ETH 2.0 And High Transaction Fees..

[SquirrelJulietGarden]

The hype around DeFi projects is beginning to calm down, and the course of many tokens of DeFi projects has noticeably decreased. Today's commission at 30 Gwei pleases me.

I checked fee on ETH network seconds ago and the average-speed transaction requires 44 GWei as fee. In fact, hours ago in today too, the fee is at 22 Gwei. At that rate, fee dropped to the rate in July 2020 before the DeFi hype began to make fee became higher and higher and reached crazy levels few weeks ago.

Some sites to track ETH Gas
https://ethgasstation.info/calculatorTxV.php
https://ethgasstation.info/index.php
https://etherscan.io/gastracker
https://txstreet.com/
https://ethgas.watch/
https://www.gasnow.org/

Make sure to read and know steps to cancel or replace your transactions [GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

Stucked transactions occur almost always on very heavily used contracts where gas limits have to be set up much higher also. When we are interacting with very complicated contract or the transaction has to be routed between a few contracts, for example: ETH - wETH - GOLD - wallet, then it makes the gas limit go higher. This is the simplest way to exchange on Uniswap, which needs at least 150.000 gwei gas limit because less will be not successful.

Suggestion: I am using 1inch exchange. You can use their CHI token to lower significantly the ETH gas fees  .
                  This is a DEX aggregator, so you have all Dex exchanges in one place.


https://1inch.exchange/

Another solution is new DEX nobody talks about called Honeyswap.org


https://honeyswap.org/#/swap

Uniswap clone made on XDAI which makes transactions cost 0.0003$ and there is no network congestion problem, additionally, this is also DEX aggregator.

I think we are seeing a big Uniswap competitor here  .

[1714771367]

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[jdnthny]

They should take action to this circumstances before it turns to be their lose especially to the ethereum developers. It is very alarming to see that the price of it ethereum fee gets higher and higher if this continues many crypto people will avoid using ethereum anymore.

[Insober]

They should take action to this circumstances before it turns to be their lose especially to the ethereum developers. It is very alarming to see that the price of it ethereum fee gets higher and higher if this continues many crypto people will avoid using ethereum anymore.

Many, including myself, have already left this asset.
In general, it is not clear what is happening with the price of this asset, because of the hype around Defi, the price of this coin is growing and growing.
Due to the network load, the transaction fees are also growing.

But fees have already started to fall, the load on the network has subsided, transactions have become faster.

[cryptoknightt]

ETH will not die, even if the fee will increase more higher than now, because people need it and using it.
you can see when eth network busy and people still swap ETH in uniswap for transaction, even if the fee is bigger at that time.
it mean that still be used, no matter what the problem specially fee.

[slackovic]

ETH will not die, even if the fee will increase more higher than now, because people need it and using it.
you can see when eth network busy and people still swap ETH in uniswap for transaction, even if the fee is bigger at that time.
it mean that still be used, no matter what the problem specially fee.

Of course that Ethereum won't die just because of high transaction fees. The same was back in 2018 when CryptoKitties "broke" Ethereum and it didn't die. High transaction cost means that a lot of people is using Ethereum network. But that's just temporary. With time fees will come down to "normal".

[nrvasquez]

no i think it's not. even when this eth 2.0 thing already solved their tx fee problems, everyone in the blockchain community will still consider the ether for the first choice (imo). it's about the pioneer of the blockchain technology, so the ether will still have their ground.

[Insober]

ETH will not die, even if the fee will increase more higher than now, because people need it and using it.
you can see when eth network busy and people still swap ETH in uniswap for transaction, even if the fee is bigger at that time.
it mean that still be used, no matter what the problem specially fee.

Yes, it will be used constantly, but the number of users may be getting smaller and smaller.
Many of my friends have already passed to the same Throne from Ethereum.

[gaston castano]

I think it will not be a problem as long as there are still many people who use eth they will get used to it later.
Transactions must still be made, even if the fees are low or high because the market is running automatically, so that minor problems such as fees will not interfere.

[Hellkas]

If the gas price is not reduce after starting ETH 2.0. People will seek for another blockchain. This cause the user of ether will decrease. One day ether will lose their user.

Do you have any idea why there is such a large gas charge on the Ethereum blockchain?

Closer to the summer of 2020, a hype began around Defi projects, a lot of similar projects were created, after the resounding success of YFI. They were launched on the Ethereum blockchain, since it is very easy to do there, the network was simply overloaded, due to network overload, and there was such a high commission.

With the release of Ethereum 2.0, transactions should be performed even faster and the network should not lie down so easily, I think that this should not happen at all, at least for such a long time.

Now the hype for defi has already begun to subside, so the commissions have already begun to stabilize, a commission of $ 1 is already normal for me)

The problem is not in the hype of defi projects, but in the Ethereum blockchain system.

This blockchain is already very old, it needs an update, just what has been planned for many years - Ethereum 2.0.

But I also don’t believe in this Ethereum 2.0, for how many years they have been postponing everything, feeding us with promises.

And they have only one excuse "We do not want to make past mistakes", of course, on the one hand this is even very good, but many projects, by the time Ethereum 2.0 is released, will become much better, more advanced.

Write that the load on the network has subsided? Yes, she was asleep.
But for how long? So far, the hype has calmed down a bit, but I don't think it will last long, the era of DEFI projects is just beginning.

[Insober]

I think it will not be a problem as long as there are still many people who use eth they will get used to it later.
Transactions must still be made, even if the fees are low or high because the market is running automatically, so that minor problems such as fees will not interfere.

I don’t know, I don’t know, now the commissions have more or less stabilized, but literally half a year ago the commission reached $ 10 per transaction, what is it all about?

People will never be able to get used to this, I'm sure.

[chanc3r]

I think it will not be a problem as long as there are still many people who use eth they will get used to it later.
Transactions must still be made, even if the fees are low or high because the market is running automatically, so that minor problems such as fees will not interfere.

It's more than minor problem though, sometimes people forced to pay the high fee out of necessity and it's definitely better to switch and uses alternative coin but the eth market is just too big to miss out. but defi right now is dumped and the hype probably gonna fade and become normal again. hopefully the fee will be resolved.

[JeffBrad12]

no i think it's not. even when this eth 2.0 thing already solved their tx fee problems, everyone in the blockchain community will still consider the ether for the first choice (imo).

The demand that has gone to another chain will be coming back again to use ethereum as their best choice to be used to create any transactions. the popularity that has already gained by another project is also caused by the scalability problem that's happening with ethereum.

Once this problem will be solved and everything will be changed. People will be actively using ethereum rather than move to the another coin.
Ethereum is still an underrated coin at this moment in terms of the technology.

It will get mass adoption when all of the problems will be solved.

[icekohl]

In my opinion, part of the attraction of the Ethereum network is transaction fees, with transaction fees as high as currently, miners are the ones who benefit the most. ETH needs to balance these factors: transaction fees, miners' fees and transaction processing speed if it wants to maintain its current position.

[Jackl87]

In my opinion the switch from POW to POS at ETH has to work and it has to be done pretty soon.
The last defi hype with the extremely high transaction fees on the ETH network showed that an upgrade or a change of technology is needed urgently.
If the ETH foundations fails to deliver a working POS-mainnet version in 2021 i don't think that this would mean the death of ETH but it can definitely mean that it can lose its second place to polka or cosmos or to something else.

[Insober]

Well, it will be not cool if the transaction fee on Ethereum network is stay high after the update of ETH 2.0
Many of us suffered from pending transactions because using gas lower than the average.
I guess Ethereum team need to find some method to reduce the gas fee when the network is congested.

No, after the release of the Ethereum 2.0 system, the stability of the network will, of course, increase, which is why the transaction fee will be much lower than it is now

But when this new Ethereum 2.0 update comes out, it's not clear, I don't think this will happen at all, everything is promised and promised, but nothing is done.

[Fivestar4everMVP]

Ethereum 2.0 will give more transactions per second so it is like temporary solution pr almost permanent but as long as there is a hype season comes like ICO and DeFi there will be clog and increase in the fee on ethereum blockchain.

And also note that NFTs are coming, and some of this NFTs are combined with deFi features and the hype is definitely on the way.
Being the most popular and most used smart contract platform, I personally think that ethereum will be permanently prone to this issue of clogged network and in return,inflicting high transaction fees on its users, except the developers do a very hard work of increasing the number of transactions the network is able to handle on per seconds, the issue above might remain the order of the day for ethereum.

[rz20]

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

ETH 1.0 TPS is around 15-something (not sure) whereas, the TPS on ETH 2.0 at first will be around 1000-2000 which would be a huge improvement when compared to current ETH's TPS. High TPS means the network will be more scalable and, if the network is scalable, then the transaction cost will remain lower.

TPS= Transactions per second

[RealMalatesta]

Just because China calls itself "communist" you do not have to blame the ideology for how horrible China is, those people are just dictators who kill whoever they want and live however they want without interruption and take all those billions of dollars to themselves and just live a happy life while letting everyone under their rulership die if they have to from starvation. That is not how communism is, that is not even remotely close to what it is.

What communism is Cuba, you may not like it or maybe enjoy it but Cuba is living the large life, they may not have the latest iphones or they may not have the greatest technological improvements or an ebay/amazon on their country but nobody dies from starvation and everyone gets free healthcare and education and special education on top of that for whatever field they want to work in. So believe me communism is not the problem, it might be even the solution to certain countries (not good for all nations I agree) but China is not one, china has a ruthless Hitler like dictator.

[konflikkastil]

This high eth fee has once fucked me up. I was to sell one of a major altcoins but I didn't have enough gas in my wallet to transfer it to the Exchange. I was pained to the bone, because the coin was doing good at that time. And one other time is how myself and my team use almost had of $150 to sell a coin of $650. Lot of other sadden experience, that made me to lost hundreds of dollars. I think the owner of the ethereum chain technology should really look into that. They should.

[flagpara]

Everyday we measure that ERC-20 token is increasing, even more than other blockchain. Now Ethereum can handle only 15<more transactions per second, this low TPS couldn't fulfill Ethereum blockchain demand. Now another hype is now DeFi projects because we need our privacy. Every problem will be solved after the high TPS of Ethereum 2.0.