Is Ethereum Gas Fee a Burden for You?

[shanhaigamefi]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

[Charles-Tim]

If you check a bitcoin explorer, you will notice that the mempool has also decreased in congested so significantly. The greed has reduced while the fear has increased and these make people interest in buying crypto to reduce and the reason for the mempool decongestion. But about ether, I check a site for it just right now and I saw 11, 12 and 13 Gwei for slow, standard and fast confirmation priority.

[justdimin]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Not yet. I mean it will be, in 2021 when everything was on ERC20, that was a serious issue, and I mean like a very serious issue at that. Sure the gas fee was like 40 dollars or so at the time, but also there was this "approval" shit that took like 100 bucks too, so if you want to use something new, like let's say you did not use Axie ever before, you start with 150 down at the very first move, and on top of that you also made some investments as well, and when you are getting out you spend another 50, each time, and that 100 is gone forever too.

I hated that, it sucked and I never liked it at all, was something quite terrible and I never wanted to do it again. However, at this moment there isn't really any hype around it and I am not seeing anything big at all, I feel like we are talking about something that would be considered a bigger problem when the alt season starts to happen, when that starts to happen then things could change and we could maybe have an issue, for the time being we are not there yet and I do not think that it will be a problem for a while longer.

[TastyChillySauce00]

It's already cheap enough for me actually to interact with many contracts specifically swapping tokens but considering the competition like solana and the new TON is dirt cheap, i think ETH should do more in fixing its scalability issue.

the problem that still persists with ETH despite introduction of blob to further increase efficiency of L2 is the occasional fee spike, whenever there's airdrop claiming event the gas becomes expensive again and jumps to around 15-20 sometime even 30 if the airdrop is big enough to cause network congestion.

this gas heatmap still indicates that apparently the occasional gas spike is quite frequent.

[libert19]

Yes, when it costs a lot, as long as it's around couple dollars it's fine. I've paid around $150 for swapping tokens on dexes back in 2021, and it just stings, and those are some of rare times when I cuss crypto. Back then, Ethereum made even $1000 look like a peanut amount.

Yes, layer 2s are cheap as well, I mean they are supposed to, but they also gets congested during peak times, as seen with Zksync and Arbitrum's case, so I don't really get purpose of their existence as of yet since they don't solve congestion problem they created themselves for.

[bitgolden]

I feel like it is not about greed decreasing, I feel like it's about greed increasing. People who have seen btc go under 60k (and in relation all other coins go down too) were moving money around, making the pools quite clogged. But now that we have seen some up, people are holding and that means that there are less transactions going on. While I do agree that during bull runs the fee is high, and during bear runs the fee is low, meaning that when the fee is lower like now, it usually means that the price is lower and people are less greedy.

But right now is not that case, we are in a situation where it is actually quite reasonable to expect the price to go up, and because of that people are holding and not selling anymore. That holding causes the price to go up, but it also means that people are not selling all that quickly neither, so it is causing the price to stay high while keeping fee low.

I think it is going to go on a bit more like this. What could happen would be price going up even more, and if we do that, like see 70k+ for example, then in that case it is going to be something special without a doubt, it could definitely be a positive situation for everyone but fee could go up if it peaks above too much.

[passwordnow]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Everyone hopes that the gas fees won't be as crazy as it was like on 2021 bull run. Too many projects have made the fees so high and congested the network. But I am worried if this time, there will be more projects that are into Ethereum network and will make bunch of transactions that shall clog the network. Because that's the reason always why the gas fees are catching up, due to the demand that it is getting from various projects that are running transactions through its network. I hope that we don't get back to the former when there are interesting projects that people would like to make transactions as required. Especially on the gaming part, there have been a lot of people that are playing a lot of games that have been run by this network. And if we go back to the former, I am sure that there will still be a lot of people doing their own thing and will pay these high transactions a.k.a gas fees.

[X-ray]

Yes, when it costs a lot, as long as it's around couple dollars it's fine. I've paid around $150 for swapping tokens on dexes back in 2021, and it just stings, and those are some of rare times when I cuss crypto. Back then, Ethereum made even $1000 look like a peanut amount.

Yes, layer 2s are cheap as well, I mean they are supposed to, but they also gets congested during peak times, as seen with Zksync and Arbitrum's case, so I don't really get purpose of their existence as of yet since they don't solve congestion problem they created themselves for.

the good ol' days of NFT also caused gas price to spike and even executing NFT transactions required thousand dollars like as you said, only right now that the price of the gas decreases significantly but I guess that's also because the market of NFT isn't as crowded as before and of course with the presence of L2 successfully helped in offloading most of the swaps tx to the L2 with its super low gas fee caused the gas price of ETH to be floating around 3-4 gwei.

I think this is significant improvement because the falling of gas price isn't because ETH is having lower daily tx but because the plant to offload tx to L2 really worked, as seen from the chart below daily tx still high.

[FinneysTrueVision]

I have not used mainchain Ethereum in many years. Even if the gas price dropped to 1 gwei, I still would not use it. A simple transfer might be cheap, but anything that requires a smart contract, like swapping on a DEX will cost several dollars. The fees will really add up and you will end up spending hundreds of dollars in fees each year.

I have tried other networks like BSC, but the fees aren’t that low anymore because the price of BNB has gone up. L2’s have managed to keep fees very low, but they are really centralized and require you to trust that the companies running those networks won’t act maliciously to steal users’ money.

[asriloni]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

That's true, but it's only happening for Ethereum transactions only. ERC20 transaction fees are still high, despite a big drop in Ethereum gas fees.



As my picture above shows, the fees for swap, Lping, bridging, or borrowing are still quite high.

I hope that ERC20 transaction fees can be lowered in the future. This could happen by implementing a new update to increase Ethereum's scalability.

ERC20 transaction fees are burdening me when i use the Ethereum native blockchain. I think it's not only me, but all Ethereum users are also feeling the same.

[wiss19]

It's about 20 cents right now, I really do not think that it is going to be a problem for a while longer. I understand that it may not feel like it is going to be like this for a long time, and you may fear that it may go up super high very quickly, but the reality is that we are going to end up with them very slowly, because even during bull run, it takes time for the chain to get clogged so it takes time for it to reach those highs.

It can be a few dollars very quickly, that's not my point, but anything under 10 dollars is fine and that's what we will be for at least end of this year. Anything above 10 dollars (which happened before) will happen very late and not anytime soon at all, will be something that takes a bit of a time.

[tygeade]

Yes, when it costs a lot, as long as it's around couple dollars it's fine. I've paid around $150 for swapping tokens on dexes back in 2021, and it just stings, and those are some of rare times when I cuss crypto. Back then, Ethereum made even $1000 look like a peanut amount.

Yes, layer 2s are cheap as well, I mean they are supposed to, but they also gets congested during peak times, as seen with Zksync and Arbitrum's case, so I don't really get purpose of their existence as of yet since they don't solve congestion problem they created themselves for.

Thankfully we are not in that period right now, but it is not unlikely that we will get to that period eventually as well, so that may actually happen. I am not saying that we are going to have something that will be close to that, it may or may not happen, we are just talking about a bull period.

If the price of ETH reaches something like 10k for example, that means that we are going to end up with a result that will not be cheap for gas fee either, we will see that go up too.

So, it's all about the fact that we have a bull period and when we do the gas fee goes up as well. But that is basically a balancing situation as well, you are paying a lot more when that happens, like you said 150 was paid for a while and wasn't really uncommon situation if you want to use a DEX for example, but at the same time since it was the bull run, we would end up with some good returns as well and make some profit.

Meaning that while we did had bigger expense, we also had bigger income too, so that really worked out fine for us. That way it makes quite good sense for us to keep that going. I am not sure if it will be the same again, but I feel like next 8-10 months will probably be similar to that again.

[Akbarkoe]

Yes, the ethereum gas fee is quite disturbing for me, especially on the main network which is busy using, it will make me suffer and have to burn more money for transaction fees.

But when Normal I think it's normal, and not a problem, but it's the instability that will be disturbing in the future, especially if the ecosystem and network continue to grow and the main chain is getting busier, it will result in a significant price increase.

[shinratensei_]

Yes, the ethereum gas fee is quite disturbing for me, especially on the main network which is busy using, it will make me suffer and have to burn more money for transaction fees.

But when Normal I think it's normal, and not a problem, but it's the instability that will be disturbing in the future, especially if the ecosystem and network continue to grow and the main chain is getting busier, it will result in a significant price increase.

ETH put too much burden of solving scaling on its L2 they forgot to fix scaling issue in the main chain which for some reason so many developer still decide to deploy their coin in the main chain instead of utilizing the fact that we already have interoperability protocol like layerzero that allow for token deployment across various chains but some devs really like taking the more expensive way of deploying to ethereum blockchain only which is ridiculous.

if it has come to this, I think aside from using L2 to solve the gas issue, ETH also need to fix their main chain to increase TPS, because so many project already decided to not use ETH and move to non EVM blockchains like SVM (solana).

[Akbarkoe]

Yes, the ethereum gas fee is quite disturbing for me, especially on the main network which is busy using, it will make me suffer and have to burn more money for transaction fees.

But when Normal I think it's normal, and not a problem, but it's the instability that will be disturbing in the future, especially if the ecosystem and network continue to grow and the main chain is getting busier, it will result in a significant price increase.

ETH put too much burden of solving scaling on its L2 they forgot to fix scaling issue in the main chain which for some reason so many developer still decide to deploy their coin in the main chain instead of utilizing the fact that we already have interoperability protocol like layerzero that allow for token deployment across various chains but some devs really like taking the more expensive way of deploying to ethereum blockchain only which is ridiculous.

if it has come to this, I think aside from using L2 to solve the gas issue, ETH also need to fix their main chain to increase TPS, because so many project already decided to not use ETH and move to non EVM blockchains like SVM (solana).

Their focus is indeed more on interopability, perhaps aiming for massive decentralization and can be connected to many ecosystems easily so that it is much bigger, but if you focus too much on it, it will indeed be ineffective if their TPS is bad, it will become accumulated and dangerous in the future, if it is maintained like that it will make Ethereum lag behind.

Seeing the development of Solana because they have technology that ethereum does not have makes it easier for developers to create their own applications on the main solana network, but several times Solana also experienced congestion problems that were so annoying that their blockchain was even maintained for a long time.

[jaberwock]

Their focus is indeed more on interopability, perhaps aiming for massive decentralization and can be connected to many ecosystems easily so that it is much bigger, but if you focus too much on it, it will indeed be ineffective if their TPS is bad, it will become accumulated and dangerous in the future, if it is maintained like that it will make Ethereum lag behind.

More interoperability yes, I believe it will be achieved but massive decentralization? No, I don't think so. Even not massive but only more or even a few of it, I will still doubt it. All the times, ETH is always known to be a centralized type of crypto and the more they became centralized when they switched their mechanism from POW to POS. ETH is the first altcoin and by this, their support is already huge.

It can still grow huge because day by day there are new cryptos that came out and a few of them can be the next big thing and each big crypto will also/always look for a collab because they know that it can make them much better. If we are into technicalities then we may find ETH to be a not-so-good coin but if we are only in for investing purposes, then I can say that it isn't that bad and there will always be a demand for it. In investing, it's also a good idea if one can make a diversification. For me, I will make BTC as the base of my crypto investment or portfolio, then next would be ETH and others.

Seeing the development of Solana because they have technology that ethereum does not have makes it easier for developers to create their own applications on the main solana network, but several times Solana also experienced congestion problems that were so annoying that their blockchain was even maintained for a long time.

ETH do also has a smart contract, so devs here can also create their own app in the ETH network and each crypto has their own charm, so each has their own shining moment. Also, each has their own flaws, and we already witnessed each of them in our long stay here in crypto.

[betswift]

Yes, the ethereum gas fee is quite disturbing for me, especially on the main network which is busy using, it will make me suffer and have to burn more money for transaction fees.

But when Normal I think it's normal, and not a problem, but it's the instability that will be disturbing in the future, especially if the ecosystem and network continue to grow and the main chain is getting busier, it will result in a significant price increase.

ETH put too much burden of solving scaling on its L2 they forgot to fix scaling issue in the main chain which for some reason so many developer still decide to deploy their coin in the main chain instead of utilizing the fact that we already have interoperability protocol like layerzero that allow for token deployment across various chains but some devs really like taking the more expensive way of deploying to ethereum blockchain only which is ridiculous.

if it has come to this, I think aside from using L2 to solve the gas issue, ETH also need to fix their main chain to increase TPS, because so many project already decided to not use ETH and move to non EVM blockchains like SVM (solana).

Their focus is indeed more on interopability, perhaps aiming for massive decentralization and can be connected to many ecosystems easily so that it is much bigger, but if you focus too much on it, it will indeed be ineffective if their TPS is bad, it will become accumulated and dangerous in the future, if it is maintained like that it will make Ethereum lag behind.

Seeing the development of Solana because they have technology that ethereum does not have makes it easier for developers to create their own applications on the main solana network, but several times Solana also experienced congestion problems that were so annoying that their blockchain was even maintained for a long time.

All have their flaws, it's your choice which set of them you pick for yourself, in short

[Adbitco]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

For ethereum this could be a result of a function that most of the project are solely launching on their side chains due it previous gas hike, and of course the gas should be low because of its less activities, unlike the bnb chain, polygon and others whose fee were far much cheaper and easier to use.

[TastyChillySauce00]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

the fee going down so much the revenue becomes really low I wonder if it's still profitable to become a validator in ethereum blockchain since it requires staking as well which also means exposed risk of volatility.

ETH as a mainnet only make revenue around $400k



while layer 2 blockchains are making fee around $80k as a whole, from the data in token terminal.

don't know whether it's truly intentional or not by the dev to bring the revenue this low.

[betswift]

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

the fee going down so much the revenue becomes really low I wonder if it's still profitable to become a validator in ethereum blockchain since it requires staking as well which also means exposed risk of volatility.

ETH as a mainnet only make revenue around $400k



while layer 2 blockchains are making fee around $80k as a whole, from the data in token terminal.

don't know whether it's truly intentional or not by the dev to bring the revenue this low.

Interesting. Never thought about it, thanks for bringing the info! I think it's still worth it, though If you have your portfolio ready.