Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Mexite on February 17, 2021, 11:43:13 PM
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It's not news that the Ethereum gas fees have continued to soar, no thanks to the boom of the DeFi ecosystem. And Ethereum network being the most popular platform for DeFi innovation, the network is always congested which has made gas prices to soar.
Ethereum miners now make more money from gas fees than from block rewards. In January alone, miners made a staggering 830m USD.
The question is: Is this not an attempt to get a lion share of the DeFi boom since they can still confirm transactions for some fractions of the current high gas?
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It's not news that the Ethereum gas fees have continued to soar, no thanks to the boom of the DeFi ecosystem. And Ethereum network being the most popular platform for DeFi innovation, the network is always congested which has made gas prices to soar.
Ethereum miners now make more money from gas fees than from block rewards. In January alone, miners made a staggering 830m USD.
The question is: Is this not an attempt to get a lion share of the DeFi boom since they can still confirm transactions for some fractions of the current high gas?
Maybe for now Ethereum become the no1 in Defi Ecosystem, but Binance Smart Chain will defeat it, Binance provides a very cheap gas fee than Ethereum, and don't forget that many defi projects in BSC become successful like Pancake, TWT, SFP, that are some example
BSC will beat Ethereum for sure
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i strongly believe this is ther moment and they are responsible for the current mess in the ethereum gas fees payment. i also believed that they are hoping the high gas fees remain the same without any positive change. until the ethereum platform resolve the current gas fees issue, they will continue to milk the platform. we are just begining. thanks to binance and huobi for providing an alternative.
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I have a feeling the miners are formed cabal controlling the way transactions are being mined on Ethereum, it is crazy people are not looking into this and even Ethereum developers are silent on this may be not to provoke the miners or they think this DEFI run will continue and people will continue to pay $30 per transaction, with major blockchains like Avalanche, Solano and others coming on board it will be interesting to see how value move on from Ethereum
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To be honest, I am now very envious of the Ethereum miners, because they are really getting a lot of money now, and we crypto enthusiasts are crying because the price of gas is simply cosmic.
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The question is: Is this not an attempt to get a lion share of the DeFi boom since they can still confirm transactions for some fractions of the current high gas?
We have identified this several times, that there is a large amount of space allocated for each DeFi project to enter the market, and this provides some big advantages for investors to reach out to such as DeFi trading. However, the contract has become a polemic, we cannot stand still and wait for the cheap GAS costs. because it became a money borrower system designed. so like it or not when DeFi based delivery is still using the Ethereum network on which Ethereum continues to be the foundation. there is a drawback here, we are really stuck and have long held tokens in the trust wallet. isn't it for these small traders to make colonies.
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Yeah without any reasonable doubt that miners are the ones benefitting from this high gas fees. This is their time to enjoy and benefit more.
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Well it seems like this reward is highly deserving now because they have been waiting for profit from last 2 to 3 years because of bears market and now they are finally making it big but it could be just a few months of joy because soon eth 2.0 chain will be activated where mining would be replaced by staking which will be a more efficient and transparent method to secure transactions on the network.
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Actually, the Ethereum miners are just doing their business and they have become the so willing beneficiary of the inefficiency of the network with the rising and uncontrolled gas fees required for every transaction under the said platform. And we ordinary guys are the ones paying for this unacceptable situation. I have no problem with the miners because this is not their fault at all and I don't see any coordinated plan for them to control anything. This is an Ethereum issue and this should have been addressed a long time before the bull run but alas Ethereum devs failed to see this from materializing right before their eyes.
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This is clear and proven that Miners get very super benefits because the fees for each DEX transaction are extremely expensive for ERC20 tokens.
I often try to enter UNIswap and when we immediately exchange the coins, the average for now is around tens of USD for one swap, is that crazy?
Then I have also tried swap in Metamask and it is more expensive too, aagghhh sucks!
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ETh is something worthy and ETH miners may now be in dilemma,
Moreover, we know how currently many people feel disappointed with Ethereum where gas fees are very high. So now it seems that it is no longer token-friendly. Maybe Etheruem will be soon replaced by the BNB chain and also other types of projects if they still are like this.
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ETh is something worthy and ETH miners may now be in dilemma,
Moreover, we know how currently many people feel disappointed with Ethereum where gas fees are very high. So now it seems that it is no longer token-friendly. Maybe Etheruem will be soon replaced by the BNB chain and also other types of projects if they still are like this.
No doubt many projects are considering alternative chains like Binance Smart Chain, Polkadot, etc but Ethereum enjoys a first mover advantage plus the biggest community of developers, arguably. It never envisaged such a high magnitude of traffic, so it needs to scale.
I just hope that the new upgrade will bring the needed changes as ETH 2.0 transits to PoS.
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In my opinion, miners have no fault in this. When the number of transactions is too large, surpassing the service capacity of the Ethereum network of 15tps, the network automatically chooses high gas transactions to proceed first. If miners do not use gas price preference, we will have no other way to arrange transaction execution order.
DeFi boomed, so the profits from the crypto market were so great that people were willing to pay more gas for transactions, causing "reasonable" gas prices to be pushed up. We need the solution to increase the scalability of the network, maybe we will have it from ETH2.0.
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I've seen a lot of DeFi projects on the BSC network but what I see is Ethereum price hikes keep happening and only a few new projects on the BSC network are popular and have good prices.
Ethereum 2.0 is still under development and I think we need to be patient while waiting for some projects on the ethereum network to move to the BSC network, will that happen? may be.
It is only a matter of time and we will see both the Ethereum and BSC networks compete with each other to attract new developers and potential investors to their platforms.
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They are definitely getting in on the money there. I just wished to God I had started Ethereum mining when I intended during the earlier bull run of late 2017. But like they say, hindsight is always 20/20
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Miners earn enough at such a price for ether, there is nothing to worry about. Also, the owners of nodes this year, according to the data, are earning $ 4m per day, which is simply a huge amount and all thanks to the jump in the price of gas on the network. will figure out how to reduce commissions in the Ethereum network, then many will simply move to other sites with a lower commission, such as bsc.
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I don't understand the term you used which is the lion. If that is for ethereum I don't think Eth deserve such which is no one is to have it but bitcoin. Also because of the gas fee of ethereum for miners to feast is the thing that pull it back which will manifest in the near future.
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It's not news that the Ethereum gas fees have continued to soar, no thanks to the boom of the DeFi ecosystem. And Ethereum network being the most popular platform for DeFi innovation, the network is always congested which has made gas prices to soar.
Ethereum miners now make more money from gas fees than from block rewards. In January alone, miners made a staggering 830m USD.
The question is: Is this not an attempt to get a lion share of the DeFi boom since they can still confirm transactions for some fractions of the current high gas?
I think it slowly drifted away and Ethereum gas fees become the worst nightmare of Ethereum Network users and this is already changing because the concentration of the volume was slowly transferred to BSC and some for Tron thats the reason why BNB price was increasing so fast thats why if you are aware of the cost while doing Ethereum Transaction use the BSC instead.
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It's not news that the Ethereum gas fees have continued to soar, no thanks to the boom of the DeFi ecosystem. And Ethereum network being the most popular platform for DeFi innovation, the network is always congested which has made gas prices to soar.
Ethereum miners now make more money from gas fees than from block rewards. In January alone, miners made a staggering 830m USD.
The question is: Is this not an attempt to get a lion share of the DeFi boom since they can still confirm transactions for some fractions of the current high gas?
Maybe for now Ethereum become the no1 in Defi Ecosystem, but Binance Smart Chain will defeat it, Binance provides a very cheap gas fee than Ethereum, and don't forget that many defi projects in BSC become successful like Pancake, TWT, SFP, that are some example
BSC will beat Ethereum for sure
But the price of the coin that is used for BSC transaction fee is much lower in comparison witg ETH price. And it is using new technologies and after the launch of ETG 2.0 then we can compare tgem correctly.
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This DEFI project is indeed very strange and very profitable for those who are experts in cryptocurrency mining.
I say the DEFI project is strange because this DEFI makes it easy for every coin transaction but this transaction fee is very strange because it is very expensive.
In my opinion, if the DEFI project is new in terms of cryptoccurency and gives the best for every coin sending, it should not kill the sender of the coin.
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The increasing price of ETH Gas is very profitable for ETH miners, but not for me. I have an ERC-20 token that I should be able to sell, but failed because of the Expensive GAS ETH. I am very disappointed, when Eth's price went down, now the price of GAS ETH went up.
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I think miner not doing anything wrong here, with the crazy increase in gas fees making miners get huge profits. I'm sure they like these conditions, With the announcement of the release of eth 2.0 I hope this problem is resolved soon. The DeFi project is really massive and it's burdensome for small transactions.
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Miners are always the winner in times like this where the transaction fee is expensive. We are required to transaction in minimum or higher level for fast transaction. Lower than the minimum fee take so long before you will have it.. While miners are in fiestas to deliver our orders. I think miners now are all rich.
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This really become a big problem for Ethereum. The gas fee is very high and it is really o er that it should be. We cannot wait for this like that again. Many projects will probably leave the erc20 platform and turn into another more friendly platform