ETH's fees on "De-Fi" platforms are ridiculously high

[Drahzar]

yeah that's sure - fees are extremely high, but nevertheless eth is the most technically ready for defi/dex projects launch... 

[sophwest]

yeah that's sure - fees are extremely high, but nevertheless eth is the most technically ready for defi/dex projects launch... 

besides seems TRON will give nice opportunities in future but for now ETH is really the best one as for me... nevertheless i consider for work only eth based dex-es

[epis11]

If you are a small retail investor and want to use eth dapps like uniswap and you want to trade your tokens you will spend like $25 for a complete transaction that fees will just go to eth miners who process transactions with eth blockhain and they are the one who benefit the most on this while users are crying in fees.   

[ashmodeus]

yes its true , that why i just quited decentralized game recently , its totaly worth of money, but since defi on fire, its also affected on my game. synchroning to smart contract almost 20 bucks . i guess 2022 i will comeback again , when eth 2.0 impletement already.

[arifteguhr]

The hype that was quite high at the end of 2020 regarding Defi finally exploded earlier this year with a fantastic increase. although many people put most of their allocations on Defi, I myself don't want to be exposed to the hype that is at risk. The category definition is still new and at least 2 years to prove against the market fundamentally. I made an investment, but in nominal terms it's not that big while waiting for positive news about Defi. had also Sec conducted an investigation

[Drahzar]

yeah that's sure - fees are extremely high, but nevertheless eth is the most technically ready for defi/dex projects launch... 

besides seems TRON will give nice opportunities in future but for now ETH is really the best one as for me... nevertheless i consider for work only eth based dex-es

me too, i'm watching for curve - based projects. just now researching interesting one stablecoin dex - xsigma. maybe u know smth about them ?

[sophwest]

yeah that's sure - fees are extremely high, but nevertheless eth is the most technically ready for defi/dex projects launch... 

besides seems TRON will give nice opportunities in future but for now ETH is really the best one as for me... nevertheless i consider for work only eth based dex-es

me too, i'm watching for curve - based projects. just now researching interesting one stablecoin dex - xsigma. maybe u know smth about them ?

i will check and reply to you. for the first view, they look good, transparent smart contract and simple business model

[BlackRexuz]

All defi projects are gradually turning to Binance which has very low shipping costs, if it continues then Ethereum will be abandoned, this is what causes many Ethereum transactions to stall and some miners are profitable at this point, so the exact solution is that all defi projects will be better move to the Binance network, at least it will make the transaction go well for everyone's distribution of funds ..

[enhu]

All defi projects are gradually turning to Binance which has very low shipping costs, if it continues then Ethereum will be abandoned, this is what causes many Ethereum transactions to stall and some miners are profitable at this point, so the exact solution is that all defi projects will be better move to the Binance network, at least it will make the transaction go well for everyone's distribution of funds ..

Binance Chain is a lot more centralized that projects will be more skeptical to move there. If any Ethereum killer that best suited to turn to I think it will be ADA. But seeing there is also a platform like Polkadot, they should first try it there if it fits there.

There had been several projects that turn to Binance chain in the past but they are just the ones who wanted to be listed on the main Binance.com exchange. Now they are nowhere to be found.

[darewaller]

If you are a small retail investor and want to use eth dapps like uniswap and you want to trade your tokens you will spend like $25 for a complete transaction that fees will just go to eth miners who process transactions with eth blockhain and they are the one who benefit the most on this while users are crying in fees.   

If you are a retail investor with small amounts of money investing into risky or even not so risky stuff and hope to make a profit, do not use ethereum blockchain based products, those 20-30 dollar range network fee's are totally useless and not worthy, why would I want to spend that much money just to pay the miners? That makes no sense and if super rich people are willing to keep paying for it, they may continue however I want but I will not be part of it.

Go take a look at either tron, or eos or best one is BSC which is binance, they have a lot of new yield farming projects everyday and some of them are awesome, I have friends making 100% in the past 1 month using BSC and the payment is rarely over 1 dollars, it is usually at around 20 cents and even less levels, I once paid 1.5 cents for confirming whereas ethereum was like 4 dollars. Move to other places and ethereum will have to go down to attract you back.

[Abiky]

Binance Chain is a lot more centralized that projects will be more skeptical to move there. If any Ethereum killer that best suited to turn to I think it will be ADA. But seeing there is also a platform like Polkadot, they should first try it there if it fits there.

There had been several projects that turn to Binance chain in the past but they are just the ones who wanted to be listed on the main Binance.com exchange. Now they are nowhere to be found.

Exactly. It's no wonder why Binance Chain is able to provide extremely low fees and blazing-fast transactions to its users. The utterly-centralized design of Binance's own blockchain network makes this possible. That's why most projects have been built on Ethereum. Competing chains are nowhere near close to Ethereum in terms of decentralization, security, and reliability. The only exception is ADA. Yet, the slow development progress from the team has left Cardano behind Ethereum in every way. The world's second-largest cryptocurrency by market cap has been able to retain its popularity in the mainstream world, even with the ridiculously high fees and slow transaction confirmation times. It'll be hard (if not impossible) to take it down anytime soon.

Nonetheless, high fees on the ETH blockchain makes "De-Fi" impractical to the average person. Competing chains like TRON, EOS, Binance Chain, and Polkadot have a huge advantage over Ethereum with their low fees. If developers would've made the same number of dApps on competing chains, it would've been possible to challenge Ethereum in the long run. But the lack of a solid ecosystem on alternative smart contract platforms, forces people to use Ethereum in order to interact with their favorite decentralized apps. If this keeps up, Ethereum could become a "monopoly" in the decentralized crypto/Blockchain space. At least, upcoming ETH upgrades will alleviate the high fee issue for a while. But we need an ample variety of dApps on other smart contract platforms in order to ramp up the competition. People could exploit "De-Fi's" true potential using a platform that's economically viable for day-to-day payments. Time will tell us what will lie ahead with "De-Fi's" prominence in the mainstream world. Just my opinion