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. While transactions have become cheaper, comparing to BSC, DOT, Polygon, they still remain relatively expensive. Today, looking at Gas station, I see that a regular transaction costs $1.5-2, not to mention swaps.
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
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. While transactions have become cheaper, comparing to BSC, DOT, Polygon, they still remain relatively expensive. Today, looking at Gas station, I see that a regular transaction costs $1.5-2, not to mention swaps.You called 1-2 dollars fee to be a High gas fee so what more when there is congestion that the fee rose up to 2 digits and even higher for a super small transacting?
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
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. While transactions have become cheaper, comparing to BSC, DOT, Polygon, they still remain relatively expensive. Today, looking at Gas station, I see that a regular transaction costs $1.5-2, not to mention swaps.
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
I think you don't understand what Ethereum is and what those coins are.
Bnb is an ethereum copy cat, however it is 100% centralized in binance servers. This is why it is fast.
Polygon is a second layer of ethereum. It is an etherteum scalability solution.
Ethereum fees are expensive because the computational power of dex and most smartcontracts that runs on ethereum are expensive.and a lot of people use them.
Fees are lower with pos, they were even higher 4 years ago.. I paid more than $50 for a swap in the past.
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. While transactions have become cheaper, comparing to BSC, DOT, Polygon, they still remain relatively expensive. Today, looking at Gas station, I see that a regular transaction costs $1.5-2, not to mention swaps.You called 1-2 dollars fee to be a High gas fee so what more when there is congestion that the fee rose up to 2 digits and even higher for a super small transacting?
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
have experienced this in 2018 and another in couple years ago this is also the reason why I kept holding other altcoins that has cheaper transaction fees so I cannot be obligated to pay that much when there are congestion.
but you are also correct that this should not be growing as much as how Bitcoin is.
You are absolutely right. I know that BNB and Polygon are second-layer networks derived from ETH, and everyone is looking for what suits them best. If paying $50 for a swap suited you, then it's your right.
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
In general, 1-5$ for 1 transaction is relatively not that much. In bitcoin there were (I don't know how it is now, I haven't looked) transfers of 5$+.It seems we have strayed too far from the topic content.
If there is a possibility to make money and you need to pay 30-60$ for 1 transaction, no problem I will pay - if there is a profit from it.
P.S. I've noticed a trend. As soon as there are (various kinds of activity) in this network. The gas fee goes up instantly. Will it be that the gas fee will stop and always be the same? My answer is: of course not.
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
I used to tell people that ethereum fees will remain the way it's for the next 50 years and the lies regarding the fees will continue just for the holders to continue to hold and to convince new investors to continue to hold. If really the fees are going to reduce, they would have done so from the beginning when the design and coding was done but it's funny when developers are still giving false hope.
They know that the fees will remain like this forever thats why they roll up the layer 2 so that you can interact with them as bridge and then have way to spend small fees without losing interest on ethereum.
The only way to reduce the fees is bridging by using Arbirtrum chain, Optimism, Avalanche, BSC and Polygon.
This means that ethereum itself has not solved the classic problem, because if you want it to be cheaper you can bridge it using the Arbirtrum, Optimism, Avalanche, BSC and Polygon chains. We should use another platform if we want it to be cheaper, ethereum will still be expensive, who knows how long it will last.
Actually this goes together with Bitcoin and yes this is also the reason why Ethereum will keep being second as sometimes ETH gas is even higher than bitcoin transactions( as how I observed recently)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. While transactions have become cheaper, comparing to BSC, DOT, Polygon, they still remain relatively expensive. Today, looking at Gas station, I see that a regular transaction costs $1.5-2, not to mention swaps.You called 1-2 dollars fee to be a High gas fee so what more when there is congestion that the fee rose up to 2 digits and even higher for a super small transacting?
Question:
Will a solution be found to the problem of expensive transactions on Ethereum? What steps can be taken to reduce fees and increase network scalability?
have experienced this in 2018 and another in couple years ago this is also the reason why I kept holding other altcoins that has cheaper transaction fees so I cannot be obligated to pay that much when there are congestion.
but you are also correct that this should not be growing as much as how Bitcoin is.
I fully agree with your observations. I have also experienced the rise in gas fees on Ethereum during periods of network congestion, especially during peak activity like drops. Often, it was necessary to wait for fees to decrease or seek alternative platforms with lower fees. This shouldn't be the case for a project that ranks second on CMC. With the transition to POS, such unpleasant moments have become less frequent, but I still would like to see even better performance.
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.
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.
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.
If you want to look for extremely low fees and a centralized blockchain, use XRP.
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 problemYes, 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.
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 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.
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.
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!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.
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!
The Dencun upgrade was successfully rolled out on the Ethereum mainnet at 1:55 pm UTC on March 13.https://cointelegraph.com/news/dencun-upgrade-live-ethereum-mainnet
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.
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.
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.
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
I see that the Ethereum team has tried to solve the problem of high gas fees, although until now it has not been resolved. I also read several opinions like yours, such as the ethereum high gas fee problem will never be resolved. but ethereum will remain the priority of big investors after bitcoin became the first. Because we know ethereum has a very large community.As I checked, the Ethereum Foundation is no longer focused on sharding. They have abandoned this solution in favor of focusing on layer-2 for the time being, as this solution is easier to implement and is effective enough to meet user needs with a speed of 100k tps. After the DenCun upgrade, transaction fees on layer-2 solutions have dropped to a few cents, and users are experiencing and enjoying it to the fullest.
As I checked, the Ethereum Foundation is no longer focused on sharding. They have abandoned this solution in favor of focusing on layer-2 for the time being, as this solution is easier to implement and is effective enough to meet user needs with a speed of 100k tps.
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.
I see that the Ethereum team has tried to solve the problem of high gas fees, although until now it has not been resolved. I also read several opinions like yours, such as the ethereum high gas fee problem will never be resolved. but ethereum will remain the priority of big investors after bitcoin became the first. Because we know ethereum has a very large community.
I feel that the Ethereum developers will not solve this problem because the very high gas fees will only be fixed when they replace all the systems that have been installed and that requires a lot of money and also takes a very long processing time. This is Ethereum which has shortcomings with high gas fees, if you still want to provide support to Ethereum then you have to accept this, if you don't want to accept it then you can move to another 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!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.
I see that the Ethereum team has tried to solve the problem of high gas fees, although until now it has not been resolved. I also read several opinions like yours, such as the ethereum high gas fee problem will never be resolved. but ethereum will remain the priority of big investors after bitcoin became the first. Because we know ethereum has a very large community.
The ethereum team should immediately solve the problem of high gas fees, because the competition for using the network is very large, rather than later ethereum will be abandoned by its fans. Even though the community is very large, small investors are very concerned about the high cost of gas.
Every problems because theirs sulotion,but first let us consider, a higher price indicates faster processing , the speeds. And urgency of transaction determined the costs , but I believe this problems can be solved later sRegarding the problem of gas fees for carrying out transactions on the Ethereum network, I don't think this can ever be fixed, the Ethereum developer has said that this will be difficult to do and requires very large costs, so it will just be a waste of time, Developer If we've talked about it like that, we just need to wait for the time when Ethereum has cheap gas fees for making transactions.
ethereum gas fees are high, but it still has this large community which makes ethereum devs less concerned about improving the project so that it can overcome high gas fees. ethereum remains the second priority coin after bitcoin, but will eventually be replaced by cheaper platformsEvery problems because theirs sulotion,but first let us consider, a higher price indicates faster processing , the speeds. And urgency of transaction determined the costs , but I believe this problems can be solved later sRegarding the problem of gas fees for carrying out transactions on the Ethereum network, I don't think this can ever be fixed, the Ethereum developer has said that this will be difficult to do and requires very large costs, so it will just be a waste of time, Developer If we've talked about it like that, we just need to wait for the time when Ethereum has cheap gas fees for making transactions.
Actually ethereum dev has tried to solve this problem, but hasn't been able to. We've heard about ethereum 2.0 which was predicted to solve the high gas fee problem, but it turns out it can't. And what I've heard is that solving the high gas fee problem on ethereum requires a lot of funds, so ethereum devs don't really think about it and seem to be ignoring this problem. Even though we know that Binance Smart Chain and Solana offer cheaper and faster platforms, in my opinion it is likely that Ethereum will be replaced in the future.ethereum gas fees are high, but it still has this large community which makes ethereum devs less concerned about improving the project so that it can overcome high gas fees. ethereum remains the second priority coin after bitcoin, but will eventually be replaced by cheaper platformsEvery problems because theirs sulotion,but first let us consider, a higher price indicates faster processing , the speeds. And urgency of transaction determined the costs , but I believe this problems can be solved later sRegarding the problem of gas fees for carrying out transactions on the Ethereum network, I don't think this can ever be fixed, the Ethereum developer has said that this will be difficult to do and requires very large costs, so it will just be a waste of time, Developer If we've talked about it like that, we just need to wait for the time when Ethereum has cheap gas fees for making transactions.
ethereum gas fees are high, but it still has this large community which makes ethereum devs less concerned about improving the project so that it can overcome high gas fees. ethereum remains the second priority coin after bitcoin, but will eventually be replaced by cheaper platformsIf Ethereum still hasn't solved this problem then we can use other alternative networks that have transaction fees that are quite cheaper than Ethereum. We don't need to force Ethereum developers to fix this problem because there are many other networks that provide options for making transactions that are cheaper and faster. fast.
you are right that there are still many networks that offer low gas fees and faster transaction speeds than ethereum, we should switch there rather than always waiting for the ethereum team to fix and find a solution for high gas fees, because this has been happening for a long time but they don't have a solutionethereum gas fees are high, but it still has this large community which makes ethereum devs less concerned about improving the project so that it can overcome high gas fees. ethereum remains the second priority coin after bitcoin, but will eventually be replaced by cheaper platformsIf Ethereum still hasn't solved this problem then we can use other alternative networks that have transaction fees that are quite cheaper than Ethereum. We don't need to force Ethereum developers to fix this problem because there are many other networks that provide options for making transactions that are cheaper and faster. fast.
you are right that there are still many networks that offer low gas fees and faster transaction speeds than ethereum, we should switch there rather than always waiting for the ethereum team to fix and find a solution for high gas fees, because this has been happening for a long time but they don't have a solutionCurrently BNB and Solana might be an alternative for making transactions in cryptocurrency, currently market conditions are also not good, many coin prices have collapsed so there is a possibility that transactions are creeping up and using the BNB or Solana network to make transactions seems more profitable because it doesn't require a lot of money and time.
I know there are so many coins that offer cheaper transactions including the ones you mentioned (Solana and BNB) do you know that the Ethereum network remains expensive still many people interact on this network because of the vast ecosystem and so many Dapps so people may prefer on the Ethereum network than on other coin networks.you are right that there are still many networks that offer low gas fees and faster transaction speeds than ethereum, we should switch there rather than always waiting for the ethereum team to fix and find a solution for high gas fees, because this has been happening for a long time but they don't have a solutionCurrently BNB and Solana might be an alternative for making transactions in cryptocurrency, currently market conditions are also not good, many coin prices have collapsed so there is a possibility that transactions are creeping up and using the BNB or Solana network to make transactions seems more profitable because it doesn't require a lot of money and time.
If we compare it with Ethereum, Solana and BNB are alternative smart contracts that we can use because we know that Ethereum's gas fees are very high. Market conditions are currently undergoing a correction. I agree with you Solana and BNB transaction fees are cheaper than Ethereumyou are right that there are still many networks that offer low gas fees and faster transaction speeds than ethereum, we should switch there rather than always waiting for the ethereum team to fix and find a solution for high gas fees, because this has been happening for a long time but they don't have a solutionCurrently BNB and Solana might be an alternative for making transactions in cryptocurrency, currently market conditions are also not good, many coin prices have collapsed so there is a possibility that transactions are creeping up and using the BNB or Solana network to make transactions seems more profitable because it doesn't require a lot of money and time.
If we compare it with Ethereum, Solana and BNB are alternative smart contracts that we can use because we know that Ethereum's gas fees are very high. Market conditions are currently undergoing a correction. I agree with you Solana and BNB transaction fees are cheaper than EthereumIf we use Ethereum to make transactions, of course it will result in quite expensive transaction fees, but if there is no option to use another network then we are forced to wait until the price goes down again, because usually when the price goes down the gas costs also go down.
Now this is one of the things that Ethereum complains about, namely expensive transaction fees, this makes it difficult for some people who are investors with small capital. However, there is no other choice when we use it, so we have to wait until fuel costs go down.If we compare it with Ethereum, Solana and BNB are alternative smart contracts that we can use because we know that Ethereum's gas fees are very high. Market conditions are currently undergoing a correction. I agree with you Solana and BNB transaction fees are cheaper than EthereumIf we use Ethereum to make transactions, of course it will result in quite expensive transaction fees, but if there is no option to use another network then we are forced to wait until the price goes down again, because usually when the price goes down the gas costs also go down.