Etherum Fees Double In a Week As DeFi Heats Up

[jacafbiz]

The issue with this high gas price is that the Ethereum purist do not see this as an issue because the chain is dominating the smart contract world, but if this price thing continue to be an issue, I think a better tech with good marketing team behind it would dethrone Ethereum long run, how can I want to make a transaction of $100 and be paying $10 for fees this is too high

[1714755626]

1714755626

[1714755626]

1714755626

[1714755626]

1714755626

[1714755626]

1714755626

[optimisticcm]

For now the only hope is that UNI airdrop and drfi trend settles a bit so that eth transaction fee gets back to normal because with these high fee no one can think of adoption and usage at a household level.
Also if eth 2.0 launches successfully I am sure it will resolve this issue immediately so we need to stay positive and keep supporting eth.

[AlexAtom]

I saw ethereum gas fee few days ago, it was 700++ gwei on high and 500 gwei on safe low.
This is no wonder, because uniswap platform is very booming nowadays.
And DeFi platforms are using usd tether as their coin, using high gas fee to do quick transactions.

[ansarose1]

This was possible because of the increasing market value of ethereum coin. I think this could be annoying in the part of crypto day traders, maybe ethereum gas fee could settle down in the long run after some altcoins also shining in the market like UNI coin. We just hope for the good development of ethereum coin since it is potentially capable for a good investment anytime.

[libert19]

I really want to invest in some projects but my God it's expensive, you want to put $100 while pay $40 just for fees (looking at you, uniswap).

[qwizzie]

This was possible because of the increasing market value of ethereum coin. I think this could be annoying in the part of crypto day traders, maybe ethereum gas fee could settle down in the long run after some altcoins also shining in the market like UNI coin. We just hope for the good development of ethereum coin since it is potentially capable for a good investment anytime.

UNI is a token, not a coin and certainly not an altcoin.

coins : https://coinmarketcap.com/coins/
tokens : https://coinmarketcap.com/tokens/

I hope you understand the difference between token projects and altcoin projects / coin projects. Token projects are dependent on one specific blockchain (mostly Ethereum) over which they don't have any direct control and have a centralized single point of failure (high fees), because that blockchain does not scale. Altcoin projects / coin projects each have their own blockchain (over which they have full control), their own fee structure and their own network security.

Ethereum : coin / altcoin
UNI : token

[rhomelmabini]

It's just saying we have to had some alternatives in it and I think that's when Tron DeFis comes to play. Though some of this Tron DeFis still new but I think they will be the best in terms of speed and the fees. Uniswap should have a best solution regarding that or else they'll lose a big amount of traffic or investors.

[Kong Hey Pakboy]

The gas fees are increasing since the DeFi projects become a trend or hype up. It is why other people who buy UNI are having trouble selling out their token because its a shame if you will pay every expensive fee when you are trying to buy and sell cryptocurrencies. The Ethereum gas fees are so expensive because the network becomes busier that many people are making transactions like sending and receiving tokens.

[Leonard2016]

The gas fee in DEXes is crazy , I just wanted to swap 0.01 ETH as a test to see the gas fee in 1 inch exchange and the gas fee was 16$ !
yeah 16$ for swapping 3.5$ eth to Ampl , that is why DEx has no future and people would rather to go on CEXes .

[Paycoinzzz]

yes this is the general situation now.  Investors are in high demand for investment and the defi trend is getting hotter and hotter, and fee increases are also normal.  Therefore, those who do not want to invest in defi projects should use the TRC-20 platform, it helps us move coins faster and lower fees.  I just switched to the TRC-20 platform and felt it was still very good compared to the ERC-20.

[okala]

This is good for the next work. Defi is a game challenge and I see that even with the high in fees of ethereum transactions people still prefer to used it because of the it speed and reliability.

[slaman29]

It's profitable for ETH miners but bring a poor experiences for users. More than 10$ and 10 minutes for a transaction is not suitable in this market now, when many other platforms can achive better result. I just don't know why many projects still choose ETH to build their token.

I always refuse to pay max price honestly. Same with Bitcoin and same with ETH. I mean,,, I hardly ever need something paid urgently and if fees are way to high to pay with crypto, I go with fiat.

Bitcoin has been problematic in the past but seems to fix their problems. ETH to be fair also I still choose to pay a low fee and it eventually gets accepted. It's all the uniswap guys and mining people who want instant that's the problem.

[bitcoinnami]

Sometimes very frustrated because the gas cost of ETH is too high. I think that is the biggest drawback of etherum copper

[ven7net]

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

I think the high fees for Ethereum are very bad. I noticed that this issue is pushing many ETH users to use other altcoins. For example, to avoid commission, I exchange my ETH for LTC or TRX on the exchange. Of course, the fact that DeFi is booming on the Ethereum platform is very good, but the fact that the ETH network is weak and cannot cope with such an influx of transactions is very bad.

[nykka]

Ethereum blockchain is too old to complete all requirements of modern world, where DeFi projects are so popular. Most of them are built on ETH blockchain, so load is very heavy and Ethereum need updates, because it`s not good that people pay up to 50$ just for 1 transaction, when in other blockchains transactions can be faster and cheaper. Ethereum developers need to improve it or ETH will lose it`s 2-d line on cmc top

[Vishnu.Reang]

The increase in transaction prices is indeed very detrimental to users, ethereum needs to improve itself so as not to lose users who keep them afloat.  otherwise ethereum will collapse and be replaced by other coins with cheap transaction prices

It is not going to collapse, but a lot of the projects will move to other platforms such as Cardano and Qtum. Right now, many of the users are not paying enough attention, because even after deducting the fee, they are getting good returns. But the mood will change once the DeFi bubble bursts. People will search for convenient scapegoats and Ethereum chain will be on the top of the list.

[oscarftw]

The increase in transaction prices is indeed very detrimental to users, ethereum needs to improve itself so as not to lose users who keep them afloat.  otherwise ethereum will collapse and be replaced by other coins with cheap transaction prices

It is not going to collapse, but a lot of the projects will move to other platforms such as Cardano and Qtum. Right now, many of the users are not paying enough attention, because even after deducting the fee, they are getting good returns. But the mood will change once the DeFi bubble bursts. People will search for convenient scapegoats and Ethereum chain will be on the top of the list.

New projects now have interest in TRON blockchain, EOS or Stellar instead Ethereum blockchain for high transaction cost. Very few projects agree to support CARDANO or Qtum blockchain. Until Ethereum 2.0 and this DeFi hype finished, transaction cost couldn't low. Actually, we can't avoid ETH transaction costs as far as we have ERC-20 tokens in our wallet.

[poodle63]

the massive fee increase actually kinda render these DeFi apps useless. I mean there might be some major advantake to using uniswap but for people with relatively small money using uniswap will cause them losing money a lot more than using centralized exchange and it's just insane. If ethereum dev do nothing about it maybe in the future less and less people will get tired of the fee.

[tyz]

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

The situation reminds me strongly on the peak of the ICO hype in 2017 and 2018, when the transaction fees in Ethereum were also extremely high on some days and were partly unaffordable. The fact that this situation is recurring now, three years later, shows how little progress Ethereum (and crypto in general) has made in handling larger transaction volumes. The mainstream adaption is still a long way off and I doubt if the switch to PoS can change that.

[jademaxsuy]

It indeed was true and had been experiencing a high gas fee during a small transfer of eth from one wallet to another wallet. It seems that DEFI here really has the capacity to slow down or getting a huge ETH number of transactions. It is indeed a possible reason for the eth network to get congested. However, I do  believe also that ethereum will be manage as they had already started the upgrade of their software for ETH 2.0.