Etherum Fees Double In a Week As DeFi Heats Up

[Yamifoud]

A lot of people keep complaining about the high fees but still, they're making transactions. If they can wait for a few hours to confirm their transaction, I shouldn't think we need to set it into the highest gas fee. But unfortunately, some want instant and it drives then to make huge fees just to fulfill. It helps anyway, but if this will continue, I can't imagine how fees go far.

Maybe I should have to keep my coins and hold for awhile waiting for the moment that hotness calms down.

[Google+]

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.

With the existence of ethereum 2.0, I also see that there is still no way to determine whether gas costs can be cheap again or not because so far there have been more and more transactions in ethereum technology when there are many DeFi projects created, making solid transactions that make gas prices go up.

[lebregone]

This is what I notice also upon transferring my Eth from one wallet to another, the transaction fee is a little bit crazy because of defi hype that is why I am avoiding a small
ETH transactions as of this moment because I will just waste my money for transaction fees.

I will just hope that fees will revert to normal again so I can use Eth freely again without worrying to it's transaction fees.

[barbara44]

I believe it is not going to be as tough as people claim to be. Bitcoin has around 7-10 dollar fee right now and nobody cares about it, whereas ETh has around 2 dollars right now and people act like it is end of the world. If bitcoin can reach to 10k with 10 dollar price, that means ethereum could at least be 2 thousand dollars with 2 dollar fee as well, there is no need to make an overreaction.

We would want both bitcoin and ethereum fee's to be lower, who would be fine with paying such huge fees, considering there are people who use it from third world countries where 2 dollars is literally a meal price, it is understandable to want it lower. However wanting it lower and not using it for the price are different and I doubt anyone is leaving because it is 2 dollars.

[Bezobraznike]

I believe it is not going to be as tough as people claim to be. Bitcoin has around 7-10 dollar fee right now and nobody cares about it, whereas ETh has around 2 dollars right now and people act like it is end of the world. If bitcoin can reach to 10k with 10 dollar price, that means ethereum could at least be 2 thousand dollars with 2 dollar fee as well, there is no need to make an overreaction.

We would want both bitcoin and ethereum fee's to be lower, who would be fine with paying such huge fees, considering there are people who use it from third world countries where 2 dollars is literally a meal price, it is understandable to want it lower. However wanting it lower and not using it for the price are different and I doubt anyone is leaving because it is 2 dollars.

   This is not the first time for Bitcoin to have high fees. In 2017 we had higher fees for Bitcoin transactions. This time it's the first
time for Ethereum to have so high fees, people are not get used to it like with Bitcoin. I hope they will work something out very
soon, too high fees are good just for whales, for us who think in lower amounts these fees are too high.

[bocyaj]

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

Defi not only heats up the fee of ethereum,it also reflect on the price of other altcoin. ETH is the source for the many of the transaction.The sad one is the price of ETH was not back to 350$.Some of holders had loss their hope on ETH .This shows that,until unless,the ETH fee reduced.The Eth price will not back to it's old value.

[qwizzie]

I believe it is not going to be as tough as people claim to be. Bitcoin has around 7-10 dollar fee right now and nobody cares about it, whereas ETh has around 2 dollars right now and people act like it is end of the world. If bitcoin can reach to 10k with 10 dollar price, that means ethereum could at least be 2 thousand dollars with 2 dollar fee as well, there is no need to make an overreaction.

We would want both bitcoin and ethereum fee's to be lower, who would be fine with paying such huge fees, considering there are people who use it from third world countries where 2 dollars is literally a meal price, it is understandable to want it lower. However wanting it lower and not using it for the price are different and I doubt anyone is leaving because it is 2 dollars.

It is not only the gas fee that has been getting higher, there are also ballooning fees for interacting with the DeFi protocols.
Getting hit with those fees (that can run up to $100) is just insane.

https://cointelegraph.com/news/99-gas-fees-on-ethereum-are-crippling-defis-growth
https://cointelegraph.com/news/using-a-defi-protocol-now-costs-more-than-50-as-ethereum-fees-skyrocket

It will be interesting to see how those fees develop when more DeFi projects (similar to Uniswap) make a large move on Ethereum network.

[target]

I believe it is not going to be as tough as people claim to be. Bitcoin has around 7-10 dollar fee right now and nobody cares about it, whereas ETh has around 2 dollars right now and people act like it is end of the world. If bitcoin can reach to 10k with 10 dollar price, that means ethereum could at least be 2 thousand dollars with 2 dollar fee as well, there is no need to make an overreaction.

We would want both bitcoin and ethereum fee's to be lower, who would be fine with paying such huge fees, considering there are people who use it from third world countries where 2 dollars is literally a meal price, it is understandable to want it lower. However wanting it lower and not using it for the price are different and I doubt anyone is leaving because it is 2 dollars.

It is not only the gas fee that has been getting higher, there are also ballooning fees for interacting with the DeFi protocols.
Getting hit with those fees (that can run up to $100) is just insane.

https://cointelegraph.com/news/99-gas-fees-on-ethereum-are-crippling-defis-growth
https://cointelegraph.com/news/using-a-defi-protocol-now-costs-more-than-50-as-ethereum-fees-skyrocket

It will be interesting to see how those fees develop when more DeFi projects (similar to Uniswap) make a large move on Ethereum network.

Everybody complains it about it when the UNI airdropped came. I stopped making trasaction after I paid $25 last week, its a huge amount to waste. $100 will probably make me think of just not trading yet until all has calm down and the ETH2 solution come. It would be fair if the price of ETH also tank up but if it stays this low while the fee is the only that tanks, I'd prefer to move to other platforms where I'm also used to.

[Text]

Who really wants to pay an expensive transaction fee.  Maybe there are, those who are in a hurry and want immediate as an instant confirmation.  But that is why we use crypto to save on online transaction fees.  It is coming out now because of the trends it is even cheaper to use fiat compared to the Ethereum network.  The negative effect will not really disappear when something good happens.  How many times have I read ETH 2.0 here, can it be solved?

[SquallLeonhart]

I believe as long as ethereum gets to keep all the ones they have right now without scaring them away to somewhere else, the new ones picking something other than ETH is fine. Obviously for eth to be greatly successful it needs to have almost all the ones so that we could have project after project on ETH blockchain that makes it wanted so much, but if it misses couple of new big projects it wouldn't be that hard.

After all, ETH wasn't created so that other coins would make it valuable, it was created so that it could be utilized in the right way and nobody can say that is not going on right now, obviously it is utilized amazingly right now and that is why I believe price of ETH will skyrocket which would make it even more expensive to send/receive money as well but that will not be a problem neither.

[semobo]

People are moving their airdrop tokens which is the reason why there is an unexpected price increase when the prices are falling because in general the transaction fee gets increases when the market starts to act bullish.Even UNI is losing the value too quick so we can expect the end of defi hype in near future.

[Ozero]

Well, hopefully this problem is temporary. In the meantime, we need to choose between high transactions on the ethereum network and the need to make them less. Hopefully the upcoming updates will fix this problem for a long time. I do not yet make transactions on the ethereum network without special need.

[SquirrelJulietGarden]

Fees are heated up and are cooled down separately. People have to learn to check how to use good fees and make sure their transactions will be confirmed but still save some level of transaction fee.

Sites to check and get reference for transaction fees on ETH network

ETHGasstation.info
https://ethgasstation.info/index.php
https://ethgasstation.info/txPoolReport.php
https://ethgasstation.info/calculatorTxV.php

Etherchain.org
https://www.etherchain.org/tools/gasPriceOracle

Gasnow.org
https://www.gasnow.org/

ETHGas.watch
https://ethgas.watch/

Etherscan.io
https://etherscan.io/gastracker

[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

[shoreno]

i have used ethgastation lately to check if what are the recomended fees  . never tried the others but those are still the same offering same service but except to etherscan maybe because its an eth/erc20 explorer  . you can see the details of your transaction if search or view in a crypto explorer and that includes the fees you inputed  . your last guide was interesting tho but i have not tested it as i dont experience a stuck transaction for a long time but this is useful to others that experienced it  .

[poodle63]

Fees are heated up and are cooled down separately. People have to learn to check how to use good fees and make sure their transactions will be confirmed but still save some level of transaction fee.

The thing with transaction is if your transaction fee is reduced that means the waiting for a confirmation to arrive will also increase. After all the reason why the fee is like this right now because people want to get ahead of anyone else. you setback the cost of fee for your transaction a little bit you might get your transaction confirmed for hours and it's not comfortable.
We still need to address the root of this issue if we really want to get the transaction fee becomes normal again which is scalability.

[el kaka22]

September was really a weird month for ethereum fee's because it has been under 4 dollars almost every day but for like a total of 5 or 6 days it was over 4 dollars and in some of them it peaked over 12 dollars as well, that is really not normal, we would expect something like 1 dollar for example, that would be understandable increase, we would still say it increased too much but 1 dollar is not really that weird when you consider how much is paid for other payment transactions and how much ethereum brings to the table, however 12 was weird, like that is not even sustainably high neither, people would stop using it because of it and it would go down automatically.

Let's hope that this 3-4 dollar range goes down soon, we need under 2 dollars very quickly to make it sustainable.

[sayam]

At first, it didn't seem any kind of big issue, but now it's unbearable to me. Even with low gas fees, it's not working, rather it's becoming a failed transaction. Can anyone say that when the gas fee will be normal? Or will it not be normal any day?

[ichi]

The current organization charges are ridiculous for normal brokers, the ETH 2.0 should fix the referenced issues. The DEFI publicity is the fundamental motivation behind why the expenses for sending exchange has bent over, so if there are no other elective merchants should pay similar charges again and again for every exchange. Envision paying $30 for store and withdrawal of token subsequent to making an exchange. I am bothered to state my companions who I have assisted with purchasing altcoins about the high GAS expense and their reaction is highlighted ETH devs. Crazy charges won't make it conceivable to sell the badge of my companions, so I encourage them to be quiet and patient.

[Gayong88]

This is always a hot issue and the most frequently discussed. I am sure that there will be a good (win-win solution) and normal solution in the future to reduce the surge in transaction fees from the developers, where ETH has always been the main prerequisite before doing WD for Ethereum blockchain users.

[1l1l11ll1l]

This is always a hot issue and the most frequently discussed. I am sure that there will be a good (win-win solution) and normal solution in the future to reduce the surge in transaction fees from the developers, where ETH has always been the main prerequisite before doing WD for Ethereum blockchain users.

Now it's quite normal when compared to when Defi was very hype a few days or weeks ago. ethereum 2.0 will also attend which will address this gas fee issue. for now I think almost everything is back to normal, although it is still "a little" expensive