Gas Fee Of BNB Is Increasing

[onecall123]

Yeah, BNB and ETH are pretty much substitutes at this point.

When ETH fees increase there will likely be a flood of people going over to the BNB network to do their transactions.

That then pushes fees up.

Hopefully both chains will come up with a scalability solution soon though.

BNB's gas fees are increasing simply because the network is starting to experience congestion. ETH used to be cheap, but that's not the case anymore due to high network load. That's the problem when a blockchain network becomes too popular in the mainstream world. It's up to developers themselves to roll out network upgrades in order to keep the blockchain as cheap and fast as possible. If by any chance BNB's fees become exorbitantly high, people have the choice to switch to other competing chains. Polygon (MATIC) seems to be a good alternative with dirt-cheap fees and blazing-fast transaction confirmation times. Most of all, it's decentralized so it'll keep on running for years on end. With so many blockchain networks on the scene right now, high fees and slow confirmation times are no longer an issue. Just my opinion

There are only two reasons why gas fee is so high, either your BNB is congested or your current BNB cannot cover the fee. There are so many options available these days that you should not rely exclusively on one network. Don't blame BSC exclusively because we have other options. Consider using another blockchain: Algo, Solana, basically anything but Eth or BNB. With its dirt-cheap fees and lightning-fast confirmation times, Polygon (MATIC) seems to be a good alternative, and I can see how much chaos is deployed into the Polygon network.

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[KaliLinux]

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

True that. If you know what the ethereum gas fees are now you would know that what we get from BSC thus far is still very good though we know it might continue to increase over time due to many factors. I did a transaction recently over at uniswap and my gas fees were well over $100 and that almost drove me crazy like why was that coin on the ethereum network but I didn't have any choice and there are others I still cannot trade now over at the same uniswap cos of this same gas fee.

[hd49728]

BNB's gas fees are increasing simply because the network is starting to experience congestion. ETH used to be cheap, but that's not the case anymore due to high network load. That's the problem when a blockchain network becomes too popular in the mainstream world. It's up to developers themselves to roll out network upgrades in order to keep the blockchain as cheap and fast as possible.

It happens with many networks. Fee is cheap when price of coin is cheap and the network is not congested. Network usually becomes congested when price soars a lot and besides that there are increasing activities on network.

Ethereum had some periods like that with ICO in 2017 and DeFi in 2020. Binance Smart Chain is facing congested issues with more demand from NFT marketplaces, GameFi projects and more.

If by any chance BNB's fees become exorbitantly high, people have the choice to switch to other competing chains.

AVAX is a good chain to be alternative for ERC-20 and BEP-20 chains.

[goku19]

Transaction fees are increasing when the activity is growing. The more people want to trade, the more you have to pay, so that your transaction is included in the block as soon as possible.  Fortunately, BSC works on Proof-Of-Stake, so fees are still smaller than 1$ and even when daily trading volume on BSC is much higher than on Ethereum, Binance Smart Chain is still cheaper.

[rahmad2nd]

Most active transaction on Pancake swap and every day I made more than hundred time for swap or selling coin on pancake, before  BNB raise higher price just take under 0.3$ each swap but now I must out almost $1 for one swap coin, you know almost 30$ every day of my BSC coin have gone for fees only, but I hope BSC have new rule and give lower fees transaction when swap coin on pancake swap or other BSC dex exchange platform.

[Pamadar]

Most active transaction on Pancake swap and every day I made more than hundred time for swap or selling coin on pancake, before  BNB raise higher price just take under 0.3$ each swap but now I must out almost $1 for one swap coin, you know almost 30$ every day of my BSC coin have gone for fees only, but I hope BSC have new rule and give lower fees transaction when swap coin on pancake swap or other BSC dex exchange platform.

Same reason with ETH the value of BNB converted to fiat is really increasing,

and with many transactions that being process not only inside pancake but everything around
BSC chain affects the network.

Most of both traders and investors are hoping that Binance team will find suitable solutions to
avoid repeating the same issue like what we experienced with ETH.

Hopefully, they will come out with good adjustments in terms of transaction fee.

[airdata]

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

Maximum people use Bsc Chain for transaction, swaping and also nowadays maximum project use bsc network due to high eth transaction fees.
But if you compare bsc transaction with Eth then bsc is always best than Eth blockchain. Yesterday i check eth fee that was $150. But it is true that now Bsc network fees is higher than his past fees.                   

[StLucifer]

It was only a matter of time and when the Binance smart chain will be loaded in the same way as the Ethereum network, we will see the same transaction delays that can only be solved by increasing the gas fee. In addition, the cost of transactions in BSC was affected by an increase in the cost of BNB by more than 10 times.
I hope it does not keep on increasing and become like ethereum one day.

[Luffygroove]

Ethereum gas fees were also cheap back then, but look at them now it's hilariously expensive. It's because of so many people using it, so many projects built their projects above ethereum and the popularity of DeFi. Probably, it's what exactly happen with BSC now. Many people and developers switch off to BSC because of the crazy fee of ethereum. I think the Binance NFT marketplace also contributed to this.

[LUCKMCFLY]

Yeah, BNB and ETH are pretty much substitutes at this point.

When ETH fees increase there will likely be a flood of people going over to the BNB network to do their transactions.

That then pushes fees up.

Hopefully both chains will come up with a scalability solution soon though.

BNB's gas fees are increasing simply because the network is starting to experience congestion. ETH used to be cheap, but that's not the case anymore due to high network load. That's the problem when a blockchain network becomes too popular in the mainstream world. It's up to developers themselves to roll out network upgrades in order to keep the blockchain as cheap and fast as possible. If by any chance BNB's fees become exorbitantly high, people have the choice to switch to other competing chains. Polygon (MATIC) seems to be a good alternative with dirt-cheap fees and blazing-fast transaction confirmation times. Most of all, it's decentralized so it'll keep on running for years on end. With so many blockchain networks on the scene right now, high fees and slow confirmation times are no longer an issue. Just my opinion

I think that the answer to the question in the thread is already answered, I think the same and for me that is the reason, in fact the congestion will be increasing, and I have seen several already complain about the fee they have, in fact on the network ERC-20 the problems that there are of the fees is even more impressive, recently I had to pay a fee of more than 150USD, which for me represents too much money, for me the network that will be most successful in 2022 will be Polygon, because all NFT game projects that are focused on metaverses are in that network, and for now it is the network that has the best fee prices.

[shawon01]

What I saw was that the difference between bnb and itharium is that bnb has less gas free and itharium has more gas free.
So I think bnb is more popular than itharium bnb is used by all people

[UserU]

Ethereum gas fees were also cheap back then, but look at them now it's hilariously expensive. It's because of so many people using it, so many projects built their projects above ethereum and the popularity of DeFi. Probably, it's what exactly happen with BSC now. Many people and developers switch off to BSC because of the crazy fee of ethereum. I think the Binance NFT marketplace also contributed to this.

And with Binance being one of the top exchanges, no surprise.

On the other hand, Bitcoin price is crazy high but at least the fees are more tolerable now.

[Snappycoco]

I often transaski with BNB to thresh tokens or trade on Pancake, for token delivery fees of 10 cents and for swaps on Pancakes between 15 to 30 cents, I think BNB is still cheap and the most important thing is the transaction speed is still good.

I did a transaction with pcs and it was estimated .70$ which is almost a dollar already added by unlocking the token contract to sell or buy. However, the main reason for this is that bsc is now being used by many projects and that makes a congestion in the blockchain. A congestion in the blockchain means heavy traffic and by that, gas should be higher. Simple as that. Nonetheless, its price is reasonably good compared to its biggest rival Eth but quite higher compared to other Blockchain like Matic.

[ardydyon]

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

Currently, the cost of gas is increasing, but it is still cheaper than the cost of eth gas.
I think they will still use bnb because gas costs are still cheap even though there has been an increase in prices.
the increase in bnb withdrawals from the exchange has also increased, previously the minimum withdrawal was 0.01 bnb but now it is 0.02bnb and previously had touched the price
0.5 bnb for minimum withdrawal.
I think this happened because of the increase in the price of the bnb, the price of the bnb went up followed by the increase in gas costs and also the minimum withdrawal also increased.

[kojektea]

Because the number of transactions every time continues to increase, the gas in BNB will continue to rise. Gas is also influenced by the price of BNB which again reached ath some time ago. In the end, it will be the same ethereum and bnb with high gas costs. Because it has a similar chain I'm sure this will happen.

[MadeMen]

I'm of the opinion that since more people are moving to the binance smart chain, the blockchain is getting congested and that explains why the gas fee seems to be on the increase. But when compared to the ethereum blockchain, the binance smart chain is quite cheaper. I only wish we could have more projects that could be more innovative and bring cheaper transaction fees to the industry.

[Newlifebtc]

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

BNB was doing you nice some months back but now BNB is nothing to read off, ethereum gas increase doesn't means that it will work long side with BNB, any projects have it time to increase even to a point that promoters it will come unexpected to them, we are exaggerating of BNB.

[chakhigh]

I see BNB still cheaper than Eth in terms of Gas fees. But, who knows what is next! The crypto space has unlimited possibilities, and more projects will offer convenient solutions for this challenge. Defi is the way to go and projects like Avalanche will grow faster, because of their cheap/low transaction fees.

[Mkmanik]

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

BNB gas fee is still cheap if you compare it with another blockchain. There are many reasons available for increasing the gas fee. among them, more and more people nowadays use Binance Smartcahin. So there is good demand for BNB and the price is also increasing for Binance coin. In the future, the gas fee will increase more there is no doubt. Most people like to use Binance smart chain for their projects and it's the main reason for the gas price increase. But still, I am happy with it, BNB smart chain is very fast for making a transaction and the gas fee is also low.

[Mehedi72]

It will be really a complicated matter for future! Cause when ether price was around 600$ where bnb is standing now, , ether transactions fee was less a $1. after it start getting popular, it was getting higher by its value and now it Change upto $50 per transactions! So i don’t know if bnb raise such price where eth is Standing now, what will be happened! They'll able to solve it or suffer as like ether?