Ethereum Fees

[Get-Paid.com]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?

If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

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[Coin_trader]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?

If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

Same as bitcoin, Ethereum is suffering from heavy pending transaction due to DeFi hype transaction. This is the same old problem of ETH before during 2017 hype. The fee will go back to normal or cheaper once ETH v2.0 was release. For the meantime, we can't do anything about fee and it might get worser soon because the volume of transaction in ETH is still increasing. It's better avoid decentralized exchange right now and trade only in CEX.

ETH blockchain can't handle DeFi volume honestly speaking.

[Get-Paid.com]

Coin Trader, do you have any estimate when the fees would go back to normal? How many days from now?

[Folio]

Ethereum is totally centralized.

1. you remove Vitalik and ethereum is over.
2. there are very few full nodes, easy to shut down.

[dansus021]

Coin Trader, do you have any estimate when the fees would go back to normal? How many days from now?

It take time now since ethereum price goes high same like bitcoin when the price up i see flooding of transaction happen. When people keep transfer the eth, the fees will very high. anyway you can still send your eth with low fees but miner will be choose the high fee for their priority. when you look back at 2017 when bitcoin reach ATH the miner become shower with money due high demand of transaction with high fee.

[Casdinyard]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?
If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

It will go back to normal lol. It's the gas that are costly in ETH in which was affected due to the spike and fork of Sushiswap. Better read:

Transaction fees on the Ethereum network have recently reached a new hourly record. According to Glassnode, an on-chain analytics firm, miners on the network earned over $500,000 in just one hour today as Ether (ETH) rallied.

Currently sitting at its 2020 high of $486, Ether rallied 10% today. The spike in network activity is thought to be related to the launch of Sushiswap, a fork of Uniswap that has hit $1 billion in total value locked in less than 24 hours.

The news may sound good for Ether miners whose revenue is increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached its 20-month high recently, despite the recent controversy regarding a proposal that aims to reduce block rewards by 75%.

Therefore, never panic. ETH was never centralized. It's just that it was the 2nd most powerful and used crypto system in many projects.


NOTE: This should be in Altcoin Discussion board, better move this.

[Get-Paid.com]

anyway you can still send your eth with low fees

Hypothetically if we would use a Transaction Speed aka a fee of 25 Gwei - would the transaction go through eventually after several days or it could drop? i.e. should we just wait for fees to go down or we can use low fees now and the transaction would eventually go through?

(Enclosed a screenshot from MyEtherWallet showing the lowest suggested fee is 480 Gwei at the moment)

[BeManga]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?

If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

it is because of the large transaction in the ethereum network
there is thousand of token inside the ethereum network while the TPS(transaction per second) of ETH is 15
if thousand of token moved at the same time there will be a lot of pending transaction
and when there is a lot of pending transaction there will be a prioritization of transaction
and highest fee will be the first to be included in the block by the miner

[friends1980]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?

If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

OP, in the meantime there have been several threads on this subject, but they are in the Altcoin Discussion, which is where this thread should go, too.

I suppose you (or the mods) will move this thread, so FYI, here are some of the threads to get you your answer:

https://bitcointalk.org/index.php?topic=5268030.0
and this one:
https://bitcointalk.org/index.php?topic=5271247.0
(among others)

[raidarksword]

Ethereum fees are killing it wherein it cost too much for such transfers are still being pending and congested on the network. I have some tokens that are pumping but sad to say i cannot sell it because the gas cost me a lot and the gas is bigger amount than my usual airdrop to sell on exchange. I don't know when it will back to normal to at least 20 gwei and the DeFi trend for sure is one of the cause of this soaring gas fees we are experiencing right now.

[Warkop]

anyway you can still send your eth with low fees

Hypothetically if we would use a Transaction Speed aka a fee of 25 Gwei - would the transaction go through eventually after several days or it could drop? i.e. should we just wait for fees to go down or we can use low fees now and the transaction would eventually go through?

(Enclosed a screenshot from MyEtherWallet showing the lowest suggested fee is 480 Gwei at the moment)

In my opinion, to use 25 Gwei, maybe the transaction can run but you have to wait a long time to be confirmed or the transaction you made failed and couldn't go down. It all depends on you, whether you want to wait until they seem really low or you want to insist on following them at exorbitant fees to actually get your transaction confirmation, as I saw a few months ago to date for ETH transaction fees haven't been seen there was a decrease and it seems that the transaction costs are still very high.

[(o)(o)ilikeboobs(o)(o)]

DEFI projects are overburdening the ethereum network, transaction costs have increased a lot in the last 2 months and they could add up even further. I find it crazy to spend $ 30 on a trade regardless of the volume, so it's not fair for small traders.

[Bitcoin Miners]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?

If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

I have just paid 4.9 USD for one transaction when transferring ETH to the exchange and this fee will increase as the price of ETH rises in the short term and it will be decrease when the price decrease and transactions on the network decrease

[Genemind]

Imagine if you have to move small amounts of transactions, the fee is ridiculously high due to the DeFi hype. The network is clogged and many transactions are not going thru, you will have to increase the gas. This would be a pain for those who are trading and projects who distributes rewards to their investors monthly.

[foxy]

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged?

If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?!

I just had to pay around $48 to transfer $8 worth of ETH. The developer team really need to do something about it because it's getting out of hand now. I just hope they will release some update before the launch of ETH 2.0

[rdbase]

Blame it on those defi projects getting their users to make transactions on the ethereum blockchain.
Just look at LNK and what mess it has put their chain in and not to forget about that YAM scam project.
These exchanges which use these ethereum based assets to "swap" are causing the gas fees per transaction to go up.
I read an article recently about how they skyrocketted to over $500mln in just one day alone.

[ReiMomo]

If bitcoin has mempool that every transaction I guess maybe clogged up anytime. The same as Ethereum network, due to this defi projects and the most projects that operate using the network of ethereum.

Back to normal? I guess this maybe take the time or it becomes never. I suggest if you have a transaction just paid a higher amount because it takes days before it will confirm the network.

[kayvie]

 Yes it will. The reason is because of defi projects. We can't do anything about that, for the meantime, the only thing we can do is to wait for everything to go back to normal and for the launch of eth v2. This will probably help to get everything back to normal especially the high fees that we are facing right now.

[qwizzie]

Yes it will. The reason is because of defi projects. We can't do anything about that, for the meantime, the only thing we can do is to wait for everything to go back to normal and for the launch of eth v2. This will probably help to get everything back to normal especially the high fees that we are facing right now.

ETH 2.0 will be released in phases. Guess which phase will fix Ethereum network congestion and the associated high gas fees ? (Clue 1 : it is not phase 0)

Link : https://consensys.net/knowledge-base/ethereum-2/faq/

[MonsterV]

The high fee situations will continue for a several month along the DeFi hype, i guess people will start moving to another altcoin to made daily transactions to have cheap transactions fee for doing any transactions for gamble or trading, personally im not doing any transfer because current gas price is very massive due of DeFi & Uniswap DeFi, to send contract token you need atlease 10$ in fee because contract transactions will consumed you much gas limit or its will be failed to transfer, just avoid to do any transactions regard eth until the gas price is drop.