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Psynthax
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September 03, 2020, 08:40:37 AM
 #41

What are the chances that Vitalik's developer team will release some sort of fork that will make the network a bit more scalable before the launch of ETH 2.0? Or we will have have to ride a high fee phase until 2.0 launches?
Slim to none maybe. Considering that they are already busy with ETH 2.0 which takes so many delay until today they don't seem to have any solution to the problem we face as of now and UNISWAP is gonna be a long loong time before the hype fades and traffic from them didn't flood the whole network. The current ETH is literally unbearable with all the high fees even in my opinion we better off without the 2.0 as long as the scalability issue being resolved otherwise it's the same condition as now.

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September 03, 2020, 08:47:16 AM
 #42

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?!

Ethereum is growing in value and it's certain that gas fee will also grow higher, this is what happens whenever bullrun returns but there is more to this, DeFi projects are mostly running on Ethereum smart contract and that's what's causing the congestion, Ethereum 2.0 will be the solution but we don't know exactly when this will be ready

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September 03, 2020, 08:53:38 AM
 #43

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'm still yet to fathom what could be the reason for the crazy hike in transaction fees in the ethereum blockchain. I'm sceptical if it could be an intensional move by the miners or due to the congestion of the network. As it stands there's great need for scalability. I really hope that something would be done quickly, because people are getting discouraged.
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September 03, 2020, 09:01:34 AM
 #44

I'm still yet to fathom what could be the reason for the crazy hike in transaction fees in the ethereum blockchain. I'm sceptical if it could be an intensional move by the miners or due to the congestion of the network. As it stands there's great need for scalability. I really hope that something would be done quickly, because people are getting discouraged.
I also think so, because the gas costs are so high everyone cannot make transactions via the ERC20 platform, so until now very many people are disappointed with Ethereum, because the increase in gas costs is happening slowly this year.

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September 03, 2020, 09:04:47 AM
 #45

As long as defi hype is here expect eth fees will be higher in the coming months as more investors throw money into digital currency I saw too many new yield farming projects everywhere almost every hour I see new one like yffi, yfv, yfib,yfbi this makes eth network congested and everyone wants as faster transaction spending more gas each and every transaction and demands goes higher everyday.
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September 03, 2020, 09:11:19 AM
 #46

I'm still yet to fathom what could be the reason for the crazy hike in transaction fees in the ethereum blockchain. I'm sceptical if it could be an intensional move by the miners or due to the congestion of the network. As it stands there's great need for scalability. I really hope that something would be done quickly, because people are getting discouraged.
I also think so, because the gas costs are so high everyone cannot make transactions via the ERC20 platform, so until now very many people are disappointed with Ethereum, because the increase in gas costs is happening slowly this year.
It can mainly be due to these DeFi projects that are sending transactions on the network which is causing the clogging of network and hence we are paying higher fees for each transaction and many a times if we have to sell our tokens this fees may even reach up to $10 too. I find using LTC good for sending the transactions as fees is pretty low and also the transactions gets confirmed pretty fast on it. So whenever I have to sell my coins now I send them in LTC and then sell them and transfer the USDT, it is pretty easy and cheap as compared to directly sending in ETH, but if the amount I am sending is big then I always do it in ETH as then the fees comes out to be less than converting and sending the coins.

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September 04, 2020, 01:17:15 PM
 #47

Same problem we was facing 2017 year. It's really high gas fees to me due to congestion of the network. In my opinion, it is a wall for small traders and bounty hunters to issue tokens with such high fees. I want transfer some token in exchange but it never possible because $5 no small amount for a poor trader.

on 2017, there is diffrent issue with ethereum network, because its only attacked by Dapps contract which its could be controlled , and the gas is not like today, the most high on 2017 that i remembered when Kitten are very populars, its below 200 GWEI, but DeFi trend drive the ethereum gas price to 400+ gwei and its very crazy compare to old tren kitten.

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September 04, 2020, 01:53:44 PM
 #48

Actually this problem is not only once a year, even a few years ago Ethereum transactions experienced something similar which made many people have to wait so long, It is impossible if the working team does not know this, or it could be just their game to block the development of all prices at the market, or indeed there are obstacles that make the transaction system require quite high fees, because the transactions I am doing are hampered by this problem ..

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September 04, 2020, 02:12:30 PM
 #49

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?!


Ethereum fees is now more than $8 that i have paid in the last few days. This is fraustrating for a single transaction. If this fees continue, Ethereum will lose its popularity and TRON, XLM will gain its place in the future. Recently i have watched its GWEI reached 480 which is the highest record in the ethereum history previously we used only 8-20 GWEI. Many peopler are blaming DeFi for it but i don't want to blame other reason.

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September 04, 2020, 02:31:14 PM
 #50

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.
The fees maybe higher to the rewards they are going to send. There is a need to create ETH 2.0 as fast as possible due to traffic brought by DeFi Projects its been harder to do transactions, those who only trade small amounts will not feel their profit due to this.


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September 04, 2020, 02:33:31 PM
 #51

you can still set the fee at minimum but don't expect it to be confirmed anytime soon. the fee dictated based on the transaction that needs to be confirmed and how much most of them pays nowaday. it's by any means not dictated by centralized party or such.
some exchange might set the fee higher just to make sure that the transaction they send gonna be confirmed regardless how long it takes rather than giving a cheap fee and got the transaction returned. it is what it is and don't expect the high fee to go away soon because i doubt it will.

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September 04, 2020, 02:36:52 PM
 #52

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?!

We are deciding the fees! Smiley

When someone see the network is clogged so they are increasing their gas fee for faster confirmation which is getting into a chain reaction as long as number of transaction is in the process is high.Even there won't be any surprise if it reaches $20 for smaller transaction due to defi shits.

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September 04, 2020, 02:43:12 PM
 #53

Ethereum fees is now more than $8 that i have paid in the last few days. This is fraustrating for a single transaction. If this fees continue, Ethereum will lose its popularity and TRON, XLM will gain its place in the future.

thats fine if eth loose some users because in that way eth value will decline and its fees are also gonna get lowered while its also a plus point for the coins that you said but i dont know if its also possible for trx and xlm to have an expensive fees when their values are already high .

 maybe not ? because trx and xlm are known to have a less fees ever since they are created .

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September 04, 2020, 02:43:51 PM
 #54

Currently, there are indeed many investors and traders who complain about the high price of gas being charged. Gas costs will usually return to normal when transactions are not as busy as they are now.

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September 04, 2020, 02:59:25 PM
 #55

I think it will return to normal, if you observe on the chart the current ethereum price is going down and reducing gas costs a little too. So, it can be concluded that if the ethereum price itself has decreased, it means that the price of gas costs has also decreased.

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September 04, 2020, 03:37:58 PM
 #56

I think it will return to normal, if you observe on the chart the current ethereum price is going down and reducing gas costs a little too. So, it can be concluded that if the ethereum price itself has decreased, it means that the price of gas costs has also decreased.
As long as the transaction are still high i dont think the gas will be low in anytime. Unless ethereum price stable and that might make the transaction traffic low and could push the gas to lower also..

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September 04, 2020, 03:40:38 PM
 #57

Currently, there are indeed many investors and traders who complain about the high price of gas being charged. Gas costs will usually return to normal when transactions are not as busy as they are now.

When miners will not choose to get those willing to pay high fees to make the transactions much faster, seems that it will happen
after this hypes, for now we can only park ourselves watching and monitoring the current situations.

I think it will return to normal, if you observe on the chart the current ethereum price is going down and reducing gas costs a little too. So, it can be concluded that if the ethereum price itself has decreased, it means that the price of gas costs has also decreased.

That's the only way we can do now, wait and watch. Things  will returned to how should it works,
by then we will be able to do the normal transactions that we use to have before this increase  happened.


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September 04, 2020, 04:01:17 PM
 #58

The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?

Now that value of ETH is declining so is value of transaction fees declining.  It could go back under $1 soon. But big question is, if $1 transaction fees are not to high. You cant make micro payments with that. You can barely afford normal payments at that level.

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September 04, 2020, 05:04:44 PM
 #59

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.
Right now I want to avoid decentralized exchange but how to move from ERC-20 tokens to centralized exchange. You really think for DeFi hype, Ethereum blockchain is suffering a heavy pending transaction problem? The best choice could be for some new projects centralized exchange for distribution. At least admin could save 1-2 USD for every ERC-20 tokens transaction.

There is a project called Serum project which offers a Decentralize Exchange which charge a minimal fee with fast transaction. They used Solano blockchain on there DEX that’s why it was fast and cheap compared to typical DEX like Uniswap which is built on ETH blockchain. Solana blockchain boast a 50k transaction per seconds.

Serum DEX is the first exchange that will offer cross chain feature meaning to say, you can trade ERC20 tokens while they are using Solana blockchain. So far, CEX is the best when you are looking for exchange that offers huge liquidity but DEX is the best to buy coins that still not listed on big exchange so that you can still have a chance to have a position before the price pump when it list on big exchange, You can control also your wallet on DEX unlike CEX.


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September 04, 2020, 05:27:44 PM
 #60

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
You had to pay about  $48 to transfer ETH’s  $8 value; This is very sad. It is not possible for small investors like me to afford to trade small amounts. We had hoped that the launch of ETH 2.0 would result in lower gas fees but this is not happening. In my opinion this high fee of ETH should be reduced immediately in the interest of cryptocurrency whether for the Defi project or for some other reason.

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