High gas fee for sending token is still a problem

[Kalchef]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

[blockman]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

That's anticipated every bull run. Network congestion is the main reason why the fees for sending are increasing. It's way even higher on 2017 for bitcoin paying a cup of coffee during that time. And IIRC, last 2021 was also quite high for ethereum transactions to make.
But what's good with these altcoins, they've got other support on other chains like for USDT which has its ERC20 (eth network), it's got other networks too like in TRC20 although it can't also skip that part because suddenly the fee for transactions being done there have increased too. This problem IMO is gonna be dealt by most projects if there's a traffic and surge on its demand for transfers and transactions through its networks.

[disconnectme]

I know some people are very bullish on Ethereum be I don't see how because of these high gas issues and in the near future if this is not rectified most of the good and strong projects will likely migrate to L2 platforms plus new tokens will not see Ethereum attractive for listings, these 2 point makes me sit on the fence when it comes to Ether price until I see a significant reduction in gas price. I am bullish on L2 projects and not on Ethereum

[coinerer]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Due to the high price of ETH, its fees are much higher compared to dollars.  Gas fees were very low in a dip market but it is not unusual for them to rise again in a bull market.  But to avoid this gas fee, you have to hold tokens in cex, but it is also very risky, so in bull market, small investors avoid eth network and focus more on bsc, trx, polygon. So you also need to use another chain instead of eth to avoid high gas fees.

[so98nn]

You can always go for hundreds of Altcoins which are based on the side chains. I think ERC and all is ok because it’s way way traditional in the crypto space itself. You can now go for Solana and Avalanche based projects, they provide high scalability and you can always keep up with high transacting speeds and good portfolio.

Those projects are being made because of the same issue that you are accruing all the time. I only have one problem with the idea of investing only in alts. Having bitcoin in the portfolio can safeguard some investment on the way. 

[dbshck]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Yeah, the fees for smart contract transactions like token swapping and NFT buying/listing can be even higher than simple token transfer. I agree with what @disconnectme said - lately I've been using L2 chains like Arbitrum for my on-chain activity. It has lower fees and faster confirmation times compared to Ethereum, so it's definitely worth considering if you're getting frustrated with the high fees.

Out of curiosity, what kind of transactions are you mostly doing on Ethereum? Maybe we can suggest some specific solutions based on your needs.

[Asuspawer09]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

I mean that's kinda normal because of the price spike a lot of people use the Ethereum network making it congested and pumping the network fees, you know Ethereum is already a was already a very big network so maybe you could use other networks that are for sure doesn't cost a lot when it comes to fees. Just wait until the network is back and the fees will go back to normal, sometimes there are specific days that fees are down. I mean there's no good way to prepare for it but to buy Ethereum at a lower cost, I mean it's still better instead of paying fees when Ethereum's price already skyrockets to thousands of dollars.

Fees are really inevitable especially if you used these networks and it's a big problem for everyone already in the past, I mean comparing Ethereum to Solana or any other network, a lot of investors will still use Ethereum for some reason. So just need to avoid the transaction especially when you think that the fees were not fair.

[o48o]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

There are only few things you can do:

- Wait until Ethereum scales
- Keep your tokens in exchanges so you don't have to move them from wallet to wallet
- Move your tokens only inside layer 2 solutions
- Use alternative cheaper chain
- Be rich so you don't have to care about the fees.

[ryzaadit]

No, why this is a problem.

Now most of the chain are support by source-code ERC20 from Ethereum Token. One token is already supported multiple chain transaction even bitcoin who have the highest fee are not on the chain are quite have a small fee.

I don't see fee is a problem right now.

[Psynthax]

wisest decision simply switching over to L2 solution, i'd say many developers that care enough about the well being of their token and their holders would care enough to implement their token in second layer solution blockchain which means significantly lower fee and is also faster, i'm sure if you investing in some famous coin you gonna easily find their alternative token in other blockchains.

[Apocollapse]

I think everyone already know if the problem of high gas fee on ETH network seems high likely wouldn't be solved since Vitalik Buterin only give a fake promise over few years, even ETH already updated to version 2.0, the gas fee is still high too.

But if you're don't mind to use the other network, you can to reduce the high gas fee. But you're need to trust the network because you're using a scam network, your ETH will be stolen by them and you're only get a fake ETH.

[Mr. Magkaisa]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

   -   My transaction under erc20 last month was okay for me, around 4$ if I'm not mistaken. Why is the fee increasing again now? no idea at the moment mate.

But I agree with what you said that the chances of earning in altcoins are higher compared to bitcoin, that's true and I'm experiencing that too. But when it comes to large capital investment, bitcoin is still better in the long run.

[borovichok]

I think everyone already know if the problem of high gas fee on ETH network seems high likely wouldn't be solved since Vitalik Buterin only give a fake promise over few years, even ETH already updated to version 2.0, the gas fee is still high too.

But if you're don't mind to use the other network, you can to reduce the high gas fee. But you're need to trust the network because you're using a scam network, your ETH will be stolen by them and you're only get a fake ETH.

A significant issue in the space is sending token to someone. The most well-known network and one with the highest transfer fees is the Ethereum network. Following Vitalik Butterin's promise, it has been expensive from the start. However, it is a waste of time since the problem won't be solved any time soon. I preferred to use the TRC-20 network over the fast but pricey ETH network since it is more cost-effective and accessible. It's quick like the Ethereum network, but it's not as secure as ETH because the majority of fraudulent projects create their own unique networks to scam traders and investors.

[Yaunfitda]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Not just ETH, BTC as well right now have high gas fees, perhaps it was due to the current rise of the price as everyone wanted to move or sell their bitcoins. So in any case, you need to check everything first before you do your transactions.

And it's just part of the bull run I guess, and there are no preparations for the high fees, it's either you withdraw it with just the normal price and wait a little further or pay high fees for much quicker transactions.

[zasad@]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

I sent stablecoins yesterday in the ethereum ecosystem and paid fees of 5-7 dollars.
If you have 10 tokens worth $10 for each position, then you are in trouble. With a price increase of 5 times, commissions can cost 30-50 dollars. If you have 10 tokens at $1,000 per position, then if the price increases by 5 times, the $50 fee will not ruin you, and this is a very cheap fee for decentralized storage.

[Pelana vreo]

you can use other options like L2 network, currently there are many altcoins with lower fees and Sam tokens on the Erc-20 network made Wrapped tokens on the L2 network.

Btw, take a look at Polygon, OP and other Blockchains, you can bridge if the tokens you have are available on the L2 network.

[GEMIN_M4]

I know some people are very bullish on Ethereum be I don't see how because of these high gas issues and in the near future if this is not rectified most of the good and strong projects will likely migrate to L2 platforms plus new tokens will not see Ethereum attractive for listings, these 2 point makes me sit on the fence when it comes to Ether price until I see a significant reduction in gas price. I am bullish on L2 projects and not on Ethereum

I don't believe this, some developers believe that the reason why most erc20 tokens have good value is because of Ethereum, if Ethereum pumps up to 10k for example, even shit coins running on Erc20 will surge as well, if projects should have migrated it should have been in 2017, it is also said that many investors, both small and retail investors prefer tokens on erc20 than BNB and others.

[Strongkored]

Is that still a concern? because high gas fees are nothing new anymore, they always happen when the market has increased because the network will be filled with transactions so that many will compete so that transactions can be confirmed immediately by paying a high gas fee, as long as you can still cover everything with good profits will get, it will not be a problem, you only need to move to another network if the ETH network really needs a gas fee which can reduce profits.

[crzy]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Fees is not just affected by the current trend, it can also be affected by the traffic on that network.
This has been the problem with ETH, though they claimed that this is already solved from their updates but still many are paying huge fees with this network. If you have other option better to use it instead of paying such fees for just a small transactions. Hoping for a better solution for this problem, ETH should take action or else they'll lose more investors in the future.

[piebeyb]

I have more interest in altcoins than bitcoin because they give more ROI, but we are not in a bull market yet and Ethereum gas fee keeps surging since yesterday, it is fair if you are sending ETH from a wallet to another but the real deal is when you plan to send tokens from a wallet to another, the gas is high and this makes me wonder what will happen in a bull market, because most of my tokens are on Erc-20 chain, what is a good way to be prepared for this?

Usually when the ETH price bull market increases at the same time a lot of rich people burn their money using high gas fees to get fast confirmation, I have long abandoned anything related to ETH, because this problem of gas costs has not been solved at all, but if you have an ERC20 token on the ETH network better wait until it is really high value so you can send the token directly to the exchange instead of doing a swap because it will cost a lot