Expensive Transactions on Ethereum: Problem and Possible Solutions

[Evgenklm]

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?

[bitmover]

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.

[bitterguy28]

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?

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?
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.

[hugeblack]

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 we say what are the reasonable fees, I think that $1 to $5 is reasonable if you want to transfer something. Its value is $1000+ and is unreasonable for daily transactions.
For daily transactions, you can use second-layer solutions such as Polygon, which enables you to create hundreds of transactions for $1.

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

[Evgenklm]

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.

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. I see that with Ethereum's transition to POS, gas fees have decreased, but they still remain higher than those of its competitors. The scalability issue hasn't gone away. I used this network very often before, and never bothered to check the Gas fees. I would like those times to return, and I wish the Ethereum team would do something about it.

[Evgenklm]

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?

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?
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.

[bitmover]

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.

I am not ok with $50 cost per swap... However, this is how much the market pays, and a LOT of people do that.

You can check prices here. Right now:
https://etherscan.io/gastracker

$3.32 for eth transfer.

Action   Low      Average   High
Swap   $57.32   $57.32   $57.32
NFT Sale   $96.87   $96.87   $96.87
Bridging   $18.43   $18.43   $18.43
Borrowing   $48.62   $48.62   $48.62

[NikeFit_7777]

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$+.

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.

At the moment, the situation is as follows:

[Doovla]

From earlier usage in sending and receiving Ethereum transaction gas fee have been quite cheap,around 0,3 to 0,8$ but then the value have been significatly down. It also depends in how much it take for example not from staking but from gas cost to upgrade the price value to the higher level. Solutions can be by buying more Ethereum there will be less space left for that much of cost for gas,the point will be in price value and not the gas cost and it will not depend in each other no more. So with wide transparent transaction from users that can be solution for lower expense in that level of depending.

[Gurujebs]

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.

[MrSpasybo]

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$+.

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.

It seems we have strayed too far from the topic content.

I know that transaction fees around $1-5 are cheap for some, but may be too expensive for others, especially when they have experienced $0.01 fees on other networks like EOS or Solana.

We know that network speed limits + high user demand have pushed gas fees up. We do not seek to reduce user demand as a criterion of development, we seek to expand the speed limits of the network or alternative solutions:

+ EVM compatible Layer-1 blockchains like BNB chain and Polygon allow dev teams to launch their projects as easily as on Ethereum.
+ Layer-2 blockchains like Arbitrum and Optimism help transactions be processed separately and then sent to Ethereum.
+ Sharding solutions can be implemented to increase the speed of Ethereum in the future.

[DAMKAR]

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.

[Gurujebs]

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.

Exactly what I was trying to pass. Ethereum cannot scale but the developers don't want to admit that, instead they created a branch of developers to help them make transactions cheaper to the lowest so it can be a stepping bridge between Ethereum chain and other layer 2 blockchains but we assumed that these blockchains are going to replace all ethereum meanwhile they are helping it do the main job which is providing speed for the parent chain(Ethereum).

Solana is the closest to making Ethereum look bad in reality but there partnership FTX that collapsed and down of the chain many times is making it look way more worse than ethereum.

[vegasus]

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.

[bitterguy28]

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?

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?
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.

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)
the team must do everything for this not to become a question against them and also for not to be a disappoinment and discouragement to all ethereum users.