High gas fee for sending token is still a problem

[Farma]

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?

Yes, the huge transaction fees are making ERC tokens useless. I have a couple of tokens on my wallet of value around $20 but what I'll get by transacting them is net zero. Put some eth for fees allow access to uniswap, exchange the coins to Ethereum and get those ethereum back to my personal wallet, I'm getting exactly what I sent for tranaction fees. Ethereum is still a good trading pair is centralized exchanges but there's no way it could get volumes in dexs and dapps. There are many alternatives to it but whenever one of them gets much attention, the fees rises again making it less attractive. Still the fees would be much lesser than ethereum network.

well, we know that the risk of using coins that use the ERC20 chain has a very large fee. one way to reduce expensive fees is to wait for the gas to come down. however, there is no other way to make the fee cheaper, which is why there are very few transactions for coins using the ERC20 chain on dex or dapps. in fact, very many complain about this. however, if you use a coin that uses the chain, then you need to take into account the fees that you will pay. I even have leftover ethereum in several markets and I can't use it at all because the fees are quite expensive.

[1714498673]

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[Abiky]

Yes, the huge transaction fees are making ERC tokens useless. I have a couple of tokens on my wallet of value around $20 but what I'll get by transacting them is net zero. Put some eth for fees allow access to uniswap, exchange the coins to Ethereum and get those ethereum back to my personal wallet, I'm getting exactly what I sent for tranaction fees. Ethereum is still a good trading pair is centralized exchanges but there's no way it could get volumes in dexs and dapps. There are many alternatives to it but whenever one of them gets much attention, the fees rises again making it less attractive. Still the fees would be much lesser than ethereum network.

There are some ERC-20 tokens that are true "gas guzzlers". That's because the developers of the token did not optimize the code to consume as less gas as possible. The same thing happens with dApps (smart contracts). There are too many useless ERC-20 tokens on the ETH blockchain making fees soar like there's no tomorrow. We can blame "meme" tokens like Shiba Inu for this.

Unless ETH developers increase transaction capacity of the Blockchain, things are only going to get worse in the long run. Not even off-chain scaling solutions (L2) such as Arbitrum or Optimism will work. These networks have ultra-low fees and blazing-fast speeds, but they require you to make a "deposit" on the main ETH blockchain which consumes gas. I wouldn't advise moving to other chains unless you don't care about decentralization/security/reliability. Let's hope someday ETH gets better with low gas fees for everyone. Just my thoughts

[Dessy88]

If high gas fees your problem then you should taken bsc network but some of old coin not working on it. But don’t worry you couldn’t face upcoming project because every new project has bsc network. Besides if you are a long time holder then gas fees doesn’t matter i hope so. Well i can't see any others way to decreasing gas fees so be cool then try on bsc chain.

[cute nmp]

I have some tokens in my wallet that are erc-20 have been  keeping them for long with me . Afraid to even transfer them to an exchange for sell cause of the high Ethereum fees.The worst part is that the gas fees will likely increase during the bull market cause the eth price would have increased by then can't seem to find a better solution myself.Recently switch to the Bsc network think it is much easier for me .

[podluznyj]

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 think it’s worth preparing for the worst, the price of gas has grown very much lately, I think that it will continue to grow persistently, before all transactions cost a penny, it was possible to make transactions endlessly, since it was not expensive, but here now it's expensive, it's worth waiting for better gas prices

[MiF]

It is a big problem not only to big investors or traders but also the most affected is a small traders or small investors that cannot afford to buy coins in bulk. Imagine you want to buy a few amount of coins and you have to pay gas fee that almost double the amount of the token you wanted to buy that was very discouraging to small investors, however if you are a big investors and you can buy bulk and pay one time tx fee then you are good.

[Blitzboy]

Yes, the huge transaction fees are making ERC tokens useless. I have a couple of tokens on my wallet of value around $20 but what I'll get by transacting them is net zero. Put some eth for fees allow access to uniswap, exchange the coins to Ethereum and get those ethereum back to my personal wallet, I'm getting exactly what I sent for tranaction fees. Ethereum is still a good trading pair is centralized exchanges but there's no way it could get volumes in dexs and dapps. There are many alternatives to it but whenever one of them gets much attention, the fees rises again making it less attractive. Still the fees would be much lesser than ethereum network.

There are some ERC-20 tokens that are true "gas guzzlers". That's because the developers of the token did not optimize the code to consume as less gas as possible. The same thing happens with dApps (smart contracts). There are too many useless ERC-20 tokens on the ETH blockchain making fees soar like there's no tomorrow. We can blame "meme" tokens like Shiba Inu for this.

Unless ETH developers increase transaction capacity of the Blockchain, things are only going to get worse in the long run. Not even off-chain scaling solutions (L2) such as Arbitrum or Optimism will work. These networks have ultra-low fees and blazing-fast speeds, but they require you to make a "deposit" on the main ETH blockchain which consumes gas. I wouldn't advise moving to other chains unless you don't care about decentralization/security/reliability. Let's hope someday ETH gets better with low gas fees for everyone. Just my thoughts

Your analysis resonates with some of the major pain points plaguing the Ethereum ecosystem. Indeed, gas inefficiency is becoming the Achilles heel of many ERC-20 tokens and dApps, undermining the scalability of the Ethereum network. This problem, in essence, results from unoptimized code in smart contracts, often due to the developers’ neglect or sometimes, lack of expertise.

In terms of increasing transaction capacity, although it seems like an evident solution, the trade-offs could entail potential security vulnerabilities and centralization, thereby straying from Ethereum's decentralization ethos. Layer 2 solutions, while promising on the surface, are not the magic pill we all hope for. They do indeed necessitate interactions with the base layer, and hence consume gas.

Migration to other blockchains often entails compromising on aspects integral to blockchain's value proposition such as decentralization, security, and reliability. It's a bit like jumping out of the frying pan into the fire. The pursuit for a silver bullet solution must continue, but we should brace ourselves for a world where high gas fees might be the inconvenient reality.

[nesty]

Yes indeed high gas fees for sending tokens are still a problem. Ethereum, which is the most widely used blockchain for sending tokens, has seen a surge in gas fees due to increased demand and network congestion. This has made it expensive for users to send even small amounts of tokens. There are some ways to save on gas fees. One option is to use a layer 2 scaling solution like Polygon, which allows for faster and cheaper transactions. Another option is to wait for periods of low network congestion to send transactions, which can significantly reduce gas fees. Users can also optimize their transactions by setting the appropriate gas limit and gas price. Setting a lower gas limit can reduce to overall cost of the transaction, while setting a higher gas price can help ensure that the transaction is processed quickly.

[cheezcarls]

It also applies to testnets. The fees are ridiculously high. Take Linea for example.

When I try to complete a swap, adding or removing liquidity, bridge and other tasks, sending, depositing and withdrawing tokens, etc., the fees in testnet are so expensive. In Linea alone I have spent like around 30 gETH and maybe more to come just to complete their Voyage quests (especially the current DeFi week where I am spending a lot of it and it’ll end on July 4th).

0.5 Linea ETH a day from the faucet isn’t enough so I just need to buy it using my own money under the mainnet ETH. Due to the congestion, the highest gas that I am paying was approximately between 1 to 2 gETH per action. Normal ones are between 0.2 to 0.7 gETH.

[Bolivar_Tony]

High Gas is really a problem with ethereum and most blockchain networks but what i normally do is that whenever the gas fees are low, I normally move them to centralizes exchanges and leave it there so that i won't incurs high gas fee, I know it's risk but i am trying to avoid high gas fees for transactions

[Psynthax]

High Gas is really a problem with ethereum and most blockchain networks but what i normally do is that whenever the gas fees are low, I normally move them to centralizes exchanges and leave it there so that i won't incurs high gas fee, I know it's risk but i am trying to avoid high gas fees for transactions

the other option would be to move over to the second layer alternative for the sake of avoiding the fee but then again it would still requires some fee when sending even in the second layer solution even though the fee significantly lower.

[Ngemmeng]

first, it doesn't matter even if you are more interested in altcoins but most of your portfolio should be bitcoin because bitcoin is the most popular crypto and lowest risk investment. related to tokens that are on the ERC20 network has nothing to do with bullishness because what causes high gas fees is not bullish or bearish but the density of transactions on the network.

[TheSpiral]

High Gas is really a problem with ethereum and most blockchain networks but what i normally do is that whenever the gas fees are low, I normally move them to centralizes exchanges and leave it there so that i won't incurs high gas fee, I know it's risk but i am trying to avoid high gas fees for transactions

the other option would be to move over to the second layer alternative for the sake of avoiding the fee but then again it would still requires some fee when sending even in the second layer solution even though the fee significantly lower.

I think we should use arbitrum or optimism Network for saving our fee. most coins is now available on these layer2 network also and we would not pay high gas fee for token transfer or bridge fee if we transfer Eth(layer 2 network) to our wallet and then buy coin in uniswap or sushiswap supporting layer 2 network and almost all Ethereum network coin available to buy and sell. i am using same strategy because uniswap fee is more than 10$ which small buyer like me cannot afford.

[Smitty Werben Man Jensen]

first, it doesn't matter even if you are more interested in altcoins but most of your portfolio should be bitcoin because bitcoin is the most popular crypto and lowest risk investment. related to tokens that are on the ERC20 network has nothing to do with bullishness because what causes high gas fees is not bullish or bearish but the density of transactions on the network.

Bitcoin or other top coins I feel to be the first choice for investment,
after that invest some decent altcoins but really need to do some research first,
implement a diversification strategy I think it's a good thing.

[bittick]

first, it doesn't matter even if you are more interested in altcoins but most of your portfolio should be bitcoin because bitcoin is the most popular crypto and lowest risk investment. related to tokens that are on the ERC20 network has nothing to do with bullishness because what causes high gas fees is not bullish or bearish but the density of transactions on the network.

honestly investing in bitcoin and giving huge share of investment towards bitcoin is not something that you must always follow.
some people have toleration towards the risk higher than other, so they could freely invest in some random altcoin all the wants, though we all know how bitcoin is good for investment some people just want that speculative nature of some altcoins.

[Mehedi72]

I'm seeing this high fee issue since 207, probably it is started during bull run of 2017. Many people were taking about It'll be solved but still no progress, maybe because people are keep connecting with altcoins everyday and most of Newbies bought bitcoin and ether for safe investment among all altcoins. Thats why ether Networks are always busy and charging high gas fee.  I think you can keep checking fee update and transfer your token when gas fee is low. Keep transferring ecr20 coins randomly will takes high fee. So don't transfer if it isn’t urgent. Better to keep it on exchange if possible, but only if your investment is small. Otherwise if exchange Hacked, then You'll lost everything. But if your investment is high, then i Don't think rich people care about fees

[JeffBrad12]

first, it doesn't matter even if you are more interested in altcoins but most of your portfolio should be bitcoin because bitcoin is the most popular crypto and lowest risk investment. related to tokens that are on the ERC20 network has nothing to do with bullishness because what causes high gas fees is not bullish or bearish but the density of transactions on the network.

it cant be denied that bullish will definitely affect the gas fee, you should've already figured out that there is some real correlation between the increase in gas fee
whenever there's bullish because in bullish the density of transaction as you said is getting higher and higher.
if you're veteran holders, you definitely know back then when NFT was massive added with some blockchain gaming, the fee was becoming so high, more than when the market isn't even in a bullish.
I'd say the market trend, have massive influence towards the gas fee.

[Hypnosis00]

This is already been an existing complaint for many years already and no solution has yet to find from the developers. It is very unfortunate but somehow, we leave no other option but to pay huge fees if we wanted to move our ERC20 tokens and accept the reality and keep moving. We can't just give up because of high fees and we don't need to wait either to decrease before taking it back otherwise, we are wasting our precious time. And we can't expect as well the team will settle it down as we've done the upgrades but still have no impact on its fees.

[Lanatsa]

This is already been an existing complaint for many years already and no solution has yet to find from the developers. It is very unfortunate but somehow, we leave no other option but to pay huge fees if we wanted to move our ERC20 tokens and accept the reality and keep moving. We can't just give up because of high fees and we don't need to wait either to decrease before taking it back otherwise, we are wasting our precious time. And we can't expect as well the team will settle it down as we've done the upgrades but still have no impact on its fees.

Yes, we did have that Shanghai upgrade on which lots of people had believed that this would be already the solution on that long time problem of high gas fees on erc20 but surprisingly despite of this kind of problem

which ETH still sits on #2 on the entire market which is amazing. We do know that this fee problem is something significant which it does prove out on how good ETH project is due that it do able to compensate out
despite of those flaws. Sooner or later then we might be able to have that kind of solution into such problem and this is the main reason on why i dont really like on making ETH transactions due to those
horrendous fees or something not really that worth at all.

You would be only moving $20 to another wallet but it do make out some charges of fees which is more than on the amount that you are about to transfer
which it is really that pain in the ass.

[Abiky]

Your analysis resonates with some of the major pain points plaguing the Ethereum ecosystem. Indeed, gas inefficiency is becoming the Achilles heel of many ERC-20 tokens and dApps, undermining the scalability of the Ethereum network. This problem, in essence, results from unoptimized code in smart contracts, often due to the developers’ neglect or sometimes, lack of expertise.

In terms of increasing transaction capacity, although it seems like an evident solution, the trade-offs could entail potential security vulnerabilities and centralization, thereby straying from Ethereum's decentralization ethos. Layer 2 solutions, while promising on the surface, are not the magic pill we all hope for. They do indeed necessitate interactions with the base layer, and hence consume gas.

Migration to other blockchains often entails compromising on aspects integral to blockchain's value proposition such as decentralization, security, and reliability. It's a bit like jumping out of the frying pan into the fire. The pursuit for a silver bullet solution must continue, but we should brace ourselves for a world where high gas fees might be the inconvenient reality.

It seems that ETH developers have decided to follow centralization just to make the Blockchain more "efficient". Their intentions to reduce the number of validators on the network says it all. They want to reduce the minimum amount of 32 ETH to 2048 ETH for staking. While less validators will result in higher performance, ETH will become more centralized as only exchanges and the wealthy will be able to acquire the 2048 ETH required for staking and supporting the network. Most people don't care about this, as long as fees are reduced in the long run. This will bring negative repercussions to ETH, because it will be easier for the government to "shut it down" at will.

We'd have to decide whenever we want decentralization at the cost of higher fees and slower TX confirmation times, or all the other way around. I'd choose decentralization even if I have to pay high gas fees per transaction. If ETH keeps this up, I believe Ethereum Classic (ETC) will "eat up its cake". That's assuming it stays PoW forever. No one can predict the future, so let's hope for the best. Just my opinion