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Author Topic: ETHEREUM GAS FEES MIGHT NEVER GO DOWN AGAIN  (Read 347 times)
proscratcher
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September 02, 2020, 05:22:28 PM
Last edit: September 03, 2020, 10:46:54 AM by proscratcher
 #61

Transaction fee has been increased because the number of tx in ETH blockchain has been increased which barely have anything to do with the price. Apart from that, ETH supply isn't limited which over the time will create deflation. I don't think we will see ETH $1000 anymore.

Do you think 1ETH will worth more than $500 at any time in 2021? Just curious.
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September 02, 2020, 05:27:41 PM
 #62

One of the worst things about the gas fee surge is that we are missing out on the investment opportunity from the projects that are currently trading on uniswap. IMO paying $50 on the transaction fee is not feasible. If I am not wrong even BTC is a lesser transaction fee right now.

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September 02, 2020, 05:30:56 PM
 #63

Can’t do business with Ethereum nowadays, no way that I’m going to pay such high fee’s and feels like you’re being robbed. Ethereum team should fix this mess, I recall Vitalik said in an interview that
Quote
"The Internet of Money should not cost 5 cents per transaction. It's kind of absurd" -Vitalik Buterin
but what is happening now is insane. Its just unbearable and it’s hindering business to grow specially that we are in bull season.

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bayudndy
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September 02, 2020, 05:35:24 PM
 #64

I also believe it will never go down, except that Defi becomes a scam and is no longer popular in this market. That is the only way that ETH's Gas drops back, btw I'm amazed that it took more than $ 10 to make 1 transaction yesterday.

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September 02, 2020, 05:53:38 PM
 #65

With the current situation of things in the ethereum blockchain. i think the ethereum has gain much value and adoption with the rate at which the DEFI markets are gaining attention. Uniswap exchange, the number one leading exchange in terms of ethereum token trading volume has made tremendous update where blockchain projects and DEFI  can list their own markets(list tokens and their trade pairs) within the UNISWAP platform. such introduction will continue to increase as  the DEFI market continues to dominate.

With the recent situation, i don't think in any way that the gas fees will ever go down and we might see ethereum prices hit 1000 again.
The rise of uniswap alongwith the defi craze has proven to be troublesome for ethereum network as we are now experiencing never seen before gas charges and delays in transactions. Some users are also reporting long delays and cancellation of transactions. With a positive and hopeful attitude we still hope ethereum will come out of this but immediate action is required from the responsible people.

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September 02, 2020, 06:03:30 PM
 #66

It is unbelievable how the gas price keeps going up none stop, and the worst part is most project are on the Ethereum network which means whether we want to or not we have to pay this high fees to make any transaction, and it seems this will go on for some time before things will go back to normal (i.e if they will ever will).






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SyndicateLabs
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September 02, 2020, 06:10:01 PM
 #67

It is unbelievable how the gas price keeps going up none stop, and the worst part is most project are on the Ethereum network which means whether we want to or not we have to pay this high fees to make any transaction, and it seems this will go on for some time before things will go back to normal (i.e if they will ever will).
Agree with you, the gas charge becomes too high compared to before. I still remember a while ago I only needed $ 0.2-0.5 per transaction, but now I have to pay $ 5 for the transaction to be confirmed. That was a lot of money for me

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September 02, 2020, 07:23:57 PM
 #68

It is unbelievable how the gas price keeps going up none stop, and the worst part is most project are on the Ethereum network which means whether we want to or not we have to pay this high fees to make any transaction, and it seems this will go on for some time before things will go back to normal (i.e if they will ever will).

You said it right. Nothing to we can do right now as the hypes of DeFi still killing the momentum, we can
do nothing but to play our cards and follow the process.
Paying huge fees in order to transact and continue the cycle, unless you can wait and you are willing to
lose the opportunities it's everybody's call.


Quote
Agree with you, the gas charge becomes too high compared to before. I still remember a while ago I only needed $ 0.2-0.5 per transaction, but now I have to pay $ 5 for the transaction to be confirmed. That was a lot of money for me

And that's really sucked, you cannot sell now those junked tokens inside your wallet, seriously this fees
is really pain in the ass. The only option if you don't want to pay this high fees is to keep your assets and
forget about using this chain for a while.

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September 02, 2020, 07:30:59 PM
 #69

It is unbelievable how the gas price keeps going up none stop, and the worst part is most project are on the Ethereum network which means whether we want to or not we have to pay this high fees to make any transaction, and it seems this will go on for some time before things will go back to normal (i.e if they will ever will).

You said it right. Nothing to we can do right now as the hypes of DeFi still killing the momentum, we can
do nothing but to play our cards and follow the process.
Paying huge fees in order to transact and continue the cycle, unless you can wait and you are willing to
lose the opportunities it's everybody's call.


Quote
Agree with you, the gas charge becomes too high compared to before. I still remember a while ago I only needed $ 0.2-0.5 per transaction, but now I have to pay $ 5 for the transaction to be confirmed. That was a lot of money for me

And that's really sucked, you cannot sell now those junked tokens inside your wallet, seriously this fees
is really pain in the ass. The only option if you don't want to pay this high fees is to keep your assets and
forget about using this chain for a while.
Yes, I cannot sell the tokens in my wallet. It is worth about 15 $ but I have to spend over 5 $ on Gas fee, it's really not fair. Maybe I have to hold them for a while longer so the gas charge can go down and I can move it

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September 02, 2020, 08:06:57 PM
 #70

I don't really know why the cost of ethereum gas is high, but if you look at the market sector, it is likely to be influenced by the increase in Ethereum prices itself, from another point of view it may be related to the Defi project that is trending. But my prediction is that the cost of gas will drop after the launch of ethereum 2.0.

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September 02, 2020, 08:32:49 PM
 #71

This is not fare, we are suffering here and I don't know what the eth team are doing to lighten our situation, this high gas price is making us suffer, even we have small token to transfer but we can't transfer because of high cost, i wish many project are not erc20 tokens, things would have been a lot easier.

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September 02, 2020, 08:42:11 PM
 #72

The solution that can be used is maybe using a product token from dex 1inch, namely CHI Gastoken because they claim it can solve a little problem with Ethereum gas, which is very expensive, but it just seems that it only works on transactions made on their dex but for other dex it looks like CHI the token still doesn't work.

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September 03, 2020, 03:14:21 AM
 #73

That is what im afraid of. If Ethereum gas fee continue to stay high, many people will not prefer to using Ethereum anymore.
DeFi platforms are not only in Ethereum, there are on several blockchain like Tron or EOS.
Maybe Ethereum foundation team should find a way to reduce the Ethereum gas fee.

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September 03, 2020, 05:09:25 AM
 #74

-snip-
With the recent situation, i don't think in any way that the gas fees will ever go down and we might see ethereum prices hit 1000 again.

I am sure, if this is not fixed soon the developers will choose another chain, which as well as ETH holders will rethink whether to keep using ETH or switch to other altcoins that are cheaper for transaction fees, of course, this will reduce interest in adopting ETH as a method payment.

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September 03, 2020, 05:43:35 AM
 #75

During the all-time-high price of Bitcoin (BTC) IN 2017, it also struggled with the same thing. The transaction volumes went through the roof and people from the Ethereum group promoted Ethereum as the Bitcoin killer and a alternative payment option or currency.  Roll Eyes

Now the price of Ethereum is going through the same thing and with the introduction of the gas ...transactions are becoming ridiculously high. Bitcoin did not except the situation lying down, the developers innovated and they created the Lightning Network as a side chain solution and currently with SegWit, miners fees are not an issue anymore. (Transactions are Lightning fast and super cheap)  Wink

Can Ethereum developers do the same?

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September 03, 2020, 05:59:45 AM
 #76

With the current situation of things in the ethereum blockchain. i think the ethereum has gain much value and adoption with the rate at which the DEFI markets are gaining attention. Uniswap exchange, the number one leading exchange in terms of ethereum token trading volume has made tremendous update where blockchain projects and DEFI  can list their own markets(list tokens and their trade pairs) within the UNISWAP platform. such introduction will continue to increase as  the DEFI market continues to dominate.

With the recent situation, i don't think in any way that the gas fees will ever go down and we might see ethereum prices hit 1000 again.

Honestly, Ethereum gas fees is increasingly mad nowadays.  Just yesterday I wanted to withdraw an ETH blockchain based token I got through airdrop on CCTIP bot, I couldn't believe the gas fee.  I wanted to withdraw $23 worth of tokens and the gas fee was $22.5 worth of ETH... So insane.  Recently, Binance is considering increasing the gas fees of all Ethereum based tokens on the exchange. I think ETH foundation just have to do something about this.

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September 03, 2020, 06:52:16 AM
 #77

people burn their money with expensive gas costs, I can only wait for the time to withdraw my money also in forkdelta, I still have some ETH there it seems that withdrawing will be very costly at this time, so what can be done now is to wait for gas prices down, somehow the price of ETH is still going up while this gas cost problem really annoys us when the market really starts to grow

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September 03, 2020, 07:08:25 AM
 #78

Yesterday I saw such huge commissions that even 2017 is not so terrible))

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September 03, 2020, 07:12:03 AM
 #79



With the recent situation, i don't think in any way that the gas fees will ever go down and we might see ethereum prices hit 1000 again.
That's too long mate,Even Bitcoin coming for Much higher fees but only stays at least days or weeks and not to the extent that will lasts for Months?
what if the price Hits $1000 IN 2022 Meaning This fees will Hold high till then?i doubt it is true.
Maybe this will not take long from this day,since the price of ETH is geting High and low.
This is not fare, we are suffering here and I don't know what the eth team are doing to lighten our situation, this high gas price is making us suffer, even we have small token to transfer but we can't transfer because of high cost, i wish many project are not erc20 tokens, things would have been a lot easier.
Nothing you can do but wait mate,either fair or unfair yet we are only User and No one can help us in our sentiments.
I avoid using ETH now for conversion and i chooses ripple so i can save some Bucks.

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September 03, 2020, 07:30:47 AM
 #80

The only way for Ethereum gas fee to get cheaper is if the price goes down, I've been tracking gas fee using this website since 48hrs now (https://ethgas.watch) and there are minutes or hrs that the gas fee goes lower but still it isn't a big difference

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