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Author Topic: Etherum Fees Double In a Week As DeFi Heats Up  (Read 387 times)
kolbalish
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September 19, 2020, 06:26:18 PM
 #1

The average fee for transactions on Ethereum has reached its second-highest level ever, after setting the record earlier this month.

In brief

The average Ethereum transaction fee rose to more than $11, more than double last week’s figure.
Daily average fees still haven’t dipped below $2, continuing a record-breaking streak.
More hash power is being added to the network.

Want to read more?- Go through the link- https://decrypt.co/42365/etherum-fees-double-in-a-week-as-defi-heats-up

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September 19, 2020, 06:33:03 PM
 #2

Defi hype was potent in causing ethereum network congestion and high transaction fee but this uniswap and their free 400 UNI tokens give away has added fire to the fuel and now the transaction fee is really high and no one is happy about it other than eth miners or platforms like uniswap that charge comission on every transaction.

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September 19, 2020, 07:27:15 PM
 #3

I just hope these high fees is not going to kill Ethereum, we now need a scaling solution like never before, if airdrops can drive he price this high, what will happen when we see a game or Dapps that is hugely successful.
I just hope one or two of these Ethereum competitor will come up with a lasting solution to this


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September 19, 2020, 10:59:18 PM
 #4

I can only imagine what is most likely to happen should Ethereum's price attempt to get back to that $500 mark that it tried to reach a few weeks earlier. The Network will be a mess  Roll Eyes

I just hope these high fees is not going to kill Ethereum, we now need a scaling solution like never before, if airdrops can drive he price this high, what will happen when we see a game or Dapps that is hugely successful.
The won't have to if ETH 2.0 comes quicker and is successful

I just hope one or two of these Ethereum competitor will come up with a lasting solution to this
All have tried but failed. The "Ethereum Killers" in NEO, EOS, TRON, you name it haven't even lived up to even 1/10th of Ethereum's hype and gone down crushing. There's something about Ethereum that keeps developers deploying more and more smart contracts on the network.





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September 19, 2020, 11:37:56 PM
 #5

Defi hype was potent in causing ethereum network congestion and high transaction fee but this uniswap and their free 400 UNI tokens give away has added fire to the fuel and now the transaction fee is really high and no one is happy about it other than eth miners or platforms like uniswap that charge comission on every transaction.
They should be happy because of the increased fees and they deserve especially if the transaction is coming from the airdrop.

I just hope these high fees is not going to kill Ethereum
This isn't the first time around with these high fees and during the first time, Ethereum maintains its position. 2.0 is the solution but it's still unknown when.

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September 19, 2020, 11:40:48 PM
Last edit: September 20, 2020, 02:17:12 AM by Danslip
 #6

The current network fees are outrageous for average traders, the ETH 2.0 should fix the mentioned issues. The DEFI hype is the main reason why the fees for sending transaction has doubled up, so if there is no other alternative traders are supposed to pay the same fees over and over for each transaction. Imagine paying $30 for deposit and withdrawal of token after making a trade. I am irritated to say my friends who I have helped to buy a altcoins about the high GAS fee and their response is pointed to ETH devs. Insane fees will not make it possible to sell the tokens of my friends, so I advise them to be calm and patient.

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September 19, 2020, 11:49:01 PM
 #7

I just hope these high fees is not going to kill Ethereum, we now need a scaling solution like never before, if airdrops can drive he price this high, what will happen when we see a game or Dapps that is hugely successful.
I just hope one or two of these Ethereum competitor will come up with a lasting solution to this

The developers of Ethereum should address this issue or those projects with good potential in the market will create their platform on other smart contract platform like Tron or Eos, the fee is something that investors and traders can't bear they are even higher than Bitcoin's fee my highest transaction was $15 when I trade my Ethereum to fiat because of an urgent need.



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September 19, 2020, 11:54:48 PM
 #8

I just hope these high fees is not going to kill Ethereum, we now need a scaling solution like never before, if airdrops can drive he price this high, what will happen when we see a game or Dapps that is hugely successful.
I just hope one or two of these Ethereum competitor will come up with a lasting solution to this

The developers of Ethereum should address this issue or those projects with good potential in the market will create their platform on other smart contract platform like Tron or Eos, the fee is something that investors and traders can't bear they are even higher than Bitcoin's fee my highest transaction was $15 when I trade my Ethereum to fiat because of an urgent need.

this is really insane! calling eth developers to rectify this situation fast!

not a crypto user friendly anymore. if this will continue, i guess a lot of projects will find another network to deploy their system. we cant move our tokens if you have small eth sitting on your wallet.
i hope this madness in DeFi will be over! let's admit it, more than 90% of these defi projects are not serious with their platform. they are just here as money grab and will disappear as soon as they get their funds from gullible buyers! you bet it!

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September 20, 2020, 12:19:24 AM
 #9

Defi would be the possible reason for the ethereum increase of transaction fees but there could be more reason like bitcoin having a good market where other altcoins will follow. With the bitcoin having a good market lately other altcoins will going to follow. Well high transaction is not a problem actually instead it is an indicator that many are utilizing cryprocurrency. It is definitely a working progress for future adaptation of crypticurrency for community consumption.

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September 20, 2020, 01:01:44 AM
 #10

Defi has been heating up in the crypto market. Transaction fees have gone up especially at ERC20 ethereum.
Even crazier at uniswap. I once tried to buy a token on uniswap at a cost of 28 $.

I hope Ethereum developers pay attention to current network costs. I think network costs are a burden.

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September 20, 2020, 02:00:06 AM
 #11

The high gas costs are very detrimental to day traders, it is time for ETH to fix this as soon as possible or it could be that slowly people will leave ETH and turn to other blockchains to run defi.
whether they don't hear complaints or pretend they don't know, which is sure to be very bad for users.

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September 20, 2020, 05:12:54 AM
 #12

The average fee for transactions on Ethereum has reached its second-highest level ever, after setting the record earlier this month.

In brief

The average Ethereum transaction fee rose to more than $11, more than double last week’s figure.
Daily average fees still haven’t dipped below $2, continuing a record-breaking streak.
More hash power is being added to the network.

Want to read more?- Go through the link- https://decrypt.co/42365/etherum-fees-double-in-a-week-as-defi-heats-up

It has more to do with the 400 UNI airdrops that traders who used uniswap exchange before 1 st September received. For most people it is a huge amount of money and they are trying to cash out and hence the high gas price.


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September 20, 2020, 05:13:52 AM
 #13

The fee above $2 or above 100 Gwei is higher than the fee from 10 to 20 Gwei months ago (up to 3 months) before the crypto market went to crazy with DeFi projects, yield, farm, swap.

The crypto market itself operates very fast, and faster than stock or good markets. Price can skyrocket in minutes and can falling crash in minutes too. People don't want to wait for a few minutes or hours with their DeFi parties so fee has lifted by DeFi participants. Not only restricted on yield, farm joiners, investors and traders on exchanges contribute to rise of fee when they trade, take profit, cut loss and move their funds around exchanges.

Fee already drops 5 times from latest peak (from $11 to $2) and it need to drop next 5 times to hit its normal cheap fee again. Let's hope. Smiley

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September 20, 2020, 07:00:18 AM
 #14

Gwei is now lower at 114 from 260 three days ago but still higher from what what we are using months ago, we are all caught by a sudden increase of the gas fee and it will continue to become an issue in the coming weeks, I have never imagine that this things can happen if this could happen to Ethereum it could also happen to other up and coming coin in the market, I hope things will be normalize so we can get back to 1 to 10 cents this is the Ethereum that we will know.
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September 20, 2020, 07:44:47 AM
 #15

I saw that some Dapps required more than 100USD fee to process a smart-contract transaction. This could be a huge problem for developers that start looking for alternatives - PolkaDOT, Tron or QuarkChain.
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September 20, 2020, 12:11:18 PM
 #16

I saw that some Dapps required more than 100USD fee to process a smart-contract transaction. This could be a huge problem for developers that start looking for alternatives - PolkaDOT, Tron or QuarkChain.

This is really alarming to be honest. just a few weeks back, I had to send 7 dollars worth of gas fee using Metamask and it really hit me hard. Though fees might peak sometimes, it's still a good thing that it seldom happens. As of now, it really subsided significantly $2-3 and I'm still hoping that it will lower more when hype is done.

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September 20, 2020, 12:18:10 PM
 #17

It has more to do with the 400 UNI airdrops that traders who used uniswap exchange before 1 st September received. For most people it is a huge amount of money and they are trying to cash out and hence the high gas price.
before that happened the cost of gas had already increased. There is transaction instability on the ethereum network which makes transactions very congested. but lately, it's still unstable I see. sometimes in the morning, the gas can go down but at night the gas goes up again.

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September 20, 2020, 12:40:33 PM
 #18

Costs increase when UniSwap's airdrop occurs. The money is free and people try to sell them quickly when their value collapses.
Gwei dropped when people sold out their free UNIs.
The UNI airdrop event generated record-high fees, but in the future, the ethereum network could still happen.

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September 20, 2020, 01:49:24 PM
 #19

The time to look past using ethereum blochkchain network is already here but I don't know why people are so adamant to the use of ethereum to build their projects on. Stellar and ripple network are there with very cheap transaction fee.

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September 20, 2020, 03:27:27 PM
 #20

Investing on Ethereum coin is mostly less risky as i think seeing for last few years when i was trading for it and any other coins had a huge dump i got and losses for those and in the case of ETH i have seen there is ups and down both in few days nothing to loose i seen. But everyone have their own perceptions. So be careful and trade at your own risk!

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