Ethereum Fees Rise 70% to Continue Record-breaking Streak

[jacafbiz]

Ethereum people used to criticize Bitcoin for having high fees and claiming that Ethereum will replace it because it's more scalable. But it's clear that having only a few times more capacity than Bitcoin is not enough to having spikes of transaction volumes, you would need much bigger blocks for that, and this would make any coin completely centralized. Even now it's very hard for users to run their Ethereum nodes. and in the near future it would be only possible for datacenters. This would make Ethereum closer to banks rather than Bitcoin.

I was telling some people then that most of the project criticizing BTC for high transaction fee would which they are in Bitcoin shoes then. This transaction fee is about demand and supply but some people do not get it, the demand for space and Ethereum is high now and it is good to be in this position because it shows people are suing your network. I just hope there is a lasting solution to this because this is not sustainable in any form

[abel1337]

I believe this is just a temporary thing because of the defi hype, it is not going to be sustainable for them neither, we are going to eventually see something major that will make defi hype die down as well. Remember just a year ago or so how IEO was the big deal, we have seen stuff with a billion dollars investment as well and it was all the talk in the bitcointalk forums as well, look at it now, nobody cares about it and nobody really chases after them aside from bounty hunters.

It means, at max in 6 months or so defi will be absolutely nothing and that means eth blockchain will be left alone and when that happens price of fee's will go down as well. If none of that happens, I am sure coders will figure something out ot make it a lot faster again.

Eth gas increase every time due to the trend and can lead to network congestion, This also happened way back when ICO where on it's prime, My normal transaction where affected because of the gas value and my token value are not going well with each other. I agree that this will soon go back to the normal eth fees as the trend goes down but for now, My eth transactions where limited, Most of us can wait but can't last if this goes on forever.

[Dana888]

Ethereum people used to criticize Bitcoin for having high fees and claiming that Ethereum will replace it because it's more scalable. But it's clear that having only a few times more capacity than Bitcoin is not enough to having spikes of transaction volumes, you would need much bigger blocks for that, and this would make any coin completely centralized. Even now it's very hard for users to run their Ethereum nodes. and in the near future it would be only possible for datacenters. This would make Ethereum closer to banks rather than Bitcoin.

I was telling some people then that most of the project criticizing BTC for high transaction fee would which they are in Bitcoin shoes then. This transaction fee is about demand and supply but some people do not get it, the demand for space and Ethereum is high now and it is good to be in this position because it shows people are suing your network. I just hope there is a lasting solution to this because this is not sustainable in any form

All my recent transactions didn't reach this address. I couldn't send more than one. Even crazy gas doesn't save you - as soon as a few days pass, the transaction is returned back to your wallet. Will this issue be resolved in the near future? Does anyone have any thoughts or suggestions about this situation?

[Banulit]

For me I think that if this trend of the rising of ethereum fees continues many of the people whose using their blockchain will have gets disappoint knowing that for the previous years ethereum is one of the most use and trusted blockchain that many people are using and it can also lead them to losing several crypto enthusiasts whose using their platfom.

[Shasha80]

The increase in Ethereum fees will have a bad impact if it is not resolved immediately, because it makes some investors start to look
to other altcoins as an alternative. And this can reduce Ethereum holders slowly, this increase in Ethereum fees is due to huge traffic
on the Ethereum network. And huge traffic is due to increasing investors DeFi projects using the Ethereum blockchain network.
If leave it like this, some DeFi projects will use other platforms. Because more faster the transaction and also the cost more cheap.

[senyorito123]

Defi is the main reason of all these gas fees and they are taking it too long for ETH 2 , where they said they are going to use POS instead of POW , If it wants to go like that Dapps and tokens would rather use Polkadot blockchain, where its fast and fee is very small .

Ethereum network must correct this kind of expensive fee, because if ever they'll going to go straight forward in maintaining this type of figure; users will decrease. We can't sustain for such a long time due to small profit made by higher transaction cost. They must find a good alternative to compete, not by price but also for adoption.

[BitcoinPanther]

This increase of fee really hurt small crypto trader that is trading mostly ERC20 tokens because it cost more gas fee to transfer.

Defi is the main reason of all these gas fees and they are taking it too long for ETH 2 , where they said they are going to use POS instead of POW , If it wants to go like that Dapps and tokens would rather use Polkadot blockchain, where its fast and fee is very small .

Ethereum network must correct this kind of expensive fee, because if ever they'll going to go straight forward in maintaining this type of figure; users will decrease. We can't sustain for such a long time due to small profit made by higher transaction cost. They must find a good alternative to compete, not by price but also for adoption.

Yes I believe they must.  Cryptocurrency ETH incluced was once bragged to lessen the transaction fees of transactions in any amount than banks but from the looks of it, cryptocurrency is only beneficial for large base transaction but not on dusts one.

[pilosopotasyo]

Ethereum Fees Rise 70% to Continue Record-breaking Streak

If value of Ethereum drop to $35, then Etehreum fees would suddenly be ten times lower and normal again. It is not that easy fro Vitalik to do that. His promises to deliver in last years were all false but price of Ethereum still had not dumped. So on my opinion Ethereum future will be very expensive.

This cannot go on like this, I used to trade my Ethereum for fiat and it's my cryptocurrency of choice for two years already now, I'm using litecoin, Dogecoin, and Tron because of this issue, traders like me have to look for other options to trade, but it's a surprise, that it's not harming the price of Ethereum and it continues to perform better in the market, but for how long? 

[tabas]

This increase of fee really hurt small crypto trader that is trading mostly ERC20 tokens because it cost more gas fee to transfer.

It really does.
But having an option not to trade is one of it but what will happen if we will not trade? we might miss the runs just because of the fees.
Don't commit a transaction if fees are undesirable.

[maxreish]

I am actually shocked at today's fee in ethereum. Cost 900k ethoshis. My first time to see such huge transaction fee. Though, it is reasonable since the ethereum's price is skyrocketing but I do hope it will go down into half like 400k ethoshis. I don't wanna blame DEFI for this rising fees, the hype still on going. But, I am really disappointed with the fees thus making me an urge to convert ethereum to other altcoins before transferring it into my wallet. Other investors may choose this option to save up some bucks.

[giammangiato]

It's very crazy the effect of defi on the price of ethereum fees. I can't accept to pay 15$ for move a little amount of eth from my wallet to my friend wallet. I hope that after this fomo price of fees will decrease

[Vishnu.Reang]

This increase of fee really hurt small crypto trader that is trading mostly ERC20 tokens because it cost more gas fee to transfer.

It really does.
But having an option not to trade is one of it but what will happen if we will not trade? we might miss the runs just because of the fees.
Don't commit a transaction if fees are undesirable.

Unless the fee is 25% or more of the total amount, I don't see a reason why someone should refrain from trading. Remember that in the cryptocurrency market, the new tokens and coins can be extremely volatile. They can go up by 10x in a week, and at the same time they can lose 90% of their value in a few days. So for now, forget about the fees and go ahead with your trading plans.

[bttmember]

The rise in ethereum transaction fee just goes to show that defi craze is still on. It was just a little dip due to sushiswap and some other exit defi projects but the enthusiasm is back in the market which is causing network congestion yet again.

[Zeehaxan]

For small traders or people who are lookinv for lower transaction fee they should try to make transaction during off peak hours. Mostly at late night or very early morning the transaction fee is significantly lower i have tried it and it works.

[cryptoaddictchie]

It's very crazy the effect of defi on the price of ethereum fees. I can't accept to pay 15$ for move a little amount of eth from my wallet to my friend wallet. I hope that after this fomo price of fees will decrease

Im always trading on uniswap. This is quite the normal range 10-15$ per transaction, and if your unlucky the transactions failed your funds still deducted on your account. The problem lies due to high usage on uniswap so we cant really do something. What good is there are some other options like mooniswap and sushiswap to use maybe these platform can give us good fees and more eth when you sell tokens.

Its not practical anymore if youre gonna trade below 1 eth due to fees. So if youre planning to buy better to have a huge eth transactions.

[Elderman87]

This increase reminds me of the episodes with the crypto kitties. Ethereum gas fees also went up during this period and then reverted to it lower fee structure few months later. I believe the same thing will repeat this period. It is only a matter of time. DeFi is peaking.

[Chukwunonso]

The best way to deal with the issue of increasing gas fee is to use other cryptocurrencies for the transaction and swap after it hits the exchange. I learnt that its cheaper using dogecoin for transactions than ethereum. Depending on the exchange in question, you can look closely at the withdrawal fees to know the coins that would be more economical for your transfer.

[bocyaj]

For me I think that if this trend of the rising of ethereum fees continues many of the people whose using their blockchain will have gets disappoint knowing that for the previous years ethereum is one of the most use and trusted blockchain that many people are using and it can also lead them to losing several crypto enthusiasts whose using their platfom.

The Ethereum fees had raised due to the demand of the Ethereum and it's source of many token transcation. The price of Eth also raised, so it's seems like it raised a lot. It had two different factors as said. So we can't blame the Ethereum. Ethereum is the efficient project with my experience.

[Sword555]

Situation with eth fees is already better than it was before. It will be normalized by the end of the year, i guess

[michellee]

It's very crazy the effect of defi on the price of ethereum fees. I can't accept to pay 15$ for move a little amount of eth from my wallet to my friend wallet. I hope that after this fomo price of fees will decrease

That fee increase because in the last few weeks ago, when the other defi project increase and decrease, I saw the fee reaching out $23-$30, so I decide not to continue to trade. The fee is too high for me, and I don't think that I can pay that to make a transaction just to buy and sell the tokens. But yes, the profit tempts me to continue, but I still not trying to trade. I am so afraid of losing that because the fee is too high for me.