeng on July 03, 2023, 12:37:30 PM

first, it doesn't matter even if you are more interested in altcoins but most of your portfolio should be bitcoin because bitcoin is the most popular crypto and lowest risk investment. related to tokens that are on the ERC20 network has nothing to do with bullishness because what causes high gas fees is not bullish or bearish but the density of transactions on the network.

Bitcoin or other top coins I feel to be the first choice for investment,
after that invest some decent altcoins but really need to do some research first,
implement a diversification strategy I think it's a good thing.

Quote from: Ngemmeng on July 03, 2023, 12:37:30 PM

honestly investing in bitcoin and giving huge share of investment towards bitcoin is not something that you must always follow.
some people have toleration towards the risk higher than other, so they could freely invest in some random altcoin all the wants, though we all know how bitcoin is good for investment some people just want that speculative nature of some altcoins.

I'm seeing this high fee issue since 207, probably it is started during bull run of 2017. Many people were taking about It'll be solved but still no progress, maybe because people are keep connecting with altcoins everyday and most of Newbies bought bitcoin and ether for safe investment among all altcoins. Thats why ether Networks are always busy and charging high gas fee. I think you can keep checking fee update and transfer your token when gas fee is low. Keep transferring ecr20 coins randomly will takes high fee. So don't transfer if it isn’t urgent. Better to keep it on exchange if possible, but only if your investment is small. Otherwise if exchange Hacked, then You'll lost everything. But if your investment is high, then i Don't think rich people care about fees

Quote from: Ngemmeng on July 03, 2023, 12:37:30 PM

it cant be denied that bullish will definitely affect the gas fee, you should've already figured out that there is some real correlation between the increase in gas fee
whenever there's bullish because in bullish the density of transaction as you said is getting higher and higher.
if you're veteran holders, you definitely know back then when NFT was massive added with some blockchain gaming, the fee was becoming so high, more than when the market isn't even in a bullish.
I'd say the market trend, have massive influence towards the gas fee.

Quote from: Hypnosis00 on July 05, 2023, 10:31:23 PM

This is already been an existing complaint for many years already and no solution has yet to find from the developers. It is very unfortunate but somehow, we leave no other option but to pay huge fees if we wanted to move our ERC20 tokens and accept the reality and keep moving. We can't just give up because of high fees and we don't need to wait either to decrease before taking it back otherwise, we are wasting our precious time. And we can't expect as well the team will settle it down as we've done the upgrades but still have no impact on its fees.

Yes, we did have that Shanghai upgrade on which lots of people had believed that this would be already the solution on that long time problem of high gas fees on erc20 but surprisingly despite of this kind of problem

which ETH still sits on #2 on the entire market which is amazing. We do know that this fee problem is something significant which it does prove out on how good ETH project is due that it do able to compensate out
despite of those flaws. Sooner or later then we might be able to have that kind of solution into such problem and this is the main reason on why i dont really like on making ETH transactions due to those
horrendous fees or something not really that worth at all.

You would be only moving $20 to another wallet but it do make out some charges of fees which is more than on the amount that you are about to transfer
which it is really that pain in the ass.

Quote from: Blitzboy on July 01, 2023, 06:24:33 AM

It seems that ETH developers have decided to follow centralization just to make the Blockchain more "efficient". Their intentions to reduce the number of validators on the network says it all. They want to reduce the minimum amount of 32 ETH to 2048 ETH for staking. While less validators will result in higher performance, ETH will become more centralized as only exchanges and the wealthy will be able to acquire the 2048 ETH required for staking and supporting the network. Most people don't care about this, as long as fees are reduced in the long run. This will bring negative repercussions to ETH, because it will be easier for the government to "shut it down" at will.

We'd have to decide whenever we want decentralization at the cost of higher fees and slower TX confirmation times, or all the other way around. I'd choose decentralization even if I have to pay high gas fees per transaction. If ETH keeps this up, I believe Ethereum Classic (ETC) will "eat up its cake". That's assuming it stays PoW forever. No one can predict the future, so let's hope for the best. Just my opinion :)

The high cost of gas for token delivery is a problem in today's market. Despite being more attracted to altcoins with higher ROI potential, Ethereum's high gas fees can be a barrier when sending tokens. To prepare for this situation, there are several steps that can be taken, such as choosing the right time, deploying a more efficient blockchain network, selecting a compatible wallet, considering token consolidation, and keeping scalability solutions. Staying abreast of the latest developments and adapting strategies is key in dealing with high gas costs in the market.

Quote from: asrinur on July 09, 2023, 03:46:33 PM

The problem of short-term players is different from long-term players, I imagine the story of a person who regularly trades on a certain ecosystem, at ERC20 we all understand its limitations are appearing. and accepting it as something you may or may not necessarily be bound to participate.
Nowadays there are many other ecosystems that are developed with much cheaper speed and fees, but the reason people FOMO and go to places like ERC, or more recently the name BRC20, is that the game is short-term and the price to pay for these problems.

Quote from: asrinur on July 09, 2023, 03:46:33 PM

but high fee gas only occurs on the ETH network and this high gas fee is due to dense transactions on the ETH network. what ERC20 token holders can do is look for when the gas fee will decrease because there are times when the gas fee on the ETH network will decrease. and indeed people with limited capital should avoid ERC20 network tokens.

Quote from: Ngemmeng on July 09, 2023, 10:55:21 PM

Quote from: asrinur on July 09, 2023, 03:46:33 PM

even waiting wouldn't be that easy, it reminds to previous small bullruns that happened few weeks back, quite literally the blockchain is crowded, doesn't matter if you wait until 24 hours big fat chance you will still pay the high gas fee at the end of the day, because the blockchain quite literally have dense traffic 24 hours.

Quote from: Abiky on July 07, 2023, 10:35:27 AM

Quote from: Blitzboy on July 01, 2023, 06:24:33 AM

I agree with what you said, but truth be told in my own opinion for ethereum to move forward and gain more adoption world wide, they need to trade something off to make their gas fee cheaper, this gas fee have over the years delayed ethereum penetration into different sectors and many project are taking advantage of that, Just know that few dollars might not mean anything to you, but there are parts of the world where people live below a dollar daily, So adoption wise, it's a good move

Quote from: Ngemmeng on July 09, 2023, 10:55:21 PM

With the increasing number of transactions taking place on decentralized exchanges (DEX) like Uniswap and the emergence of token memes increasing every day, it will certainly be difficult to reduce gas prices on the ETH network. because DEX is an exchange that costs more than CEX, Also, we know the tax system on memes, this is the reason why in ETH drives the increase in gas usage. IMO

Quote from: masulum on July 10, 2023, 03:06:40 PM

Quote from: Ngemmeng on July 09, 2023, 10:55:21 PM

High transaction on ERC20 Then the gas fee will also be high maybe due to ETH has been in the high prices and many altcoin using network ERC20 on their project so that's all make sense if gas usage so high. If we see 4-5 years ago gas fee of ERC20 is a cheap too i can say gas fee is not different with BEP20

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

You can use cross chain to swapped the network to bsc if those tokens are also on bsc. But to tell you the truth altcoin are not a guaranteed way of investment, anything could happen to altcoin whereby those investment may not rise again after experience much dip so it's advisable to centered most of interest on bitcoin.

Quote from: masulum on July 10, 2023, 03:06:40 PM

We can blame Vitalik and developers for making ETH a "Turing Complete Smart Contracts Platform". They should've separated contract deployment/execution from the main blockchain. In other words, leaving smart contracts off-chain. Now it's too late to do anything about it, especially when ETH is already launched for mainstream use. Changing the network's architecture would require a hard fork. It's yet to be seen whenever validators will approve a fork or outright reject it. Exchanges are now the dominant force of the ETH blockchain with their customers' stake, so they can do anything they want.

It's possible fees will decline in the future, at the cost of a more centralized blockchain network. Most people won't care because they prefer convenience. I guess we'll be left with Ethereum Classic as a decentralized alternative with cheaper gas fees and faster block times. Who knows if it replaces Ethereum (ETH) in the future? Just my thoughts ;D

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

So for you to be able to enjoy the roi that altcoins gives you must also be ready to bear all that comes with it in form of high gas fees and the rest of the other problems that faces some of the altcoins, most especially the area of network congestion which is the major reason for the hike iin gass fees and delay transactions confirms that is sometimes experienced in the Ethereum network.
Indeed altcoins could give sporadic value increases but then also we must be prepared to face it high risk also and the possibility of losing almost all our investments if the market goes wrong.

What you can do is, waiting! Not all time eth asking high fee for transactions. So You can rather wait till reduce traffic on eth network. But if you are in hurry, then There's no good way at all. reducing fee by using different app, could make your fund stucked and make you wait then expectation during this highly busy network. So we are helpless, have to give such fee if we want to transfer tokens through this erc Network. That's why its better to move others network like bsc as right now most of token released with bsc version too. but because of increasing competitor, I hope, eth will solve this problem fast

Quote from: JahriMeayer on July 22, 2023, 09:22:58 PM

When making a transaction, the most important thing is to read and be thorough, make sure the network and address used are appropriate, and pay attention to shipping costs, which must be considered carefully. If you choose a cheap shipping fee, the shipping transaction must wait a little longer, whereas when you use expensive shipping capital, the transaction process will be faster. The most important thing is that the network remain appropriate so that the assets you have are not lost.

Quote from: TribalBob on July 10, 2023, 02:34:24 PM

gas costs so far there is no solution for the erc20 network I think there is nothing to do but wait for the low shipping costs to make transactions and calculate more profit from selling the coins you own.
Shipping costs make small traders often discouraged and it is better to hold coins until they are worthless than suffer losses because shipping costs are greater than the value of the coins that will be sold later.

at the end of the day it depends whether the dumping of coins gonna outweight the gas fee required, also those that follows airdrops in ethereum aren't rarely wasting so much money just for the sake of gas fee.
yet devs are still eager deploying their project in ethereum.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

This has been a complaint for many people for a long time, therefore most of the bounty hunters and project managers currently prefer the BSC Bep20 Token over ERC20 because one of the main factors is the high cost of gas and this is of course a matter of consideration.

Quote from: asawale on July 22, 2023, 10:30:15 PM

Once you concentrate on conducting transactions on Ethereum network at some points, the gas fees keeps getting higher and higher. It is better to look for tokens investments either on layer 2 Ethereum or any other Blockchain which offers low gas fees.

Indeed. For people who are disappointed with the high fees on Ethereum network, there are many other tokens that offer cheap transfer fees. Tron (TRX) and Polygon (MATIC) have very cheap transfer fees, they are also trusted altcoins. These altcoins are perfect to be the options, there will be no more issues about high transfer fees.

Quote from: radjie on July 22, 2023, 11:26:56 PM

True. The problem of expensive fees on Ethereum network was already discussed since last year. It is not a new issue, everyone understands it very well. That's why some people prefer to choose Binance, Polygon, or Tron for the solution. Although Ethereum already made some improvement, the transfer fees are still not really affordable anymore. Well, bounty hunters and bounty managers prefer to choose BSC or Binance chain now.

Quote from: radjie on July 22, 2023, 11:26:56 PM

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

i don't think thats the truth honestly, token that are gonna be deployed in bsc usually already pre planned to be deployed in bsc.
meanwhile token that are gonna be in erc20 still regardless of the fee required will still stays using erc20. the thing is that there is some certain fundamental differences between the two ecosystem.
you could easily see that many recent airdrops are using Ethereum blockchain regardless of the fee required and the funny thing is that, many people are still following it anyway.
just prove that the fee might not be of concern for these airdrops and new projects in general.

Current my transaction few days later when claiming coins with ERC20 network, spent almost $20 with $8 fees for claiming and left $2 for sending coins, in my wallet still left 10$ and I filled huge amount for protecting with gas transaction up and down drastically. ERC20 network have higher gas fees for transaction, we need spent more than fees to anticipation if transaction failed and we still have enough fund for sending coins.

Today have many option for lower fees transaction because all network have tried with lower fees from Solana, Matic, and BSC, but many coins dominance by using ERC20 network and we need have much fees for sending than other network needed under $1 will be success sent coin or claiming coins from pre sale.

Quote from: Bobrox on July 23, 2023, 06:59:22 AM

Fees are insanely-high. An ordinary person won't be able to interact with the ETH blockchain on a daily basis. Only whales and the wealthy will. Luckily, not all hope is lost since developers are planning to introduce a series of network upgrades aimed to improve scalability. The first step towards the reduction of on-chain gas fees would be to implement Sharding. With upgrades such as Proto-Danksharding and Danksharding, ETH will become bigger and better than ever.

In the meantime, we have no other choice than wait until gas fees decline, use an off-chain scaling solution such as Arbitrum or Optimism (L2), or simply move to an alternative Blockchain network. Who knows what ETH's future will look like? Just my thoughts ;D

Quote from: Abiky on July 27, 2023, 04:50:09 PM

Quote from: Bobrox on July 23, 2023, 06:59:22 AM

Yes, I still remember back then when ETH was one of the cheapest and fastest coin as compare to BTC. But there has been a lot of changes and still up to this day, they haven't resolved the huge gas fees that their holders are experiencing or complaining although they have move their fundamentals.

Quote from: Abiky on July 27, 2023, 04:50:09 PM

In the meantime, we have no other choice than wait until gas fees decline, use an off-chain scaling solution such as Arbitrum or Optimism (L2), or simply move to an alternative Blockchain network. Who knows what ETH's future will look like? Just my thoughts ;D

There are a lot of alternatives already, maybe some of us are using it, not not yet moving to off-chain scaling. It doesn't mean though that Ethereum will be affected, as we can see still the second coin as per market cap. But at least for us, we have a options now that we can used and there could be competition again in the future as new projects will come up with cheaper gas transaction alternatives.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Perhaps the gas fees on the Ethereum network will increase further during a bull run because the price of ETH will likely rise, and the network may become congested due to the high volume of transactions. It would be wise to prepare and have enough gas for the bull run while the price of ETH is still low.

Quote from: Adreman23 on July 27, 2023, 10:21:16 PM

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

the thing with gas fee is that there is still no way to keep it low, even without bullrun its already high because ethereum have high enough price, a measly 10 gwei already costs more than $10, i think its because ethereum was made with mindset that the supply is so many that they think having gas fee system like that might suffice but turns out each ethereum was priced really high.
it will get even worse when the value of ethereum kept increasing even if the traffic isn't congested the fee will be massive regardless.
thats the thing with ethereum, and thats why L2 are so popular right now.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

I mean if you don't want to deal with it or see too much risk in those gas fees then bail out sooner than later and put it into a coin with its own blockchain or into platforms with much lower fees, like polygon. I tend to steer clear myself because if you only own a low amount it cost more to send than what you would receive back.

Quote

The Copy Trade feature of Bitget exchange appears to be its most advantageous feature. You can mechanically imitate successful traders’ trading techniques using this feature.

Pros for using Bitget:

Bitget has low transaction fees
Strong regulatory foundation
It doesn’t charge you any fees if you want to buy cryptocurrency.

Bitget Fees
1. Trading Fees
Spot market
Unlike other exchanges, which normally charge 0.2% fees for spot trading, Bitget, however, has a standard trading fee of 0.1% for both makers and takers making it more user-friendly than other popular exchanges.

Futures
Bitget Charges a standard trading fee of 0.02% from makers and 0.06% from takers in future trading.

Using BFT, the native Bitget token, to make payments will reduce transaction fees by 30% (find out all about Bitget fees here.)

2. Withdrawal Fees
A BitGet withdrawal’s cost varies depending on the asset, the network’s condition at the time, and other factors. Bitget does not support fiat withdrawals as of now.

For example, the fee for withdrawing Bitcoins is 0.0005 bitcoin per withdrawal. For ETH withdrawals, you pay 0.005 ETH.

3. Bitget Deposit Fees
Depositing cryptocurrency to your Bitget accounts is free of charge. For instance, if you use an over-the-counter (OTC) service, you can buy USDT with Chinese Yuan (CNY) through Alipay Bank Transfer. But there is a variable fee when making purchases through third-party payment merchants.

Deposit Methods
There are multiple ways available for users to deposit into Bitget and buy cryptocurrencies with fiat currencies. Users can use payment methods such as Visa, Mastercard, and Google Pay to Buy crypto. That’s not all Exchange also features P2P trading and Bank deposits.

https://coin-labs.com/en/guide/bitget/

Has anyone even considered the possibility of switching exchanges to see which of the charges or fees are better?
I was going through a post and learnt of the centralized exchange Bitget, which originated from Singapore and used in China, US, Canada and some other countries.
From my findings,(this link ain't the first research link I have visited before now) it's quite understandable and might be a competition or more of a solution to the issues of high fees.

Am not so sure how it functions but it shouldn't be any different from Binance operations. I had to share if anyone finds this useful.

Quote from: Abiky on July 27, 2023, 04:50:09 PM

Quote from: Bobrox on July 23, 2023, 06:59:22 AM

Sharding, Proto-Danksharding, and Danksharding sound like an alien language, right? But they're our saving grace here. They're the upgrades that will ensure your ETH experience is more like a ride in a fancy convertible than a rickety old bus.

In the meantime, while we're waiting for ETH's glow-up, its worth considering some plan Bs. L2 solutions like Arbitrum and Optimism or alternative Blockchain networks can be good fallback options.

I can't help but chuckle thinking about how much "dank" this whole situation has, but remember, Rome wasnt built in a day. ETH's future is like a suspense novel - cant wait to turn the page!

These Ethereum gas fee make me not invest in alt-coin early stage of Bull Run in last market and has been a Big lost not to invest in Shiba Inu coin at early stage, after doing my research, I want to buy Shiba Inu coin worth of $50 and gas fee's was barrier to me, because only gas fee charge was $80 as of then, while buying a coin worth of $50, which is total $130 and I could not buy, which I later regret, when Shiba Inu was established and the same quantity I want to buy pump to $300,000 or more than that. Since then any alt-coins I want to buy, I go ahead without making a second mistake.

Quote from: Heulahee on July 28, 2023, 11:34:24 AM

Yesterday, when I was sending one of the coins from my trust wallet to Mexc exchange, which was in the ERC-20 chain, took me around 8$ just to send, which is so huge. But I have noticed one thing, happen to me. Whenever I send something at night in the ERC-20 chain it cost me high as compared to sending at day time.

Gas fee flactuates depending on the activity of the blockchain, it is applicable to major blockchains in crypto. A high gas fee is because of network congestions. Being on a night or day doesn't matter since on gas prices since transactions are always active. A massive number of people transacting on a single time frame can increase the gas fee. One example of this is when there's a obvious movement on the market where people are rushing to make a transaction to either make a profit or save themselves from losing a capital.

Quote from: Roma66 on July 30, 2023, 05:52:30 PM

It's not good Ethereum gas fee high now.Ether chain used people next time didn't interested used this chain.I hope this problem solve soon.Small amount token didn't sent this network because highly gas fee.It's problem some days I noticed this.Ether chain network busy now. Transfer big problem now.I didn't sent ether chain my token,This is big fee for now.i wait when gas fee low.

They have been saying that they will have developments regarding this in the future but it's been years and their users still got the same struggle. This is why most users are now switching to other network which I think is also a good idea for them to be able to trade smaller coins with lower fees.
If Ether would still have the same issue, more users will surely choose to trade with other networks to save gas fees. We know the convenience that Ether could provide but we also want to save huge funds from gas fees. I know that they are already noticing this problem but wondering why they are having a hard time fixing this.

I think high fee issue is the only major issue of eth, that makes people annoying with eth. Its one of the old problem, that is ongoing since uears but still unsolved. For erc20 tokens transaction, we don't have any option but have to give high for while transfer token for eth busy blockchain. That's why if you are buying erc20 token with little capital then keep that in exchange. Thus Don't need to expense fee if you need to sell and buy other token. Although its risky but no way to reduce fee. But if your token are Very worthy, then you have to give fee. Otherwise no way to transfer. If you set Low gas fee, it will not work always. But hope this issue will solve soon

Quote from: Nazmul012 on August 03, 2023, 03:52:04 PM

I think high fee issue is the only major issue of eth, that makes people annoying with eth.

It a major issue for most of the coins.

Before it was too lite only for Ethereum and fees weren't that much and you'll receive your ETH almost asap. But as a network grows, it's unstoppable when the demand grows higher.

That means more usage and more people using the network that results to clogging. Despite having that description of solving scaling issues, it seems that no project can escape that when they've been used by a lot of users.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

Yeah it's funny how tokens with value below $50 are useless and permanently stuck in my wallet. Unless there's dramatic decrease in price of ETH or they come up with some great update that they haven't been able to pull up in years. And this situation is in a sideways market, guess what would be the situation when bull arrives. I believe and hope that ETH would no longer be the leading platform for dapps in next bull.

Current gas fees transaction with Ethereum network looks lower fees, I checked few minutes ago and not really expensive with 18 gwei or fastest transaction take about 1$. Not all time fees transaction trough ERC20 coin network expensive because when gwei dump we has chance for selling or sending coins with ETH network on lower fees. But not all time we got that moment because many time when getting new coins launching and claiming in the same time make gwei up drastically and we have spent more than 10$ for single transaction sending or swapping coins with ERC20 network.

If you have coin ERC20 network you can send to CEX exchange wallet with lower fees transaction, don't loss this great chance trough lower fees for sending ERC20 coin because one or several days later will up again and have to pay higher fees transaction.

https://talkimg.com/images/2023/08/05/G6obg.png

Quote from: Bobrox on August 05, 2023, 04:19:51 PM

Right now, the market is calm and relatively quiet in terms of volatility. Commissions on major networks are normalizing, but the next crypto hype will change everything. The ETH blockchain will be the first blockchain to feel these changes, even a completely useless memcoin, if it gains popularity, can completely break the commissions and they will be overpriced again.

ETH is the most powerful and reliable platform among the altcoins. But ETH's biggest problem is its high gas fees. The high gas fees of Ethereum network tokens have created problems among many investors. BNB network tokens have the lowest fees. If Ethereum's gas fee returns to normal, then its investment will definitely increase. The high cost of gas for token delivery has become a problem in today's market. Therefore, if Ethereum's gas fee is not reduced, its transactions will be greatly reduced and there will be a negative impact among investors.I have so many tokens stuck in wallet due to high gas fees.

Quote from: Xal0lex on August 05, 2023, 06:48:56 PM

That's the problem. Hype is what usually ruins top-ranked blockchain networks like Bitcoin and Ethereum. Fees rise like skyrocket, while transactions take a lower time to confirm on the Blockchain. ETH developers are pushing towards Layer-Two scalability, but that won't fix the problem in the long run. On-chain scalability is the way to go if developers want to keep fees as low as possible. I know they've announced the Proto-Danksharding and Danksharing network upgrades, but it's going to take quite a long time before ETH gas fees decline to an acceptable level.

In the meantime, I'd suggest you use another blockchain network (BNB, ADA, etc.) for complete peace of mind. There's a lot of money invested in Ethereum, so I'm confident developers will keep improving it until it becomes a "force to reckon with". Who knows if mainstream countries will adopt ETH as legal tender sometime in the future? Just my thoughts ;D

Quote from: Abiky on August 23, 2023, 05:50:28 PM

In the meantime, I'd suggest you use another blockchain network (BNB, ADA, etc.) for complete peace of mind. There's a lot of money invested in Ethereum, so I'm confident developers will keep improving it until it becomes a "force to reckon with". Who knows if mainstream countries will adopt ETH as legal tender sometime in the future? Just my thoughts ;D

Another blockchain like BNB, ADA, LTC and SOL have lower fees for sending coin than using ETH network, but current gas transaction sending ETH network coins not really expensive like usually we have to pay above 5$ each sending time. Right now many new network launching and they try to give more advantage with lower fees sending transaction, but ETH network most likely in cryptocurrency regarding many coins launch their network using ETH. For ETH looks not promising will drop fees sending transaction after last several years up drastically than first time I know with ETH network available sending coins to other wallet with fees sending taken under 0.3$, but right now its not not enough yet we need more than 3$ for each time sending.

Quote from: Kalchef on March 15, 2023, 02:47:44 PM

There are many options now trying to solve the problem. We should be able to switch to better options if we want to go into a bull market. The current sidechains network that support tokens are both expensive and slow for transactions. When they have this type of congestion in a sideways market with low rate of transactions, they would is no way keep up with when there would be a bull market. There might be no bull if we still put our tokens in Ethereum chain.

Quote from: livingfree on August 04, 2023, 03:37:12 PM

~~~
It a major issue for most of the coins. it's unstoppable when the demand grows higher , it seems that no project can escape that when they've been used by a lot of users.

when people realize that, ether is the safest option among all Altcoin for investment, then they start using ether and ether network having high traffic, so is caused high fee for transactions. And altcoins which depending on ether chain, also need high fee for transactions, thus all erc20 tokens transaction fees are effected due to ether! But bnb also has heavy traffic but still it can be transaction with low fee. So ether developer should be try to find out the solution asap

Quote from: Abiky on August 23, 2023, 05:50:28 PM

Quote from: Xal0lex on August 05, 2023, 06:48:56 PM

If you propose to use other networks, it is also worth considering that when we change networks we change one problem for another. If when using popular networks we face the problem of high commissions and scalability, then when using alternatives we face the problems of distribution and support of these networks in different services. Unfortunately, ETH and TRX networks are the most widespread now and they are supported by almost all services, which is not the case with other networks, even BSC, which is not available everywhere.

Quote from: Kezacky on August 25, 2023, 09:43:31 PM

The high gas fees for transactions on Ethereum has become a problem for users, especially those trying to send ERC-20 tokens. This is due to the growth in demand for the Ethereum network and its bandwidth limitations, which lead to the fact that users are forced to compete for access to network capacity.And, you can use networks that are not based on Ethereum to send tokens, such as Binance Smart Chain or Polygon (Matic).

If you think it is not practical to use the ETH network, then, just look for other chains like BSC to do your transactions.
However, if it is because of the tokens itself, you can't do much but check the gas fees before sending your tokens.
This is why a lot of traders are already moving to another networks because of this very reason.
However, a lot of valuable projects are still being deployed under ETH so you have no choice if you will support those projects.

Quote from: Nazmul012 on August 24, 2023, 07:15:16 PM

Quote from: livingfree on August 04, 2023, 03:37:12 PM

~~~
It a major issue for most of the coins. it's unstoppable when the demand grows higher , it seems that no project can escape that when they've been used by a lot of users.

I think the thing that contributes highly towards the high gas fee is either swap platform and batch submitter coming from the L2.
its always these that make the transactions gas fee always rising tremendously, but honestly speaking frankly the main reason why ethereum gas fee is never getting resolved here is because the value of ethereum themselves.
back in the days 12 gwei just requires measly amount of ethereum equivalent in dollars but nowadays its sky rocketing because the price of ethereum itself is already so high that it does affect the overall gas fee required for a transaction within the blockchain in which definitely gonna goes on maybe until they implemented sharding.

anyone getting problem with the gas fee should be waiting the sharding then again its unclear how the implementation will happening meanwhile the proposed l2 solution are such massive failure.

judging from the current condition it seems that the problem involving the gas fee will still persists for a long time, the only choice that we have is just moving over to the other blockchain after all each blockchain have their own ecosystem nowadays.
but arguably the best project out there are still in ethereum.

to be frank, the project that have gained massive value increase these days are the ones that creates their own blockchain so i'm having thoughts that its not gonna be that big of a deal that many pictured to be if they are seeking for the profits.

Bitcoin Forum

Alternate cryptocurrencies => Altcoin Discussion => Topic started by: Kalchef on March 15, 2023, 02:47:44 PM