ETHEREUM: THE RAPID FLUCTUATIONS IN GAS FEES

[Rebek]

The ETH  blockchain is a crazy place to play now. So I initiated a transaction  about 6 hours ago, the transaction took  6 hours  before it finally got confirmation on the Ethereum blockchain network,  I nearly did the   cancel/replace option.  First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

[Yogee]

....First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

You already know the current situation of the chain is congested despite all the hardforks or minor ugrades and yet you try to send with the cheapest possible gas hehe.

Ethereum 2.0 status will remain "under development" indefinitely until they finally decide to put an official date for launching so don't expect too much.

Reading complaints about the Ethereum fees is becoming tiring to be honest.

[hosseinimr93]

Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

Why should the transaction fail?
Even if you set the gas price to 1 Gwei, the transaction will never fail, unless you set the gas limit to lower than the required amount.
In the case the network is so busy and you use a low gas price, your transaction will take long time to be confirmed. It may take months, but it won't fail.

[batang_bitcoin]

Choose other chain if you're going to transact with ethereum and erc20 tokens. It's not looking like the gas fee will be calmer soon that's why if you're about to send and there's a way to exchange it on another coin for transaction, then do convert.
This is only good if your funds are at the exchanges but if not, you have no option but to bear with the fees and pay for it if your transaction is needed to be done as soon as possible.

[DapanasFruit]

I myself don't really understand how come Ethereum has descend to this level...this is so disadvantageous to the real users of the Ethereum network, the many small players like you and me. I am just wondering who are the people getting rich because of this absolutely shockingly ridiculous but painful high gas fees. Ethereum developers should be hiring help from others so they can solve this problem once and for all...seems to me they are not capable enough to look into this big problem and come up with viable solution/s. We never enter cryptocurrency only to be slapped with transactions costing $50-100 each. This is injustice!

[so98nn]

Another hard complaint about the ETH. Not good at all and we are in 2021 year end. If ETH team does not work on the 2.0 at the earliest then ETH is gonna be messy place for real. This much amount in fees is crazy, I would literally shake to spend 24 bucks on the transaction fees alone considering its fiat conversion is huge in my local currency. I don't understand why they did not take the good step when ETH was on the verge of bursting out to high levels (2017 may be??).

These little forks won't do much if they have not already. Kinda started to feel that peeps might be literally holding all the coins because they do not want to spend too much gas fees and thats why the prices are hiking. (Due to holding effect). Lolz.

[Fundamentals Of]

The Ethereum network is again very congested so you cannot expect the gas fee to simply fall down. But it constantly fluctuates. You could wait for some time for the network to loosen up a bit and start your transaction again. But if you really want a transaction to be done with as soon as possible you will really have to pay the cost.

ETH 2.0 has yet to be fully implemented. You will wait for it a little longer. The schedule seems unfixed. Who knows we will finally have it by December this year. But if not, it is much better to transact with other altcoins. You could simply hodl your ETH. It might rise to $5,000 soon.

[hosseinimr93]

I don’t know why your transaction canceled even after paid such amount of gas fee.  

Transactions aren't cancelled automatically.
If you use a very low gas price and the network is so busy, your transaction may stay pending for months. But it's not cancelled.

OP has definitely cancelled the transaction (replaced it with another one) himself.

[teosanru]

The ETH  blockchain is a crazy place to play now. So I initiated a transaction  about 6 hours ago, the transaction took  6 hours  before it finally got confirmation on the Ethereum blockchain network,  I nearly did the   cancel/replace option.  First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

Ethereum chain is the shittiest chain currently, 3 years ago I use to say that Ethereum is a good alternative to bitcoin to be used as a currency but today things are entirely different, bitcoin main chain is 100 times better than Ethereum chain, all thanks to shitty NFTs trend most of which are going to become a shitty asset next years and only like 5% would actually make a good project. It's idiotic currently to send transactions on the Ethereum chain and its token. I hope Polygon is able to solve this problem faced by Ethereum chain by developing it's multi-chain solutions.

[hosseinimr93]

they should cancel transactions with too little gas after a reasonable time,

What do you mean by "They"? Who are you referring to?
Ethereum is decentralized (at least it is claimed to be) and no one has control over transactions. So, there is no one who can cancel the transactions.
If you want an unconfirmed transaction to be removed from the mempool, the only way is to replace it with another one. Note that this can be done only by the sender.
Even if you replace the transaction, you still have to pay the transaction fee. You pay for the replacing transaction instead.

[hosseinimr93]

You can’t proceed the transactions with a lower fees, error will appear.

Your transaction may not enter the mempool if the gas price is set too low. This means that the transaction is not broadcast at all and you have to use a higher gas price.
Not being broadcast and getting an error due to that is different from being failed.

Gas price in ethereum is something like fee rate in bitcoin.
If the gas price is set too low, the transaction may not be broadcast at all and even if it is broadcast, it will take a very long time to be confirmed. But it won't fail.

I know a transaction can fail due to different reasons. But a transaction doesn't fail due to low gas price.

[Yogee]

...
You can’t proceed the transactions with a lower fees, error will appear.

It would be nice if you share more details on this. Is it something like "out of gas"? That error comes from low gas limit and it usually happens when sending erc tokens or transactions that deals with smart contracts as far as I know. It requires more computational power which eats up more gas.

[cryptomaniac_xxx]

I agree with the sentiments of the OP. But it won't fail after 24 hours, it will continue to be re-broadcast until it picks up, but most likely it won't because if you have set it wrongly or at least the gas fee's is too low then it might take several days. I think by now we should understand that this is a problem and there's now way that Ethereum's current version will not solved this issue. But there are several ways to get about it, you just have to research.

[zonefloor]

your operation will not fail. However, at the moment, the transaction fee costs are very high as the market is constantly active. As a result, the process you send may take longer. As far as I understand, you are trying to send tokens with less cost. As a matter of fact, if you prefer the cheap transaction fee, the transaction will wait until the price drops there. But when the transaction fee cost drops there, your transaction will definitely be done. However, ethereum transaction fees do not drop easily unless there is a fast dump coming soon.

[TastyChillySauce00]

  What happened  to ETH 2.0?.

The new mechanism that already implemented when london hardfork happened didn't meet our expectation and it was even making the transaction fees become even bigger from day to the another day. It never goes down again since london hardfork already implemented. If you're using the lowest gwei to send the transaction and then you will not be putting into the priority transaction by the block. Adding 2 more gwei means nothing and what you need to do to use the average gwei ( medium - high) instead of using low gwei because low gwei will make your transaction gets stuck until the gwei will be going down to touch your your transaction.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

That's why try to put medium - high gwei instead if wasting your fees to speed up or cancel your transaction. You need to add more money to make your transaction to be delivered and this is the best choice.
When you're using low gwei for your transaction and that means you're wasting your money and your time. This is the worst thing from ethereum blockchain.

[adzino]

The ETH  blockchain is a crazy place to play now. So I initiated a transaction  about 6 hours ago, the transaction took  6 hours  before it finally got confirmation on the Ethereum blockchain network,  I nearly did the   cancel/replace option.  First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

Stop using ethereum network for making small transactions. If you aren't making transactions worth thousands of dollars, then it's not worth using at all. Those DEX fees are also awful right now. You have to pay like $250 in fee if you are trying to swap $100 worth of tokens. Why would anyone even do that? Wait for the Eth 2.0 upgrade, at least the phase 1 where I believe the sharding will be implemented and see if things improve or not.

[RussianEnglishTranslation]

The ETH  blockchain is a crazy place to play now. So I initiated a transaction  about 6 hours ago, the transaction took  6 hours  before it finally got confirmation on the Ethereum blockchain network,  I nearly did the   cancel/replace option.  First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

Fortunately you can use the rainbow bridge to bridge ETH and ERC20s to NEAR or Aurora. Gas fees on NEAR are a fraction of a penny and transactions take 2 seconds maximum. Plus NEAR is easier to use- it doesn't require metamask. I even showed my grandpa how to farm on Ref Finance. LOL

[bitcon]

Ethereum is bad for active work on the crypto market now. It costs too much just to transfer money, but when you invest in a defi-project, you need to run at least two-three transactions so it will take more than 100$ in total. I would recommend you to switch to another network and try Polygon or Binance smart chain that have a huge ecosystem like Ethereum has, but at the same time they are very cheap.

[otundebis]

Ethereum network congestion is the reason for higher gwei fee! It has been like this for a while, lots of dev prefers ethereum network for their project. As more project deploy on ethereum network, the more the congestion and the price to execute smart contract, tx and lots more. The only solution is for ethereum to scale up otherwise, we are stuck here with high gas fee!

[Torps1]

The ETH  blockchain is a crazy place to play now. So I initiated a transaction  about 6 hours ago, the transaction took  6 hours  before it finally got confirmation on the Ethereum blockchain network,  I nearly did the   cancel/replace option.  First and foremost, I did my checks on ethgasstation  and etherscan.io/gastracker before initiating  the whole transaction  and realised  the "cheapest" gas fees was 98 Gwei. So to be on the safer side, I decided  to use 100 Gwei (~$24) yet look at the stress I've been through  all day. ETH blockchain  is messed up now.  What happened  to ETH 2.0?.

Imagine  if the transaction  had failed after 24 hrs, I would have no choice but to cancel/replace the pending  transaction  with a higher gas fees. Clearly,  with a failed transaction, ~ $60 worth of ETH  would just go  waste🗑

The ethereum network is really making things look so difficult nowadays. I am also having similar situation.

I have a token which I intend to swap for ethereum and withdraw from my metamask but the transaction fee alone is bigger than the actual money that will be left after deduction.

Infact, I need help here.
I'm thinking of bridging the token to Bsc network and withdraw using Bsc network even though I would still pay bridging fee.

What do you think...would that be a better idea?