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Author Topic: The cost of transferring money on the Ethereum network is too high  (Read 596 times)
ilovealtcoins (OP)
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August 25, 2020, 09:15:41 AM
Merited by ampu (1)
 #1

Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.
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August 25, 2020, 09:27:35 AM
 #2

Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.
I think the cost had even really reduced in the past 1 week, something around -100% price slash. it has been alarming and the reaction was up-roaring all over the space. The DEFI hype (on Ethereum blockchain) and the ethereum price was responsible for the increase in transaction fee, at the moment we expect stability across DEFI adoption and introduction of newer venture in the space, maybe mining etc.

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ilovealtcoins (OP)
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August 25, 2020, 09:39:23 AM
 #3

I think the cost had even really reduced in the past 1 week, something around -100% price slash. it has been alarming and the reaction was up-roaring all over the space. The DEFI hype (on Ethereum blockchain) and the ethereum price was responsible for the increase in transaction fee, at the moment we expect stability across DEFI adoption and introduction of newer venture in the space, maybe mining etc.
Newer venture? Means a decentralized exchange similar to Uniswap? I have heard about Balancer, the lower the cost on the faster. Before we had bancors. I can't imagine if it was better to launch the POS and POW protocol in parallel with the ethereum network?
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August 25, 2020, 10:07:08 AM
 #4

Everyone has noticed the increase in the fee for Ethereum and it's very annoying for those who are transferring smaller amounts. It is annoying because the fee is more than what you're trying to send.
And if you don't pay the right and recommended fee or you adjusted it based on what you think is justifiable, you can get stuck with your transaction with a day or two. If you can't take the cost of the fee, change into other altcoins that have lower fees but if it's no avail and your transfer should be ETH, you have no choice but to adjust it.

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August 25, 2020, 10:13:08 AM
 #5

Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.

It would be illogical to take up loans to invest in cryptocurrency. The issue of increasing fees would most likely have a drastic impact on your capital, if you're trading on uniswap, Where transactions are sent to the smart contracts and deductions are made for every transaction. I'll advise you trade on a centralised exchange, to mitigate the losses as a result of the increased price.
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August 25, 2020, 10:31:10 AM
 #6

I have faced the same problem like you too and im leaving the uniswap platform caused by i need to get an alternative place to trade that will not make me bankrupt just to pay the transaction fees.


The problem is uniswap was also contributing the increase for the ethereum gas fees too. https://ethgasstation.info/

Look at the leader board



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ilovealtcoins (OP)
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August 25, 2020, 10:33:36 AM
 #7

Everyone has noticed the increase in the fee for Ethereum and it's very annoying for those who are transferring smaller amounts. It is annoying because the fee is more than what you're trying to send.
And if you don't pay the right and recommended fee or you adjusted it based on what you think is justifiable, you can get stuck with your transaction with a day or two. If you can't take the cost of the fee, change into other altcoins that have lower fees but if it's no avail and your transfer should be ETH, you have no choice but to adjust it.
Sure. The reduced costs mean my transaction in the queue will be placed in a lower priority and need to wait for miners to verify for hours. I would see ethereum as an asset class like Bitcoin.


It would be illogical to take up loans to invest in cryptocurrency. The issue of increasing fees would most likely have a drastic impact on your capital, if you're trading on uniswap, Where transactions are sent to the smart contracts and deductions are made for every transaction. I'll advise you trade on a centralised exchange, to mitigate the losses as a result of the increased price.
Perhaps I will suspend trades on decentralized platforms as your advice.
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August 25, 2020, 10:40:22 AM
 #8

Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.

Better to leave uniswap and try 1inch exchange. You can use $CHI token to reduce transaction and they offer the best price offer in all DEX exchange including the transaction fee. They have also an accurate virtual price so that you can minimize price slippage in your trade. Never do swing trade especially if the profit percentage of your is too small enough to cover all the fees.

You can refer on my thread about DEX review here: https://bitcointalk.org/index.php?topic=5270686.msg55058783#msg55058783

There is an upcoming DEX that will kill all this current problem of DEX. You can check project serum here: https://projectserum.com/. There DEX will be launch this week.

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August 25, 2020, 10:51:22 AM
 #9

Large fees and waiting times makes it difficult to go through decentralized exchanges and Defis based on Ethereum platform. On chain games and gambling has already been useless for some time now but some of them are still sticking around and they are also suffering with this increase in fees and transaction time.
Though the fees are just below a dollar for 15 minutes, it's still unacceptable for a utility coin.
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August 25, 2020, 10:55:16 AM
 #10

Ugh, I know, right? It's scary to think that you have to spend a few dollars just to send some token from ethereum platform to another. Right now sending token that uses ethereum platform has a bigger gas price. I know that you can put a cheaper gas/gwei but it will take more time than it should be. Now, I'm kinda switched over to other altcoin which has a cheaper fee and all.
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August 25, 2020, 11:33:16 AM
 #11

Not your problem alone, an increase in cost for ethereum, is very disturbing especially those who send with little value and greater than nominal fee dikirm, the market had recovered intact but a fee to rise on high
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August 25, 2020, 11:45:37 AM
 #12

If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.
Not so exaggerated to go bankrupt but the fees being incurres to the users are injustice. How many users are now interested to trade using uniswap? Probably more than interested on using bitcoin in terms of transaction fee. But it would not stop them from doing so cause they knew that there are likely some hype happening around the defi on uniswap.

But to be honest, if you are not gonna do something important or buying some bulk token its much better avoid doing some transactions cause its not worth it.

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August 25, 2020, 11:50:35 AM
 #13

To be fair, prices have dropped significantly in the last week, and transactions are usually executed very quickly if you are willing to pay.

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August 25, 2020, 11:51:06 AM
 #14

The problem is uniswap was also contributing the increase for the ethereum gas fees too. https://ethgasstation.info/

Look at the leader board

Due to popularity of DeFi Projects in the last few months, the transactions of DeFi trading brings too much traffic in ethereum platform that produces too high in transaction fees. We see how DeFi projects became too hype and adds into some transactions that are usually use even before in ethereum projects. All we can do is to try other platforms if we have a choice if we are only about to transfer smaller amount to not feel the hassle of too high gas fees.

The Ethereum team did not anticipate this to happen it happens years ago in the height of Cryptokitties but the transactions is not this high people will now have to look for other option if they are going to buy something or trade it to fiat, I read a lot of traders complaining about this also they are losing on their trading activity.

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August 25, 2020, 11:56:30 AM
 #15

Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.
You have to keep in mind that uniswap is a trading platform and they have fee which is comparatively higher than the regular exchanges because they extract the fee to pay yield farmers or liquidity providers meanwhile the fee for transaction in ethereum has significantly reduced in last couple of days.

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August 25, 2020, 12:34:47 PM
 #16

In my opinion, problems like this will not be resolved if those who transact very often and continuously do it so that the transaction process is faster, therefore they deliberately add gas so that transactions are not hampered and can be processed quickly. So for that the real problem is that many people deliberately transact continuously so that transactions become more pile up and fuel costs continue to increase.
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August 25, 2020, 12:37:00 PM
 #17

This is a Uniswap problem. If you use this platform, then you will have a very high commission. I do not know why the commission is so high, but on other platforms, they are lower

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August 25, 2020, 01:00:47 PM
 #18

To be fair, prices have dropped significantly in the last week, and transactions are usually executed very quickly if you are willing to pay.
Even so, the payment for gas fee is too much. I will never trade for a while if the gas fee ia like this. Imagine the burden to traders everytime you used uniswap with a bery huge fee. Sometime I need to pay 8$ to 15$ just to sync in my transaction and thats something is not funny. I do hope ethereum should fixed this and make it normal used again.

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August 25, 2020, 01:09:48 PM
 #19

Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.
Price increases then the transactions fee also getting increased along with and it is definitely due to the defi hype which created huge number of transactions getting done in small time frame, if you want to move ethereum then you have to pay the fees or else stop doing conversion until this hype loses.
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August 25, 2020, 01:18:14 PM
 #20

I have faced the same problem like you too and im leaving the uniswap platform caused by i need to get an alternative place to trade that will not make me bankrupt just to pay the transaction fees.
...

This Uniswap itself sets such a high Commission and I do not understand why it is so high. Today on Binance, the transaction fee has increased slightly and now it is 0.005 ETH, but a week ago it was 0.004 ETH. But this Commission is not comparable to that charged by Uniswap. Uniswap wants to lose its customers?

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