Ethereum Fees Rise 70% to Continue Record-breaking Streak

[memed97]

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.

Very good advice, so at what figure will the cost of gas be when you make transactions outside of peak hours or during the early hours of the morning? if it is cheap then I will also try it today.

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[yazher]

This kind of record-breaking is not praiseworthy for the Ethereum since this will the investors not to convert their cryptocurrencies to ETH and not to send their ETH in their main wallet. Anyway, this is not the first time this kind of scenario has happened but this time they didn't make some changes to fix this kind of problem and the result is really annoying. You cannot sell a few tokens right now because the transaction fees does not make any sense at all.

[Vishnu.Reang]

This kind of record-breaking is not praiseworthy for the Ethereum since this will the investors not to convert their cryptocurrencies to ETH and not to send their ETH in their main wallet. Anyway, this is not the first time this kind of scenario has happened but this time they didn't make some changes to fix this kind of problem and the result is really annoying. You cannot sell a few tokens right now because the transaction fees does not make any sense at all.

In earlier occasions also we had such spikes in the gas prices for Ethereum. But back then, the magnitude was not this high, and also the rates went back to the previous level in a matter of few days. But this time, it looks as if the high fee levels are here to stay. And I am not sure whether DeFi alone is driving this spike. There are other factors as well.

[shoreno]

This kind of record-breaking is not praiseworthy for the Ethereum

record breaks were supposed to be good things but this one , its also a record breaking move done by eth but only on a negative way .

You cannot sell a few tokens right now because the transaction fees does not make any sense at all.

so it also affects trading/sending of coins ? not just eth transactions .  what if you wana sell your tokens because you see that its value increase by this time but the fees holds you back  . thats indeed annoying

[suzanne5223]

This kind of record-breaking is not praiseworthy for the Ethereum since this will the investors not to convert their cryptocurrencies to ETH and not to send their ETH in their main wallet. Anyway, this is not the first time this kind of scenario has happened but this time they didn't make some changes to fix this kind of problem and the result is really annoying. You cannot sell a few tokens right now because the transaction fees does not make any sense at all.

In earlier occasions also we had such spikes in the gas prices for Ethereum. But back then, the magnitude was not this high, and also the rates went back to the previous level in a matter of few days. But this time, it looks as if the high fee levels are here to stay. And I am not sure whether Defi alone is driving this spike. There are other factors as well.

Actually, the ETH transaction price has already increased before the huge traffic of Defi, Defi project just help it a little bit and I believe this was what Vitalik foresee when he put pressure on the Dev in charge of the 2.0

This kind of record-breaking is not praiseworthy for the Ethereum

record breaks were supposed to be good things but this one , its also a record breaking move done by eth but only on a negative way .

Honestly, it still a record breaking since the increased in transaction fee didnt affect the price of Ethereum in the market.

[Mulann2]

And so will be the transaction fee, am mo longer a fan of eth to say the truth, am always upset whenever I have to pay such high fee for transaction, I really do not care about their groundbreaking stuff, they should do something about high fees if they can or make the price to dump

[@baoli]

This is really an uphill scenario on the ethereum blockchain. How the transaction fees get this high is really not cool. I paid 50% of total fee I was sending and that was not good for me.

[Radio-Active]

Now is better than few days ago. The ethereum gas fee was very high, almost 600 gwei if i remember.
This is because many projects using ethereum network at the moment, the ethereum network was congested.
We are forced to use high gas fee if someone using high gas fee with high volume of transactions.

[TastyChillySauce00]

And so will be the transaction fee, am mo longer a fan of eth to say the truth, am always upset whenever I have to pay such high fee for transaction, I really do not care about their groundbreaking stuff, they should do something about high fees if they can or make the price to dump

Unfortunately that's true. It doesn't matter how great the upcoming upgrade if the fee is as ridiculous as it is today they better fix it first and deal with the other problem after that. The fee is simply ridiculous to the point where it's not worth it to send money with ETH anymore.

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

Maybe but if they do nothing resolving the issue it's gonna happen again and uniswap isn't gonna go anytime soon.

[peter0425]

Now is better than few days ago. The ethereum gas fee was very high, almost 600 gwei if i remember.
This is because many projects using ethereum network at the moment, the ethereum network was congested.
We are forced to use high gas fee if someone using high gas fee with high volume of transactions.

yeah i have check now and find that the gas Fee are far lower than couple days ago,maybe the congestion is already gone and
the transactions daily subsides.
Effect of DeFi investors maybe because they are the one who's bagging money now.

This is really an uphill scenario on the ethereum blockchain. How the transaction fees get this high is really not cool. I paid 50% of total fee I was sending and that was not good for me.

This happens to bitcoin also so this means ethereum platform is in demand by now lol.

[Kotone]

We are forced to use high gas fee if someone using high gas fee with high volume of transactions.

Yes and I think if this will conitinue most small time trader wouldnt be allowed to use uniswap to trade some of their tokens. Its really frustrating cause the ones left are the one with huge fund and still have increase their funds cause they are the only one allowed to trade. Anyway a lots of improvement happened since then now the price of gas seema more okay now that usual. Even with price hike on eth network.

[Kakmakr]

The moment when the Defi bubble burst, the Ethereum price will go down and also the gas price, but before that happens.. the transaction volume will push up the gas price and people will have to wait it out.

The same thing happened in 2017 with the Bitcoin price, when there was a ICO boom period. The ICO projects pushed up the Bitcoin transaction volumes and the Bitcoin price reached record high prices and the Miners fees went through the roof.

The funny thing is... Ethereum supporters laughed at Bitcoin back then and now they are struggling with the same scenario.  

[iged_war]

The moment when the Defi bubble burst, the Ethereum price will go down and also the gas price, but before that happens.. the transaction volume will push up the gas price and people will have to wait it out.

The same thing happened in 2017 with the Bitcoin price, when there was a ICO boom period. The ICO projects pushed up the Bitcoin transaction volumes and the Bitcoin price reached record high prices and the Miners fees went through the roof.

The funny thing is... Ethereum supporters laughed at Bitcoin back then and now they are struggling with the same scenario.  

at that moment we didnt see yet defi project which is influenced to ethereum gas fee.only normal transaction in ethereum based project that didnt give significant impact to network. but now, much investors panic buying and sell in uniswap exchanges, they want their transcation immediatly confirmed in network so gass fee bleeding now.

[slaman29]

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

Nothing compared to Cryptokitties still but yes, still very shitty for sending ETH. Worse if you want to do smart contracts I was complaining for $5 fees just to open and then another $5 to close some functions, but that was back in June! Now I don't even want to consider lowest fee.

On the other hand, I don't mind if ETH was $1000;)

[Vishnu.Reang]

at that moment we didnt see yet defi project which is influenced to ethereum gas fee.only normal transaction in ethereum based project that didnt give significant impact to network. but now, much investors panic buying and sell in uniswap exchanges, they want their transcation immediatly confirmed in network so gass fee bleeding now.

It may be better to create a supplementary chain for the DeFi transations, similar to Lightning Network in Bitcoin Blockchain. It is very clear that the Ethereum Blockchain is unable to handle all the DeFi transactions. If we continue to put pressure on the Ethereum network, then both the DeFi and non-DeFi transactions may get delayed. I am saying this, because if the transactions get delayed then in the end the Ethereum adoption may get adversely impacted.

[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.

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.

Everything is volatile in this space. It's not about the potential profit but if a trader sees no reason to trade with the fees and he's extremely feeling sorry for transferring.
He can profit or may not. Not all traders win.

[Twinkledoe]

at that moment we didnt see yet defi project which is influenced to ethereum gas fee.only normal transaction in ethereum based project that didnt give significant impact to network. but now, much investors panic buying and sell in uniswap exchanges, they want their transcation immediatly confirmed in network so gass fee bleeding now.

It may be better to create a supplementary chain for the DeFi transations, similar to Lightning Network in Bitcoin Blockchain. It is very clear that the Ethereum Blockchain is unable to handle all the DeFi transactions. If we continue to put pressure on the Ethereum network, then both the DeFi and non-DeFi transactions may get delayed. I am saying this, because if the transactions get delayed then in the end the Ethereum adoption may get adversely impacted.

Let's hope the eth team is already doing something behind this bottleneck. This is really frustrating for small traders who can't afford to pay high gas fees. Gas fees alone can be used to pay for a decent meal already. I hope this problem will not exist long. Or maybe when DeFi hype is over, we will see the normal gas fees again.

[Cryptlendon]

Man this gas fee of a thing is really getting out of hand, imagine I tried sending Bluzelle (blz) to exchange yesterday and I was charged 0.02eth, I mean have never paid this high.

[carlisle1]

According to this thread In future the price of Fees from ethereum network will Go High Huge and i believe your thread is connected to the topic here

https://bitcointalk.org/index.php?topic=5276182.msg55206080#msg55206080

in which it states

This is the chart of Bitcoin's Avg. Transaction fee: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Right now the median fee is about $2. After lots of halvings the reward won't be enough to satisfy the miners. I guess that after a decade, bitcoin will be more widespread, as a result, more transactions will occur every second. Won't this increase the median fee? If it does, bitcoin will start being a not-so medium of exchange. Imagine paying $5 for a transaction. Even paypal doesn't charge that much.

So better Get use to it as the future and the prices is continue rising .Aside from 2017 bubble of course.

[OcTradism]

With DeFi, bid events and recent hours claim UNI tokens and sell it on exchanges, people are in hurry and they join the fee race. Each person try to use as high fee as possible to get confirmations. Whenever the fee race is cooling down, the fee will be back to low. I don't think it will fall soon.

Always check fee estimations from https://ethgasstation.info/calculatorTxV.php

Above 400 Gwei, you can get fast confirmations.
About 280 Gwei, you will have to wait because it is average fee now.

ETH/ERC20 - Check and select good Gas price