Is it really that hard to make ethereum faster and cheaper?

[tumis]

I understand large scale and large success.

But this problem has been around for a very long time.

All the time changes for the better but it is still a mockery and embarrassment.

With such a budget and with such a background it should have been done a long time ago.

This whole crypto world is one absurdity.

Projects collect billions for the witepaper alone

And when a project works out and earns trillions it still can't be done for 3 years as it should be done.


On Saturday, the swap to eth at uniswap/1inch cost again 600 USD (worth of tokens 1000 usd)

the greedy one loses twice

frustrated

[Nalbo]

Another one frustrated from the current gas price. I have $300 worth of wrapped Ether and $30 worth of Ether in my wallet. Still that amount of Ether is not enough to swap WETH to ETH in Uniswap. And now I need to add more Ether from outside while I plan to empty my wallet after the Ether is unwrapped. i.e. I'd require about $150 as fees to get my $300. It's totally frustrating.

[mersal]

Ethereum is having scalability issue that is the reason the fee went to high when a lot of microtransactions causing the prices to spike up, but ethereum developers are trying to find the solution so they are moving to PoS algorithm so they can avoid the spam projects from the main transaction chain which will make the fee to be lot cheaper. The only concern is the time taken for the complete roll over of ETH2.0 still needs too much time.

[shinratensei_]

i know how do you feel about ethereum fees but did you know that? Implementing the EIP to fix the problem that is still faced by ethereum chain is not easy as people said. There must be an agreement between all of the validators to implement the new client that will be supporting the update and this consumes a lot of time.
EIP must have passed various audits to make sure if it will not have bug.
That's why you should be patient for that.

[Zotak337]

but transactions are still carried out and do not stop at all, that means they are still making profits even though they have to pay very expensive fees, but for traders with little capital they will stop trading activities because they cannot bear large fees.

That's from the ethereum fan boys and ETH millionaires around the globe lol, I have some ETH up to 50$ in my wallet and I can't even send out to exchange because of transaction fee is way too big, ETH won't fix this gas fee issue because of PoW algorithm and miners, that's my own believe even the upcoming EIP 1559 won't solve this issue

[Febo]

Is it really that hard to make ethereum faster and cheaper?

Decentralised is always slower and more expensive then Centralised. Ethereum could change some things more centralised and solve it. Tari is doing it. Etehreum decided to take very wast spectre and have problems with that. They should specialise what they want. Many services that now use Etehreum blockchain dont need such level of decentralisation as Etehreum offers them. You should definitely look at what Tari is doing.

[fortune1002]

I understand large scale and large success.

But this problem has been around for a very long time.

All the time changes for the better but it is still a mockery and embarrassment.

With such a budget and with such a background it should have been done a long time ago.

This whole crypto world is one absurdity.

Projects collect billions for the witepaper alone

And when a project works out and earns trillions it still can't be done for 3 years as it should be done.


On Saturday, the swap to eth at uniswap/1inch cost again 600 USD (worth of tokens 1000 usd)

the greedy one loses twice

frustrated

I hope ethereum gas fee will decrease soon. Now it is very hard to swap your 100$ Erc20 token to eth. I have many coins valued 75$, 90$ but I can't swap them.

[Galley]

This is a problem that plagues many of us. Due to the high cost of transactions, the wallet contains tokens that cannot be used. Maybe in the future, something will change, and we will get what was a year ago.

[Kabul]

Getting all votes from the Consensus. That is why EIP hard to get approved to solve problems. On the other hand, there are still people paying such high fees. It means the high demand of ethereum making the whole network stagnant. Resources are needed for better performance

[tvplus006]

I thought that the high commissions after the April Berlin hard fork would be a thing of the past, when the swap price for Uniswap dropped to 30 dollars. But today I was once again upset by the return of high fees in the ethereum blockchain, which amount to more than $200. Maybe the network load is related to the Shiba pump?

[doomloop]

I understand large scale and large success.

But this problem has been around for a very long time.

I'm not sure why devs are always acting in favor of miner but not bothering about end-users. For the case of bitcoin also they are not going for long-term solutions but they adopted just the time being solution of segwit. That is the reason we are currently having very huge transaction fees again along with ethereum.

I believe etehreum devs are simply following same kind of tactics which is the reason they are not hurrying to find a solution for their scaling problems. At the same time, unlike bitcoiners, dapps people might start looking for alternate platforms for hosting their project. I believe it is already happening and it may go more intensified in near future if ethereum devs will not solve the high transaction fees problems at any time soon.

[tabas]

That's really intriguing, I've seen people posting how much they have to pay for the gas fees and how disappointed they are. But we can't do anything about it.
When you're transferring or swapping, always check if the recommended gwei by that time isn't that much so that you have an idea how much it will cost, whether it will be quite high or low.

[yhiaali3]

This is really a shame, the fees cost more than the token price, I have some tokens in my wallet and I am unable to send them to the exchange due to the very high fees.
In any case, we are waiting for the upcoming changes with the launch of the Ethereum 2 network, although the network has been officially launched, it is still under testing and development and has several stages to overcome, so we have to be patient and wait. Hope the wait isn't too long because this is really annoying.

[btc_angela]

Yeah, same here, I can't swap because I'm going to lose, the fee is more than the amount of my token, and I'm thinking that I should swap already, at least the cost is not that big only a few hundred and I should be earning thousands of dollars now.

But in any case it is still a problem that needs to be should by the ETH dev, now it's not only BTC that has this problem. And it seems to be the these 2 prime movers are going to face this issue, specially BTC. But at least ETH can remedy it with their latest iteration, hopefully.

[Review Master]

That's from the ethereum fan boys and ETH millionaires around the globe lol, I have some ETH up to 50$ in my wallet and I can't even send out to exchange because of transaction fee is way too big, ETH won't fix this gas fee issue because of PoW algorithm and miners, that's my own believe even the upcoming EIP 1559 won't solve this issue

It's not about any fan boys , it's totally about ido projects and investors as many projects are launching LBP on balancer which is running for at least 72 hours. BTW, gwei price becomes skyrocket when any projects are having ido or LBP on any platforms because whitelisted users want to invest faster than others as FCFS is the main rules to buy in those sales. As a result, gwei price suddenly starts to increase a lot even within a second. If anyone thinks that whales are manipulating , than those are wrong as we already have L2 solution and polygon (previously known as Matic) is the best for launching projects. But projects didn't chosse that at first place. Recent hardfork already reduced the high gwei price compare to previous rates and hoping to see lower gwei price when EIP 1559 will be done in July by London hardfork. Lets see it'll change this PoW system or not. 

[el kaka22]

It is not, that is why they are making it cheaper and faster because they can and it is simple. If you haven't heard about it, you can google "eip1559", I can't really talk about it in lengths because it does many things but the simple explanation would be that it will be cheaper and faster because it will get rid of the excess amount to get to front by the rich people who made it this high at the start.

Right now it is much lower, it is not as bad as it used to be, but whenever it gets lower there are tons of people who go back in, make some transactions and then increase it all over again, then people slowly go away again and then the fee drops and then everyone gets back again, this happens in cycle. In July 14th the eip1559 will start and that will take it much lower, and in a year or two we will have eth 2.0 which will make it even cheaper and faster.

[crzy]

Every time there’s a price pump, ETH fees also rises and even if they said that it is because of the traffic they should really solve this problem since then but it looks like its getting worse. Last Month the fees became cheaper but right now, it goes back to a crazy fees for just a small amount of transaction. I don’t know how hard it is, but hopefully ETH can solve this problem as soon as possible.

[Danslip]

Every time there’s a price pump, ETH fees also rises and even if they said that it is because of the traffic they should really solve this problem since then but it looks like its getting worse. Last Month the fees became cheaper but right now, it goes back to a crazy fees for just a small amount of transaction. I don’t know how hard it is, but hopefully ETH can solve this problem as soon as possible.

ETH is one of the best currencies and people most prefer investing in ETH, this year ETH has reached its own ATH and it seems this coin will keep price increasing till the end of this year. However as you said the transaction fee is getting up day by day, it is the really bad side of ETH. l hope it will be solved in the near future, if this problem will be solved people will be more interested in investing in ETH.

[cabron]

$600 for swapping $1000 worth of coins LOL that's the reason why I also have not tried swapping the $400 worth of token I have. Worse is that its not listed anywhere but in Uni and 1inch.

The analogy was that and this is just what I have heard on the youtube video. ETH is a running car, its hard to make it faster because you would have to change the old engine to new one while its running.

[KimmyF]

I understand large scale and large success.

But this problem has been around for a very long time.

All the time changes for the better but it is still a mockery and embarrassment.

With such a budget and with such a background it should have been done a long time ago.

This whole crypto world is one absurdity.

Projects collect billions for the witepaper alone

And when a project works out and earns trillions it still can't be done for 3 years as it should be done.


On Saturday, the swap to eth at uniswap/1inch cost again 600 USD (worth of tokens 1000 usd)

the greedy one loses twice

frustrated

All types of altcoins have different transaction processes. From where the development team works to develop projects. Suppose if your base is weak, how can you develop more on that base? You can compare Bitcoin and Ethereum transaction time. Definitely BSC couldn't handle all of the cryptocurrency transactions in the next 5 years.