ETH ridiculous fees

[Len Saldua]

WTF !?! How is this even possible ? And I swear Nework Fees were $420 at one point...

[Len Saldua]

So this would have been the cost of ONE transaction. That's right, one.

[avikz]

The question is how much you are trying to transfer?

What I can see from the calculator, the fees is not that high at this moment.

https://ethgasstation.info/

May be something you are doing incorrectly.

[blockman]

From what wallet is that? I guess that includes the commission of that wallet or exchange where you're about to do the transfer.
There have been times when ETH gas fees were terribly high and that's no doubt why such posts like this were no longer surprising to me. But currently, the gas fee for ETH transactions isn't that high.
If you've got the option to do the transaction on another chain where that altcoin you're sending is also supported and possible, just go there and do the alternate network for you to save fees but yeah, no one on his mind will transfer such amounts with that kind of fee unless he's sending millions and has got no choice or did it on a mistake.

[lobo13hf]

that's the problem with ethereum, they just can't solve their gas problem, there's also reason why second layer solution like optimism are so trendy even to this day because ethereum just couldn't sweat over solving their problem of fee.
if you're so eager in not switching over in sidechain like optimism then be ready to spent 50% of all your money just for fee alone which is ridiculous since there are many solutions out there.

[Captain Corporate]

I agree with others, its not really a problem with ETH right now and it should be fine. Look at here; https://etherscan.io/gastracker it shows clearly that the rate is around a dollar or so (or at least it is while I am writing it). Maybe there was a moment in the market where it spiked for a minute or two and dropped? Or maybe wherever you are trying to use it from has some serious errors, but as of right now its just a buck and that's not really high. I get that people may not be happy about the volatility in the market currently, but these type of volatility could cause these unexpected stuff sometimes.

[makishart]

Please use etherscan. Where did you get it? It's ridiculous fees for sure. As you can see that if it's not as high as what you have posted yesterday. The question is did you wanna try to do some swaps or something like that? The gas price is not as high as what you have posted based on my mycrypto wallet. Did i get this wrong or what? You shall at least explain what you were trying to do.




If it was involving swap transactions and it's possible to happen caused by swap needs to did some transactions in a row. so, what is that for?

[BlackBoss_]

Ethereum network always have crazy transaction fee when demand on that chain is high. In 2017 because of ICO, Ethereum network has its first massive congestive time. In 2020 and 2021, it has another crazy time when DeFi 2.0, GameFi, Metaverse, NFT projects cause very high demand for transactions on ERC-20 chain.

What is the best time to send Ethereum transactions?
How to save even more on gas price with a weekly plan?
Here are the best and worst times of the day to use Ethereum

[mindrust]

WTF !?! How is this even possible ? And I swear Nework Fees were $420 at one point...

It is the end game for every blockchain unless they use big blocks and become centralized… bitcoin suffers from the same problem too. The solution for you is using an alternative. Sad but true. If you don’t want to pay them high fees, move to the competitor of ethereum. You can also wait for the things to calm down. The financial markets are boiling right now and people want to cash out their assets left and tight. In these situations the fees always go up. If you are not in a hurry wait a few weeks and then enjoy them low fees again.

[PIMPdev]

Right now ETH is not that expensive, but yes, there is room for work. That's why I'm only buying and holding ETH now and using TRX tokens if I need to transfer money, it's way cheaper.

[cryptoaddictchie]

WTF !?! How is this even possible ? And I swear Nework Fees were $420 at one point...

Maybe the transaction is quite necessary due to high usage of network or does the eth being transferred is also huge. You only got a big transaction fees based on the reasons Ive told yah. Usually its due to congestion and it necessary to increase the fee to make it transfer faster. Well Ive experience paying huge fees in tranches last bull run due to heavily usage.

[Len Saldua]

I'm using Exodus wallet by the way. ETH network fees were $420 ( Australian Dollars ) at one point, and as low as $ 5.60 that same night.
A while later I checked again they were still around $120. So they are wildly volatile as you can see, and I don't know whether this is
an issue with the Exodus wallet but I normally try to pay less than $ 15. I see other chains like BNB charging a lot less, but most tokens
can only use ETH.

[VRExpress]

I agree with others, its not really a problem with ETH right now and it should be fine. Look at here; https://etherscan.io/gastracker it shows clearly that the rate is around a dollar or so (or at least it is while I am writing it). Maybe there was a moment in the market where it spiked for a minute or two and dropped? Or maybe wherever you are trying to use it from has some serious errors, but as of right now its just a buck and that's not really high. I get that people may not be happy about the volatility in the market currently, but these type of volatility could cause these unexpected stuff sometimes.

You are wrong, the rate on the etherscan website is for Ethereum to Ethereum sending fee, try sending some tokens to another Ethereum wallet, you will probably be paying x2 of that gas fee you are seeing on the website right now, in the last bull season, I remember using up to 15$ to send some tokens to exchange, the same thing will happen in coming years when a bull market is finally live.

[LogitechMouse]

When did you took that screenshot? That's the question.
I guess that was the transaction fee of Ethereum back in 2020 where gas fees are ridiculously very high at that moment. That's 3 years from now. You're kind of late .

To answer your question regarding how that's even possible, it was the demand for transaction at that time. Many wanted to enter the DeFi hype at that time thus, many people are willing to pay higher fees just to be in the project, and that's the reason why it went to as high as the screenshot you shared.

Currently, the fees of Ethereum isn't as high as you posted OP so I'm wondering did you look at the date where the fees of Ethereum are that high?

[Apocollapse]

I'm using Exodus wallet by the way. ETH network fees were $420 ( Australian Dollars ) at one point, and as low as $ 5.60 that same night.
A while later I checked again they were still around $120. So they are wildly volatile as you can see, and I don't know whether this is
an issue with the Exodus wallet but I normally try to pay less than $ 15. I see other chains like BNB charging a lot less, but most tokens
can only use ETH.

Exodus is a closed source web wallet, so there's no way to know the code behind the wallet, there's a chance they're charge more fee for their profit, while the actual fee paid to the miner isn't that big.

However since Exodus is a non custodial wallet, you can try to import the seed or private key to Metamask wallet, just try to send the transaction in ETH network, let's see if it's still high or not. Metamask doesn't charge a lot fee AFAIK.

[Mr. Magkaisa]

WTF !?! How is this even possible ? And I swear Nework Fees were $420 at one point...

    -   What platform wallet did you use? So what amount are you withdrawing too? Are the number of tokens you say under ERC20 have a good value in the market?

Maybe later on you will only have a lot of utility tokens under erc20 and then all of them will have no value in the market. Because most of my ERC20 coins are useless and useless.

[zasad@]

WTF !?! How is this even possible ? And I swear Nework Fees were $420 at one point...

There were a lot of funny stories with commissions in the Ethereum ecosystem
https://bitcointalk.org/index.php?topic=428589.msg54660909#msg54660909
Where is this picture from? Is this a centralized service or is there a transaction with such a commission in the blockchain?

Up-to-date data on commissions in ethereum and its L2 ecosystems
https://l2fees.info/

[pergola]

Pictures may be more illustrative than facts as there were few senders of transactions on the ETH network during this time. This photo may have been taken in the past. There's a lot more nonsense going on in DEFI so don't be too surprised.
The cost is ridiculous and we have to accept that for a certain time. You can choose the right time to execute your trade. I used to remember my transaction delay for 1 month to get the best transaction cost. If you want to be fast you have to trade off high (or low) transaction fees at that time. That's the rules of the game.