High gas fee for sending token is still a problem

[asrinur]

The high cost of gas for token delivery is a problem in today's market. Despite being more attracted to altcoins with higher ROI potential, Ethereum's high gas fees can be a barrier when sending tokens. To prepare for this situation, there are several steps that can be taken, such as choosing the right time, deploying a more efficient blockchain network, selecting a compatible wallet, considering token consolidation, and keeping scalability solutions. Staying abreast of the latest developments and adapting strategies is key in dealing with high gas costs in the market.

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[bussybuddy]

The high cost of gas for token delivery is a problem in today's market. Despite being more attracted to altcoins with higher ROI potential, Ethereum's high gas fees can be a barrier when sending tokens. To prepare for this situation, there are several steps that can be taken, such as choosing the right time, deploying a more efficient blockchain network, selecting a compatible wallet, considering token consolidation, and keeping scalability solutions. Staying abreast of the latest developments and adapting strategies is key in dealing with high gas costs in the market.

The problem of short-term players is different from long-term players, I imagine the story of a person who regularly trades on a certain ecosystem, at ERC20 we all understand its limitations are appearing. and accepting it as something you may or may not necessarily be bound to participate.
Nowadays there are many other ecosystems that are developed with much cheaper speed and fees, but the reason people FOMO and go to places like ERC, or more recently the name BRC20, is that the game is short-term and the price to pay for these problems.

[SlimShadyMmp]

More and more ETH upgrades are on their way and also L2s on Ethereum are now plenty and Arbitrum and OP are really taking so much tvl on their sidechains So I really think all those high gas fees will soon be history if ETH upgrade goes according to plan Also L2 will have much more impact in reducing the gas fees as things progress

[Ngemmeng]

The high cost of gas for token delivery is a problem in today's market. Despite being more attracted to altcoins with higher ROI potential, Ethereum's high gas fees can be a barrier when sending tokens. To prepare for this situation, there are several steps that can be taken, such as choosing the right time, deploying a more efficient blockchain network, selecting a compatible wallet, considering token consolidation, and keeping scalability solutions. Staying abreast of the latest developments and adapting strategies is key in dealing with high gas costs in the market.

but high fee gas only occurs on the ETH network and this high gas fee is due to dense transactions on the ETH network. what ERC20 token holders can do is look for when the gas fee will decrease because there are times when the gas fee on the ETH network will decrease. and indeed people with limited capital should avoid ERC20 network tokens.

[Psynthax]

The high cost of gas for token delivery is a problem in today's market. Despite being more attracted to altcoins with higher ROI potential, Ethereum's high gas fees can be a barrier when sending tokens. To prepare for this situation, there are several steps that can be taken, such as choosing the right time, deploying a more efficient blockchain network, selecting a compatible wallet, considering token consolidation, and keeping scalability solutions. Staying abreast of the latest developments and adapting strategies is key in dealing with high gas costs in the market.

but high fee gas only occurs on the ETH network and this high gas fee is due to dense transactions on the ETH network. what ERC20 token holders can do is look for when the gas fee will decrease because there are times when the gas fee on the ETH network will decrease. and indeed people with limited capital should avoid ERC20 network tokens.

even waiting wouldn't be that easy, it reminds to previous small bullruns that happened few weeks back, quite literally the blockchain is crowded, doesn't matter if you wait until 24 hours big fat chance you will still pay the high gas fee at the end of the day, because the blockchain quite literally have dense traffic 24 hours.

[Bolivar_Tony]

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

I agree with what you said, but truth be told in my own opinion for ethereum to move forward and gain more adoption world wide, they need to trade something off to make their gas fee cheaper, this gas fee have over the years delayed ethereum penetration into different sectors and many project are taking advantage of that, Just know that few dollars might not mean anything to you, but there are parts of the world where people live below a dollar daily, So adoption wise, it's a good move 

[TribalBob]

gas costs so far there is no solution for the erc20 network I think there is nothing to do but wait for the low shipping costs to make transactions and calculate more profit from selling the coins you own.
Shipping costs make small traders often discouraged and it is better to hold coins until they are worthless than suffer losses because shipping costs are greater than the value of the coins that will be sold later.

[MtYermom]

I have more interest in altcoins than bitcoin because they give more ROI,

If you're interested in ROI why do you care about usage fees?
Just dump all your coins in a CEX that's going to run with your money and have a nice life!

I'm seeing this high fee issue since 207

BC or AD?

[masulum]

but high fee gas only occurs on the ETH network and this high gas fee is due to dense transactions on the ETH network. what ERC20 token holders can do is look for when the gas fee will decrease because there are times when the gas fee on the ETH network will decrease. and indeed people with limited capital should avoid ERC20 network tokens.

With the increasing number of transactions taking place on decentralized exchanges (DEX) like Uniswap and the emergence of token memes increasing every day, it will certainly be difficult to reduce gas prices on the ETH network. because DEX is an exchange that costs more than CEX, Also, we know the tax system on memes, this is the reason why in ETH drives the increase in gas usage. IMO

[riskarcher]

but high fee gas only occurs on the ETH network and this high gas fee is due to dense transactions on the ETH network. what ERC20 token holders can do is look for when the gas fee will decrease because there are times when the gas fee on the ETH network will decrease. and indeed people with limited capital should avoid ERC20 network tokens.

With the increasing number of transactions taking place on decentralized exchanges (DEX) like Uniswap and the emergence of token memes increasing every day, it will certainly be difficult to reduce gas prices on the ETH network. because DEX is an exchange that costs more than CEX, Also, we know the tax system on memes, this is the reason why in ETH drives the increase in gas usage. IMO

High transaction on ERC20 Then the gas fee will also be high maybe due to ETH has been in the high prices  and many altcoin using network ERC20 on their project so that's all make sense if gas usage so high. If we see 4-5 years ago gas fee of ERC20 is a cheap too i can say gas fee is not different with BEP20

[MainIbem]

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?

You can use cross chain to swapped the network to bsc if those tokens are also on bsc. But to tell you the truth altcoin are not a guaranteed way of investment, anything could happen to altcoin whereby those investment may not rise again after experience much dip so it's advisable to centered most of interest on bitcoin.

[ahoenk]

It is still a very big problem for ethereum and other coin if it designed for retail investor but i think we already have layer 2 and maybe will comes layer 3 in etherwum. If you want another cheap solution you can use polygon as a sidechain ethereum.

[konflikkastil]

The other day I participated in a bounty and to sell the coin was a really big deal, cause of the ridiculous amount of gas fees. It is now a major cause of alarm for us swapping coins on the ETH network. I remember the ETH gas fee was more than the price of the coin I wanted to swap in Dollars, can you imagine? These are some of the major concerns that I think needs to be addressed as soon as possible else, some of us won’t be able to trade on ETH network anymore. These high fee gas are always in tokens that worth little or more.

[Abiky]

With the increasing number of transactions taking place on decentralized exchanges (DEX) like Uniswap and the emergence of token memes increasing every day, it will certainly be difficult to reduce gas prices on the ETH network. because DEX is an exchange that costs more than CEX, Also, we know the tax system on memes, this is the reason why in ETH drives the increase in gas usage. IMO

We can blame Vitalik and developers for making ETH a "Turing Complete Smart Contracts Platform". They should've separated contract deployment/execution from the main blockchain. In other words, leaving smart contracts off-chain. Now it's too late to do anything about it, especially when ETH is already launched for mainstream use. Changing the network's architecture would require a hard fork. It's yet to be seen whenever validators will approve a fork or outright reject it. Exchanges are now the dominant force of the ETH blockchain with their customers' stake, so they can do anything they want.

It's possible fees will decline in the future, at the cost of a more centralized blockchain network. Most people won't care because they prefer convenience. I guess we'll be left with Ethereum Classic as a decentralized alternative with cheaper gas fees and faster block times. Who knows if it replaces Ethereum (ETH) in the future? Just my thoughts

[Odusko]

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?

So for you to be able to enjoy the roi that altcoins gives you must also be ready to bear all that comes with it in form of high gas fees and the rest of the other problems that faces some of the altcoins, most especially the area of network congestion which is the major reason for the hike iin gass fees and delay transactions confirms that is sometimes experienced in the Ethereum network.
Indeed altcoins could give sporadic value increases but then also we must be prepared to face it high risk also and the possibility of losing almost all our investments if the market goes wrong.

[JahriMeayer]

What you can do is, waiting! Not all time eth asking high fee for transactions. So You can rather wait till reduce traffic on eth network. But if you are in hurry, then There's no good way at all. reducing fee by using different app, could make your fund stucked and make you wait then expectation during this highly busy network. So we are helpless, have to give such fee if we want to transfer tokens through this erc Network. That's why its better to move others network like bsc as right now most of token released with  bsc version too. but because of increasing competitor, I hope, eth will solve this problem fast

[asawale]

Once you concentrate on conducting transactions on Ethereum network at some points, the gas fees keeps getting higher and higher. It is better to look for tokens investments either on layer 2 Ethereum or any other Blockchain which offers low gas fees.

[TopT3ns]

What you can do is, waiting! Not all time eth asking high fee for transactions. So You can rather wait till reduce traffic on eth network. But if you are in hurry, then There's no good way at all. reducing fee by using different app, could make your fund stucked and make you wait then expectation during this highly busy network. So we are helpless, have to give such fee if we want to transfer tokens through this erc Network. That's why its better to move others network like bsc as right now most of token released with  bsc version too. but because of increasing competitor, I hope, eth will solve this problem fast

When making a transaction, the most important thing is to read and be thorough, make sure the network and address used are appropriate, and pay attention to shipping costs, which must be considered carefully. If you choose a cheap shipping fee, the shipping transaction must wait a little longer, whereas when you use expensive shipping capital, the transaction process will be faster. The most important thing is that the network remain appropriate so that the assets you have are not lost.

[bitkanu]

gas costs so far there is no solution for the erc20 network I think there is nothing to do but wait for the low shipping costs to make transactions and calculate more profit from selling the coins you own.
Shipping costs make small traders often discouraged and it is better to hold coins until they are worthless than suffer losses because shipping costs are greater than the value of the coins that will be sold later.

at the end of the day it depends whether the dumping of coins gonna outweight the gas fee required, also those that follows airdrops in ethereum aren't rarely wasting so much money just for the sake of gas fee.
yet devs are still eager deploying their project in ethereum.

[radjie]

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?

This has been a complaint for many people for a long time, therefore most of the bounty hunters and project managers currently prefer the BSC Bep20 Token over ERC20 because one of the main factors is the high cost of gas and this is of course a matter of consideration.