Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: TomPluz on November 25, 2021, 06:13:54 AM
-
With the ongoing incredible transaction gas fees affecting the Ethereum network which actually a big disadvantage to small holders like me to do business with the said platform - many of my tokens under ERC-20 could not be moved to exchanges because the fee involved is higher that what will I eventually get - a very loss-loss situation....am just wondering would not be possible to fixed the gas within a certain range like a minimum and maximum?
And can this be done in a decentralized setting like Ethereum? Or is this thing one of the other side of decentralized cryptocurrency - no one can be able to control the fees involved because doing so can mean that the network is actually centralized?
-
Use bridges with which it is possible to move tokens from ERC-20 to Bep-20. But not all tokens accept the bridge, since there are no settings for that in the blockchain of this or that token. Commissions are really very high for ERC-20 withdrawals. When they will change, it is not known, apparently after the update of the Ethereum network.
-
We can fix gas for very developed blockchains, such as EOS. Token transfer has almost zero fee after we buy a certain amount of RAM.
With other blockchain platforms, this can also be seen as fixed at 0.01 USD like Solana.
-
Use bridges with which it is possible to move tokens from ERC-20 to Bep-20. But not all tokens accept the bridge, since there are no settings for that in the blockchain of this or that token. Commissions are really very high for ERC-20 withdrawals. When they will change, it is not known, apparently after the update of the Ethereum network.
Yes, not all coins could use bridge.
I think It's alternate way to reduce high gas fee, move ERC20 token to BEP20.
Almost all of investors suffer about high gas fee.
-
Not many exchanges out there has the erc20/ bep20 bridges
for instant, and it is a big challenge to smaller investors. Exchange like Binance has been able to integrate this bridges between erc20 and bep 20 token, trc20. I hope that this upgrade should carried out on other exchanges, especially the Dex exchange to reduce the huge high transaction fees on the erc20 tokens.
Besides, this upgrade, that is, from erc20 bridges to other networks like Bep20, trc20 etc, there may not be other short cut or mean to escape the erc20 tokens high gas fees. However, I think that with launch of the Ethereum 2.0, we may has a solution to the current gas fees.
-
Fixed fees on the one hand are good because you know exactly how much the transaction will cost. On the other hand, there will not be moments when one can choose the lower price of a trade. .of course, for example, Ethereum is now a very expensive blockchain. And it would be better to lower the level of commissions than to fix them. Also the bridges can be used. And now fees are low on Binance Smart Chain. But bridges are also not always possible to use. As for me fixed commission is not an excellent decision.
-
Ethereum gas fees are really a challenge to many people including me, sometimes the fees show $1500 to transfer $300 worth of tokens from Metamask to a CEX. I don't if this will be over cause a lot of people are complaining and instead of the gas decrease it keeps increasing!
-
with the exorbitant cost of ethereum gas being a problem if one wants to sell maybe there is no shortcut or other way to avoid the high gas costs of erc20 tokens
-
With the ongoing incredible transaction gas fees affecting the Ethereum network which actually a big disadvantage to smallholders like me to do business with the said platform - many of my tokens under ERC-20 could not be moved to exchanges because the fee involved is higher than what will I eventually get - a very loss-loss situation....am just wondering would not be possible to fix the gas within a certain range like a minimum and maximum?
And can this be done in a decentralized setting like Ethereum? Or is this thing one of the other sides of decentralized cryptocurrency - no one can be able to control the fees involved because doing so can mean that the network is actually centralized?
I am in the same shoes as you. I have so many coins and tokens in my wallet that the gas fees are more than their values. Just hoping some days this menace will be over so that I can trade my assets as I want.
-
With the ongoing incredible transaction gas fees affecting the Ethereum network which actually a big disadvantage to smallholders like me to do business with the said platform - many of my tokens under ERC-20 could not be moved to exchanges because the fee involved is higher than what will I eventually get - a very loss-loss situation....am just wondering would not be possible to fix the gas within a certain range like a minimum and maximum?
And can this be done in a decentralized setting like Ethereum? Or is this thing one of the other sides of decentralized cryptocurrency - no one can be able to control the fees involved because doing so can mean that the network is actually centralized?
I am in the same shoes as you. I have so many coins and tokens in my wallet that the gas fees are more than their values. Just hoping some days this menace will be over so that I can trade my assets as I want.
That's classic problem, high gas fee will always be the big problem for bounty hunter, trader and investors
I think The team should have good solution and solve this problem immediately.
-
Vitalik Buterin has already proposed a new limit on the total amount of transactional data in a block in order to reduce the total cost of transactional gas on the ETH network. It can be seen that previously there was no general confidence that after the Ethereum 2.0 update this problem would be resolved. Indeed, many previously expressed doubts that it would be possible to solve this eternal problematic issue and argued that if the price of ethereum grows, then the price for gas will surely rise with the price.
The good news is that this problem can be solved.
-
We can set the gas fee go lower but surely it will be fail.. It's really pain to see that the ethereum gas fee is very expensive, it is really insane.. we small time traders cannot afford the fee and I think only the big whales can do transaction the ethereum network.. Hope in the next year the gas will be fix..
-
if the ethereum gas is like at the moment this fix cannot be done because of several factors and for sending a token it also requires a fairly high cost , quite sad sometimes especially with the number of users who are already very large , hopefully in the future ethereum can fix the gas fees.
-
Use bridges with which it is possible to move tokens from ERC-20 to Bep-20. But not all tokens accept the bridge, since there are no settings for that in the blockchain of this or that token. Commissions are really very high for ERC-20 withdrawals. When they will change, it is not known, apparently after the update of the Ethereum network.
By the way, how much gas fee do I need to spend to bridge from erc-20 tokens to Bep-20.
I never do this because I think the cost is high, can you share your experience with us. because I only use the Bridge method from BSC to Terra and it requires low gas fee
https://bridge.terra.money/
-
I also feel that ethereum gas fee is very high and mostly be hard enough to transfer my erc20 tokens.
Yes, we cannot control it. Moroecer when the price of Eth utslef is increasing and there is a bullish era. There will be so many transactions crowds in the blockchain and the fes wil rise higher again
-
There is nothing we can do but wait for the team to update information regarding the Beacon chain, this situation looks complicated as many projects are migrating to the Binance Network smart chain to avoid high transaction costs. as long as Ethereum uses POW system, there is nothing we can do because every transaction made by investors wants speed for the ether network, therefore they increase the amount of gas and we will always follow this situation.
-
Ethereum L2 scaling solutions developer StarkWare has launched an alpha version of the StarkNet mainnet. Such projects as dYdX, ImmutableX, DeversiFi, and others are built on the basis of the engine from StarkWare. I Hope Vitalik with a team can do something for these insane fees (today 70$ for the erc20 transfer and 200+ for swap). Cuz for small transactions it like kill small investors.
-
Yes, due to its decentralized nature I feel it can not be control but we can expect from Vitalik to look into this issue because such high gas fee is not affordable for small investors so they are moving to other blockchain network where gas fee is quite less as compared to ethereum blockchain. This is a serious issue and Vitalik should do something to reduce the gas fee so that small investors will also get motivated to use ERC blockchain.