Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Zed0X on April 19, 2021, 06:37:28 AM
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That seems to be the case now as the TRC-20 version increased and surpassed the ERC-20 version's marketcap according to data from Coinmetrics (https://www.coindesk.com/tether-tron-ethereum-stablecoin-flippening).
(https://i.ibb.co/YXW9Jrn/Untitled.png)
There's no doubt in my mind that the reason for this is hugely related to Ethereum's high transaction fees. Although I never used USDT because I prefer BUSD, I would also pick the TRC-20 version if I have no other options. Let's be practical.
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There's no doubt in my mind that the reason for this is hugely related to Ethereum's high transaction fees. Although I never used USDT because I prefer BUSD, I would also pick the TRC-20 version if I have no other options.
Indeed, it's because of the high transection fee on ethereum blockchain. Also, Tether already minted so many TRC20 USDT which is so popular to make transection fast and pay less than other blockchain. But ever exchange incrased the withdrawal fee after this current hype of using TRC20 usdt instead of ERC20 usdt.
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But ever exchange incrased the withdrawal fee after this current hype of using TRC20 usdt instead og ERC20 usdt.
Yes, I've read of this and there are many users complaining about it especially on Binance. They claim that CZ is doing it to increase usage of the native stable coin BUSD ;D
Anyway, the increased withdrawal fee is a business decision of these private centralized exchanges. Tether can't do anything about it.
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Yes, I've read of this and there are many users complaining about it especially on Binance. They claim that CZ is doing it to increase usage of the native stable coin BUSD ;D
Indeed, binance did this so that users can adopt BUSD instead of USDT. Also, it isn't just about Binance as Kucoin and other popular exchanges also increased the fee of USDT withdrawal. BTW, it looks like Kucoin might introduce their new stablecoin soon. ;D
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No surprise here. I think everyone who trade and uses both TRC20 and ERC20 clearly knows which is better for traders and investors. Enormous fee on ERC20 has reached limit people boycott transactions in the protocol for alternatives like BCS, TRC20 and others. Overall, I mostly do BUSD and USDC a very few times. I don't need to pay hundred or dollars for fee.
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Indeed, I have been holding some of my investments in USDT TRC-20 already long time, and in general, when I withdraw my investments from cryptocurrency exchanges, I always withdraw my investments in USDT TRC-20, since the commission for withdrawing USDT TRC-20 is only 1$, and if you will withdraw through USDT ERC-20, then the commission is usually about 20$-30$, and in general, since the gas price on the Etherum blockchain has been very high already 2-3 years, then of course it is understandable why many people in the cryptocurrency field chose the Tron blockchain and not the Ethereum blockchain and this also applies to USDT.
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since the gas price on the Etherum blockchain has been very high already 2-3 years, then of course it is understandable why many people in the cryptocurrency field chose the Tron blockchain and not the Ethereum blockchain and this also applies to USDT.
Are you expecting to have the high gas fee for 2.-3 years , than it won't be continued for that long as London hardfork might solve the current gas fee problems after completing this hardfork in July. After that, we can also use the ERC-20 based USDT for interacting with Defi projects or Dapps. But if you're meaning that high gas fee is going on for 2-3years , than it isn't right because it's just going since 2020 when defi hype was started. TBH, USDT is now available on other L2 scaling solutions based blockchain where fee is more less than TRC20 based USDT. ;)
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since the gas price on the Etherum blockchain has been very high already 2-3 years, then of course it is understandable why many people in the cryptocurrency field chose the Tron blockchain and not the Ethereum blockchain and this also applies to USDT.
Are you expecting to have the high gas fee for 2.-3 years , than it won't be continued for that long as London hardfork might solve the current gas fee problems after completing this hardfork in July. After that, we can also use the ERC-20 based USDT for interacting with Defi projects or Dapps. But if you're meaning that high gas fee is going on for 2-3years , than it isn't right because it's just going since 2020 when defi hype was started. TBH, USDT is now available on other L2 scaling solutions based blockchain where fee is more less than TRC20 based USDT. ;)
I think that soon ethereum's problems with high transaction fees and low scalability will disappear. The ethereum network is being systematically updated and already now we see that the gas price is 23-28 Gwai. That's pretty good already.
At the same time, the price of ethereum has already exceeded $ 2,900, and the dominance of this coin in the cryptocurrency market has grown to 15.3 percent. At the same time, Bitcoin's dominance fell to a very low 48.1 percent. Overall, this is very good for altcoins.
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It is indeed better to use USDT transactions with TRC20 because the transaction costs are very cheap and very simple when compared to USDT from ERC20 which is very expensive for shipping costs.
Everyone also knows that USDT TRC20 once held an event where the transaction fee was 0, I once withdrawl USDT TRC20 from Binance to a personal wallet and it was true that the fee was 0 and this is very useful.
It is very different from USDT ERC20, there has never been an event for Withdrawl 0 transaction fees and there are even more and more expensive USDT ERC20 Withdrawals from Binance because GAS transactions are getting more expensive too.
So, it's no wonder everyone uses USDT from TRC20 because the shipping costs are cheap when compared to USDT from ERC20. Cmiiw
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It is certain because the USDT from erc20 is very killing for those who use it.
Feeling killed from the transaction fees which are very harsh and difficult to stop, even now the USDT transaction fees from erc20 are increasing and very crazy.
USDT from trc20 feels very good and very cheap or even free if sent from Exchange, because I have felt it sent 52 USDT from the local market using trc20. Better than avoid using erc20 . LOL
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We know that USDT is very useful and Popular Stablecoin on the market.
For Usdt Transferring from One exchange to other exchange or wallet people always use TRC20 for low Transaction fees and We know that ERC20 network fees is too High.
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It is normal, the transaction fees in TRC-20 are very cheap, especially if we compare them with those of ERC-20, and as long as things continue as they are now, while people wait for the hard fork to solve this, more people will use TRC and they will probably never withdraw their funds from the Tron chain to the Ethereum chain again.
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Don't look at other people but look at yourself because I still choose USDT from the TRC20 blockchain because I have a simple answer, namely, the fee is very cheap.
Just try to compare it with USDT which has a network from ERC20 and of course has a very large transaction fee and I do not like that kind of thing in my life.
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Don't look at other people but look at yourself because I still choose USDT from the TRC20 blockchain because I have a simple answer, namely, the fee is very cheap.
Just try to compare it with USDT which has a network from ERC20 and of course has a very large transaction fee and I do not like that kind of thing in my life.
It is true that the transaction fees on TRC-20 are very cheap, what I'm wondering now is what the transaction fees on Solana will be like after adding USDT to their chain, I haven't had time to look at it yet. USDT does not stop expanding, and that is good for all users, the more options of use, the better.
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It's normal, you can't use USDT on ERC20 when the transaction fees are higher than 50 usd for one transaction, in contrast, in the TRON network, transactions fees do not surpass 1 usd.
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since the gas price on the Etherum blockchain has been very high already 2-3 years, then of course it is understandable why many people in the cryptocurrency field chose the Tron blockchain and not the Ethereum blockchain and this also applies to USDT.
Are you expecting to have the high gas fee for 2.-3 years , than it won't be continued for that long as London hardfork might solve the current gas fee problems after completing this hardfork in July. After that, we can also use the ERC-20 based USDT for interacting with Defi projects or Dapps. But if you're meaning that high gas fee is going on for 2-3years , than it isn't right because it's just going since 2020 when defi hype was started. TBH, USDT is now available on other L2 scaling solutions based blockchain where fee is more less than TRC20 based USDT. ;)
I think that the ethereum network, as it is updated, will regain its status of the best platform and, in particular, the transaction fees in this network will again be low. However, for this coin, despite the fact that transaction fees on the ethereum network periodically return to normal, most of the participants in this market are still using USDT on the Tron platform, not ethereum. All this is temporary and normal. Users have the right to choose the most optimal options for their work with cryptocurrency.
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Yes, this is so, and I do not see anything wrong with that. It is common knowledge that the ethereum network has experienced difficulties until recently through low bandwidth and high transaction fees. Therefore, many have chosen other platforms to use and this is quite normal. Already, these indicators are gradually returning to normal, a London hard fork is planned for tomorrow as part of a global update of the ethereum network, which, among the various five updates, should gradually resolve these issues. When ethereum is updated, participants in this market will again massively use this coin and its platform.
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Not have any doubt that most traders used TRC-20 blockchain for transaction and it is their favorite and cheap system for transaction. We can save more usdt for TRC - 20 and also we know the transaction fees on Eth network, it is toh much. Need minimum $10-20 usd for per transaction as a fees.
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Not have any doubt that most traders used TRC-20 blockchain for transaction and it is their favorite and cheap system for transaction. We can save more usdt for TRC - 20 and also we know the transaction fees on Eth network, it is toh much. Need minimum $10-20 usd for per transaction as a fees.
TRC-20 is much cheaper and faster, and that is what users are looking for. Ethereum will remain the king of smart contracts, but that first place may not last long as they have a lot to improve. Yesterday the "London" hard fork was implemented on the Ethereum chain, but at the moment no big changes can be seen. We will have to wait a little longer to see those "magic" solutions as some said.
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Yes i think more people are using USDT TRC -20 then ERC- 20. Now a days trc-20 Is Very Popular. It's Transaction fee is very low from the Erc-20 Network. And Transection is very first then Erc-20. So i think more people are using usdt trc-20 wallet from erc-20 wallet.
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No surprise here. I think everyone who trade and uses both TRC20 and ERC20 clearly knows which is better for traders and investors. Enormous fee on ERC20 has reached limit people boycott transactions in the protocol for alternatives like BCS, TRC20 and others. Overall, I mostly do BUSD and USDC a very few times. I don't need to pay hundred or dollars for fee.
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Of course, more people are using USDT TRC-20 compared to ERC-20, since no one wants to overpay for commission. I do not understand why someone is so surprised.
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It is also possible for investors to choose USDT which is on the ERC20 blockchain because there are indeed a lot of coins on the DEX that are paired with USDT of the ERC20 type such as UNIswap and 1inch. And if you look at the graph, the USDT TRC20 is not far from USDT ERC20.
But if the position is for stable coin withdrawals from CEX such as from Binance, Huobi, OkEx usually uses USDT with the TRC20 blockchain because the fees are so low when compared to USDT ERC20.
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Are you expecting to have the high gas fee for 2.-3 years , than it won't be continued for that long as London hardfork might solve the current gas fee problems after completing this hardfork in July. After that, we can also use the ERC-20 based USDT for interacting with Defi projects or Dapps. But if you're meaning that high gas fee is going on for 2-3years , than it isn't right because it's just going since 2020 when defi hype was started. TBH, USDT is now available on other L2 scaling solutions based blockchain where fee is more less than TRC20 based USDT
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People used USDT in TRC-20 coz of low transcation fees but now TRX fees are increase a lot like ERC-20. now trx fees more then 15 TRX. So now people use BSC network more then ETH and TRX
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People used USDT in TRC-20 coz of low transcation fees but now TRX fees are increase a lot like ERC-20. now trx fees more then 15 TRX. So now people use BSC network more then ETH and TRX
That 15 TRX fee per transaction is nothing compared to the $34 for an ERC-20 transfer or the $105 for a swap on Uniswap. 15 TRX costs a little over $1 and I don't think it's expensive, it does not seem to me to be a sufficient reason for users to want to transfer their funds to another chain. The problem is still in Ethereum, Tron is a very good solution to that problem.
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It's normal, you can't use USDT on ERC20 when the transaction fees are higher than 50 usd for one transaction, in contrast, in the TRON network, transactions fees do not surpass 1 usd.
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Cheaper transaction fees that make USDT from TRC20 enjoyed by all cryptocurrency members because when referring to stable coins on the ERC20 network, the fees are very expensive and I feel very uncomfortable with transaction fees from ERC20.
If the TRC20 transaction fee is very cheap or around 1 USDT if withdrawn from a centralized exchange, then to be on the TRC20 network transaction it requires 1 TRON and 1 TRON is very cheap.
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Of course we really don't want to pay high fee for transferring funds.. we should go to the cheap fee which is the tron network.. I'm glad that there is a USDT tron network.. It is very cheap compared to ethereum network..
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I'm glad that there is a USDT tron network.. It is very cheap compared to ethereum network..
Not only that, we have more EVM chain or layer2 chain which has more cheaper fee compared to tron blockchain. But those aren't adopted by all exchange yet. So we just need to wait for the mass adoption of those blockchain. :D
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I use USDT-TRC20 in all my transactions when I want to move my money from one exchange to another or between wallets. It's free to withdraw USDT-TRC20 from Gate exchange and we all know Gate is among the giant exchanges and almost the leading in security. If ERC20 fees will decrease then a lot of people will be using USDT-ERC20
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This is because the ethereum network is currently experiencing temporary difficulties with high transaction fees. After a successful update of the ethereum network, transaction costs should return to normal and then the tokens on the ethereum or tron platform will be used based on some other criteria.
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This is because the ethereum network is currently experiencing temporary difficulties with high transaction fees. After a successful update of the ethereum network, transaction costs should return to normal and then the tokens on the ethereum or tron platform will be used based on some other criteria.
You're right, but that's the problem, when will the transaction fees return to normal (although they are now low compared to weeks ago) after the "London" update?. Because after these 4 months (London was implemented in the chain in August) we have been able to verify that it has not solved anything, while many users still cannot move their tokens. I think Ethereum developers should think of all users, not just those with more funds and no problem paying very high transaction fees.
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This is understandable as transaction costs on TRON are much cheaper than on Ethereum. I also use TRC20 USDT instead of ERC20. This can only be changed if ETH2.0 helps reduce transaction fees on Ethereum.
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I think basic the reason for people choosing the Trc20 (usdt) over the Erc20(usdt) token is due to high gas fees on the Erc20(usdt) network. The gas fee on Ethereum network has gone very high, and has lead to mass exedus of users leaving to BSC, Polygon, Solana networks etc. I think with coming of eth2.0, the gas fee will definitely drop to a reasonable level.
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Very low transaction costs on the TRON network are the top advantages for USDT users. Now we have more choices like USDT on EOS, BSC & Polygon. Ethereum will lose USDT market share if ETH2.0 continues to be delayed.
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Very low transaction costs on the TRON network are the top advantages for USDT users. Now we have more choices like USDT on EOS, BSC & Polygon. Ethereum will lose USDT market share if ETH2.0 continues to be delayed.
True, but Tron had been outperforming Ethereum in the amount of USDT on the chains for months, although now it has dropped a bit again. If we look at the transparency reports of Tether we will see this:
(USDT in circulation on Ethereum) Total Authorized: $39,828,710,009.87
(USDT in circulation on Tron) Total Authorized: $38,742,473,246.55
As we can see the difference between the two chains is very small, and having the problem of the high transaction fees that Ethereum has, I think that soon Tron will end up exceeding the amount of USDT in circulation.
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This is not an appropriate comparison because I am sure that all members in this forum are fully aware of what is going on between these two blockchains.
TRC20 is a very cheap transaction fee if you compare it to ERC20, if you don't believe you can check the respective blockchains and we can see very clearly for the calculations.
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This is not an appropriate comparison because I am sure that all members in this forum are fully aware of what is going on between these two blockchains.
TRC20 is a very cheap transaction fee if you compare it to ERC20, if you don't believe you can check the respective blockchains and we can see very clearly for the calculations.
It is easy to see, if you look at my previous post you will see that when I wrote it in January the total volume of USDT moved in TRC-20 was practically the same as in ERC-20. Two months have passed since then and the volume that moves on the Tron chain is higher than that of Ethereum. There are other chains that have entered the game, so I would not be surprised if the volume of USDT on Ethereum was soon the lowest of all due to transaction fees.