What is the future of Ethereum smart contracts with +$20 cost of gas?

[TheWolf666]

https://ycharts.com/indicators/ethereum_average_transaction_fee

Today the cost for 1 transaction reached +$20!
How can all these smart contracts continue to operate? How these Defi projects can continue to be functional?

Are we heading to a crypto crash? Any feedback and comment about this situation? How this is affecting you or your business?

[hatshepsut93]

It's annoying of course, but I'm transacting thousands of dollars in stablecoins, so it's like a 1.5-2% fee for me. With how much profit I made in crypto over the years, it doesn't bother me too much, this is just the reality of bull market - you profit in tens of thousands of dollars, so don't regret having to pay a few dozens of dollars in fees.

[TheWolf666]

I understand, but all the Smart Contract are having problems right now. It does not make sense for all the Defi to loan sums less than $20,000 and a lot of projects are no able to function correctly.

[Teraboy]

Im creating a new tx recently and it cost me $6 and no more.
It's only happening with ethereum blockchain and when you are trying to use another smartcontract platform like tron and it will cost you almost $0
If the fees will be going even higher and less people will use defi and they will move again to the cefi.

The congestion that happens on ethereum chain makes me abandon my ERC asset on my wallet.
 

[Alobo Realer]

Even a couple of days ago CZ Binance lambasted the Ethereum network extortve gas fees, it is pretty  ridiculous how the price of sending coins through the Chian is that costly. What more can one hope for when the price of 1ETH hits $10,000? Maybe paying thousands of dollars to make transactions on the chain. Where is the elimination of extortion from the Central body?

[TheWolf666]

 If it was a fiat currency, they would devaluate. The problem is how much traction up the ETH is having.
Being the 2nd after Bitcoin, I guess it is the second choice for the whales who are thinking that Bitcoin is not going to be as much profitable as it was, doing 100% with Bitcoin is harder than doing it with Ethereum.
To devaluate that mean that the team has to crash their own currency to save it.
They will try I think, that means they need to sell all at the same time, or somehow mint a lot of ETH if possible and sell them all at the same time.
But if the traction up is too strong, it might fail which is a dead sentence for Smart Contracts.
The ripple of that will probably reach all the crypto world.
I would be careful of not being too much optimistic with this problem ahead. Wall Street is going up, and if something is worrying the whales in the crypto, it will take an hour to crash it again.

[TheWolf666]

Interesting article on the subject: https://news.bitcoin.com/sky-high-bitcoin-and-ethereum-fees-while-prices-jump-the-cost-to-transfer-follows-suit/

[dhemasm]

Not really sure for individual like me but if continue like this we need alternative chain like BSC or TRON, Paying $20 Fee for $40 Transaction it's ridiculous for sure. If this continue i suppose Ethereum Chain while only used for some whales, institutional investor, big company and no space for people like me.

[takngantuk]

I don't know, I find it hard to predict this. many believe the current situation is temporary, and will end when the new network is fully prepared. but many also think this too is meaningless. gas fee will not be suppressed, it will slowly increase.

Maybe it is time, the projects that are on the ethereum network rethink. and start switching to a friendlier platform.

[TheWolf666]

I don't know, I find it hard to predict this. many believe the current situation is temporary, and will end when the new network is fully prepared. but many also think this too is meaningless. gas fee will not be suppressed, it will slowly increase.

Maybe it is time, the projects that are on the ethereum network rethink. and start switching to a friendlier platform.

Yes but what platforms are reliable, have a good reputation and can guarantee a low gas price on the long term?

[DIA7]

ETH2.0 is going to make trx fees less as current Ethereum  Network can do only 15 trx per second that what is making te fees gets higher and higher, the new network on Ethereum 2.0 will upgrade this to 15 000 TPS this will make it less a pain the head to pay those gas fees.

[TheWolf666]

ETH2.0 is going to make trx fees less as current Ethereum  Network can do only 15 trx per second that what is making te fees gets higher and higher, the new network on Ethereum 2.0 will upgrade this to 15 000 TPS this will make it less a pain the head to pay those gas fees.

When this change is scheduled to happen? February 2022 is a realistic date...
https://cointelegraph.com/news/when-will-ethereum-2-0-fully-launch-roadmap-promises-speed-but-history-says-otherwise

Lot of things can happen since.

[Winscosinally]

ETH2.0 is going to make trx fees less as current Ethereum  Network can do only 15 trx per second that what is making te fees gets higher and higher, the new network on Ethereum 2.0 will upgrade this to 15 000 TPS this will make it less a pain the head to pay those gas fees.

I'm not sure that ETH 2.0 is going to be in operation this bull season, it will still take time for the whole process to be completed, whales will be the one to benefits from this bull season because 20$+ transaction fee is nothing to them or anyone making 1000$ ETH transactions

[Marvelman]

ETH2.0 is going to make trx fees less as current Ethereum  Network can do only 15 trx per second that what is making te fees gets higher and higher, the new network on Ethereum 2.0 will upgrade this to 15 000 TPS this will make it less a pain the head to pay those gas fees.

I'm not sure that ETH 2.0 is going to be in operation this bull season, it will still take time for the whole process to be completed, whales will be the one to benefits from this bull season because 20$+ transaction fee is nothing to them or anyone making 1000$ ETH transactions

I don't think there is a fixed schedule. A lot has not been completed yet and it should be expected to come no earlier than 2022.

[sensimilia]

ETH 1.5 will fix everything, i still believe in it.

[Mr.Scott]

Definitely a weird cost of gas, but don't rush over it since we're passing bull market. A huge profits made by investors, so this cost relatively penny for them. Better pay the fees, and support the miners that help run our transaction faster. There's no alternative but waiting complete implement of Ethereum 2.0

[cloudfir3e]

everyone was talking and complaining about ethereum's $ 20 gas fee, but I didn't.
for me it's only natural that the ethereum price starts going up high and will continue to go higher.
I use Ethereum only for investment and don't think too much about expensive or cheap transaction fees. because the transaction fee is less than my profit.

If everyone is complaining about transaction fees, why not try using TRON. TRX has a very low gas fee and is easy to use.
no need to complain every day, because there are other ways that can help you keep transacting

[rat03gopoh]

I also have 1 transaction stuck since 9 days ago. I had set a fee that was too low at that time which I thought was reasonable as I had previously made another successful transaction with the same fee.
The fee of gas is too volatile, it can even increase by more than 30% within a few seconds. This is annoying.

[bitbollo]

new solutions would just coming up in the next months or years lowering these fees.
high fees isn't a bad situation. there is interest to use ethereum blockchain, moreover there is an huge interest and this is why fees are sky rocketing. Several projects and solutions have been proposed and some have already been launched like loopring or beacon chain 2.0 ...

[trauchot]

I agree that cryptocurrency transactions on the Ethereum blockchain should not cost a lot of money, because most people cannot afford to make such expensive transactions, but unfortunately, this does not bother Ethereum developers, because we by ourselves see that the demand for Ethereum technologies is only growing and the price of Ethereum itself is growing every day, so the Ethereum developers are very happy and I don't think that the transactions price will drop in the near future.