Expensive Transactions on Ethereum: Problem and Possible Solutions

[pacar_tiri]

One of the weaknesses of Ethereum is that its transaction fees are quite high, even if the analysis is bullish, the gas fees can soar very significantly. Even some of the project developments are having difficulty covering all of this. And what ETH will look like in the future will actually have an impact on what will happen. Sending ETH or ERC20 tokens with very high fees, and there is no clear solution to this yet.

Yes, as you mentioned, Ethereum still has very important weaknesses and must be resolved immediately. Ethereum's transaction fees are still very high compared to several of Ethereum's competitors which are currently widely available and have many users who have turned away from Ethereum.

[Stompix]

We all know that ETH switched to the POS algorithm long ago, and we were supposed to see a flexible scalability of the network and cheap transactions.

Supposed! Then everyone realized that even if you double the capacity of somethin (I'm talking theoretically ) but the demand goes up three times you're in a worse position that before, pow or pos or whatever.
But in case of Etherum, it's not even scaling, fees being lower than they were years ago are simply because of lower demand for blockspace and things migrating to completely different blockchains, not eth sidechains, see USDT for example which was one of the biggest space users back then.

You cannot get zero fees and a decentralized blockchain. In the end, whoever adds the blockchain to the network will need resources and operating it will need money, but the fees should be reasonable with solutions for daily transactions.

Having 1 million users pay 1 cent is the equivalent of having 1000 pay $10 for a tx each day.
But seems like neither Bitcoin dev nor Eth are realizing this!

If you want to look for extremely low fees and a centralized blockchain, use XRP.

Or use Doge, decentralized, accepted everywhere, half a cent for a tx
https://blockchair.com/dogecoin/transaction/5be34bceffd615adb2286a6a4b4ccc46a4406491779811f41141a90c78f93df3

[Litzki1990]

Ethereum's excessive transaction fees have always been the biggest problem for investors. Many investors avoid this platform because of Ethereum's high transaction fees. If a new project is on the Ethereum platform, many investors do not invest in those new projects only because of the additional transaction fees. Ethereum has been working on this problem for a long time and it has been rumored for a long time that Ethereum will bring their 2.0 version to the market where transaction fees will be very low. 2.0 will hit the market but there is no confirmation yet on when this technology will be available to investors.

[therozaq]

One of the weaknesses of Ethereum is that its transaction fees are quite high, even if the analysis is bullish, the gas fees can soar very significantly. Even some of the project developments are having difficulty covering all of this. And what ETH will look like in the future will actually have an impact on what will happen. Sending ETH or ERC20 tokens with very high fees, and there is no clear solution to this yet.

Yes, as you mentioned, Ethereum still has very important weaknesses and must be resolved immediately. Ethereum's transaction fees are still very high compared to several of Ethereum's competitors which are currently widely available and have many users who have turned away from Ethereum.

High gas fees of ethereum have always been a problem for ethereum users and have not been resolved until now. I've tried making transactions at certain times of the day where traffic isn't busy, but that only reduces things a bit. The ethereum team should immediately resolve this problem

[UNIVERSE]

Since the past, we can say that Ethereum sending and transaction fees have been high. If it is in a bearish era, where the price of Ethereum is still quite declining and transactions on the network are not very busy, the gas fee is quite small. Only dozens or tens of Gwei is just a small number.

However, as the price of ETH increases and there are improvements in the network. then the fees adjust accordingly. and ETH fees are like this, the same as before. So, as users or investors of ETH, maybe we can actually follow the developments.

Because from us, there is no solution that is most suitable and can be implemented immediately to resolve complaints about gas fees alone.

[pacar_tiri]

High gas fees of ethereum have always been a problem for ethereum users and have not been resolved until now. I've tried making transactions at certain times of the day where traffic isn't busy, but that only reduces things a bit. The ethereum team should immediately resolve this problem

Yes, you are right, therefore at least someone has started to complain about this problem to the Ethereum developers and provide information. If this problem is not resolved, many will leave Ethereum. Because you will definitely choose to use another network such as BSC or Solana which have cheap transaction fees.

[legend45]

Yes, you are right, therefore at least someone has started to complain about this problem to the Ethereum developers and provide information. If this problem is not resolved, many will leave Ethereum. Because you will definitely choose to use another network such as BSC or Solana which have cheap transaction fees.

I've done it friends, and probably many people have also switched to BSC and Solana. because we have been complaining for a long time about the high gas fees from ethereum but the ethereum team has no solution to overcome this problem. Actually, ethereum is under threat from its two closest competitors, Solana and BSC.

[Stompix]

Yup, seems like the scaling...doesn't scale



Eth has again gone above Bitcoin fees, and it's averaging for the last 24h a fee of :
Avg. Transaction Fee   0.006 ETH ($23.43)

ps.
If you're wondering where doge is in that chart is that flat line on the bottom at $0.027 pet tx.

[Crwth]

I made a swap a few days ago that reached a fee of ~100 USD. It just seems a lot of people have been trying to transact and maybe swaps in other layers. I think if you see the fee now, there are still a lot of improvements done with ETH. Like the dencun upgrade.

[Google+]

I made a swap a few days ago that reached a fee of ~100 USD. It just seems a lot of people have been trying to transact and maybe swaps in other layers. I think if you see the fee now, there are still a lot of improvements done with ETH. Like the dencun upgrade.

I think what Ethereum has to do for future development is that it doesn't need to look at other improvements, maybe it should be able to fix the very high transaction fees first rather than having to make improvements in other sectors. Currently, many new projects have emerged with several advantages such as fees. cheap transactions and high speed, so Ethereum must pay attention to this first before all its users turn to other projects.

[therozaq]

I made a swap a few days ago that reached a fee of ~100 USD. It just seems a lot of people have been trying to transact and maybe swaps in other layers. I think if you see the fee now, there are still a lot of improvements done with ETH. Like the dencun upgrade.

Using the Ethereum network always has high gas fees, maybe for investors this is not a problem. but for me personally, I prefer to use other networks, such as binance smart chain and TRC20. because if the fees I use for transactions are cheaper, I can use them for additional investment.

[yhiaali3]

There is already an upgrade on the Ethereum network and it has not finished yet. Recently, a new upgrade was announced within the multiple stages of upgrading the entire Ethereum network.

Fees at the present time seem very reasonable compared to past fees. It is true that they are still somewhat high for daily transactions, but they have improved a lot.

The main reason for the high fees on the Ethereum network is congestion due to the large number of tokens, applications and DeFi projects that are all based on the Ethereum network, but with the continuous upgrade and layer 2 solutions I expect it to improve even more in the future.

[Stompix]

There is already an upgrade on the Ethereum network and it has not finished yet. Recently, a new upgrade was announced within the multiple stages of upgrading the entire Ethereum network.

Upgrade after upgrade and buzzwords after buzzwords and Ethereum is barely making twice as much tx a day as Bitcoin while being twice as expensive on average, to me it looks more like the fees are going down because high-volume tokens have migrated from eth to things like tron, (usdt) and not because of these "fixes" that didn't fix anything major!

[EthereumDev_]

Upgrade after upgrade and buzzwords after buzzwords and Ethereum is barely making twice as much tx a day as Bitcoin while being twice as expensive on average, to me it looks more like the fees are going down because high-volume tokens have migrated from eth to things like tron, (usdt) and not because of these "fixes" that didn't fix anything major!

Exactly, Vitalik Buterin will never solve this problem because currently the transaction fee problem on Ethereum is no longer possible to fix because it requires large costs and takes quite a long time. Meanwhile, Ethereum is a digital currency that has a high daily trading volume. It's quite high so it's impossible to stop its circulation just to fix high transaction costs and it's also not guaranteed to be successful.

[yhiaali3]

Upgrade after upgrade and buzzwords after buzzwords and Ethereum is barely making twice as much tx a day as Bitcoin while being twice as expensive on average, to me it looks more like the fees are going down because high-volume tokens have migrated from eth to things like tron, (usdt) and not because of these "fixes" that didn't fix anything major!

Yes, that's right, upgrade after upgrade without any noticeable improvement on the Ethereum network. Many upgrades were launched about two years ago until now, the most recent of which was the Dencun upgrade, which promised to significantly reduce fees, but we have not noticed this until now:

The Dencun upgrade was successfully rolled out on the Ethereum mainnet at 1:55 pm UTC on March 13.

Dencun is the most anticipated hard fork since the Merge and is expected to significantly reduce the transaction fees of layer-2 networks and enhance Ethereum’s overall scalability.

https://cointelegraph.com/news/dencun-upgrade-live-ethereum-mainnet