Transaction fees: you prefer to pay in native coins or transferred tokens

[MrSpasybo]

Currently, every problem that we care about regarding Ethereum such as slow speed, blocks are full, many projects and users drop Ethereum to switch to BSC and TRON... are related to scalability, say simpler and more intuitive: transaction fees.

At the time I created this topic, Ethereum's average fee = 177 gwei ~ $7.78 to conduct 1 transaction in 90 seconds. This is a very high fee for the average user, and the user has the feeling of Ethereum as the most greedy robber.

However, we cannot blame Ethereum when Ethereum is defending the important criterion of blockchain which is decentralization with ~7000 nodes instead of 21 nodes like other blockchains. At the same time, when compared to other blockchains, their native coins price (TRX, BNB, ADA) are many times lower than ETH, which means that in the future if these native coins price goes up, the value of transactions fees will also grow.

So what is the problem?
High transaction fees are not the problem. The problem for users is that they don't have enough native coins to transfer.

The #DevelopmentTeam s have created very good tokenomics for native coins: native coins are used to pay transaction fees, to raise capital, to store... to ensure the buying pressure helps the token price to be stable and increase up instead of falling to 0. However this creates complications for users: for example I have ALTS token in Metamask wallet, I have to buy ETH from an exchange, transfer ETH to Metamask wallet and use ETH to pay fees for the transaction to send 1 ALTS.

Do we have an alternative solution?
Scalability determines the speed and cost of transactions, we cannot change this, but we can change or add payment methods for transaction fees.

Tomochain  - a blockchain from Vietnam, I am from Vietnam & always proud of this project, has proposed & applied a more convenient solution for users: users can choose to pay transaction fees by native coin (TOMO) or the token itself is transferred.

For example, I want to transfer 1000 AME but I don't have TOMO in my wallet, I just need to choose to use 0.05 USD in AME to pay the transaction fee and transfer 999.95 AME. Of course if I want to preserve 1000 AME, I can buy TOMO on the exchange and deposit it in my wallet.

Friends & I have a lot of low value tokens in ERC-20 wallet that need to be liquidated, but we don't have ETH in our wallet, which is really inconvenient in this situation. I think it would be better if blockchains allow users to use the transferred tokens to pay for transaction fees similar to that of the TomoZ protocol.

What do you think about this, will major blockchains be able to adopt this transaction fee payment method in the future? Or will they continue to keep the current regulation to push the native coin price?

[Fenix]

Of course, if it was possible to pay for transactions with the tokens that we move, it would be much easier. After all, if a token has a certain price, it means that this price can be filled with any product. This happens in the world of ordinary material values. However, the world of cryptocurrency is different from the ordinary world of wealth. Initially, the price of the token is set by its team, which often overstates its price. Further, the price for it is formed by the market on the basis of supply and demand. In the initial period, when the price of a certain cryptocurrency has not yet formed, the real price will differ from the one that will be established in the future. If you pay with a new cryptocurrency, the risk of further price changes will lie on the blockchain that will service this operation. In addition, if in the future this cryptocurrency turns out to be useless, such a transaction is actually free for the blockchain. Therefore, they take payment with already well-known and reliable in terms of price coins, such as ethereum. I do not think that something will change in this regard in the future.

[Boginya Valyutnaya]

I agree with you that the price if these ones grows, it is possible that the gas price will grow.

[ice18]

Same problem with you OP I have a lot of tokens in my eth wallets that if I will sell them all I can collect almost $400 from 10 different tokens but with the high gas fees If I send it to exchanges one by one it can spend around $500 for gas fees which is really insane the nature of eth is really complicated and still no dapps created to give solution to this kind of problems Im sure many users have same scenario with this, looks like we need to wait for eth 2.0 to happen and see what will happen to gas fees. 

[robert20]

If we could use the tokens that we are transacting to pay for the fee it would be great. But this is very very complicated to make and not easy at all to implement. I dont think it is going to happen in near future. I am eagerly waiting for eth 2.0 to liquidate my tokens.

[zilzylian]

If Tomochain pursued such a method, it would be good news.
At the moment I only find such transaction systems on crypto exchanges, I only need to pay the erc20 token delivery fee, if I want to withdraw tokens from exchange wallet (1) to exchange wallet (2).

But the current situation is difficult to implement on the ethereum network, ETH is the fuel to be able to send tokens, I think that is irreversible as long as we use the ethereum network.

https://ethereum.org/en/developers/docs/gas/

[Octoalts]

If we could use the tokens that we are transacting to pay for the fee it would be great. But this is very very complicated to make and not easy at all to implement. I dont think it is going to happen in near future. I am eagerly waiting for eth 2.0 to liquidate my tokens.

That's right bro, if it can be done then it will be very profitable.  Because definitely the fees will be lower, but the fact that often happens is we always use coins from which network/platform we use to pay transaction fees.

[MrSpasybo]

Of course, if it was possible to pay for transactions with the tokens that we move, it would be much easier. After all, if a token has a certain price, it means that this price can be filled with any product. This happens in the world of ordinary material values. However, the world of cryptocurrency is different from the ordinary world of wealth. Initially, the price of the token is set by its team, which often overstates its price. Further, the price for it is formed by the market on the basis of supply and demand. In the initial period, when the price of a certain cryptocurrency has not yet formed, the real price will differ from the one that will be established in the future. If you pay with a new cryptocurrency, the risk of further price changes will lie on the blockchain that will service this operation. In addition, if in the future this cryptocurrency turns out to be useless, such a transaction is actually free for the blockchain. Therefore, they take payment with already well-known and reliable in terms of price coins, such as ethereum. I do not think that something will change in this regard in the future.

Validators now prefer higher transaction fee, and I don't think this will change in the future. The only difference is: instead of gas being paid in native coin, it is paid with tranfered token.
Example: 1 ETH = 2000 USD
1 AME = 0.1 USD
Gas = 2 USD = 0.001 ETH = 20 AME

As such, the Ethereum blockchain validators still have a basis to prioritize transactions. Even validators have the option to receive tranfered tokens or use the sswap feature for ETH.

For unlisted, unvaluable tokens, they can still choose to pay gas with that token. However, that transaction is considered gas = 0 and is only executed when the Ethereum blockchain has absolutely no other transactions ^^

[TomPluz]

I am dreaming those times when I can be able to transfer tokens to exchanges even with just $5 value all because the transactions cost will never be exceeding $.50. Right now, this is really ridiculous because one can be incurring losses as the gas is right now astronomically so high. Frankly, I find this unfortunate and disappointing because I was then made to believe that with cryptocurrency the transfer is not just fast, efficient but also costing so little. I am still waiting for Ethereum developers to come up with the ultimate solution to this dilemma - I am hoping it won't a decade for them to do it.

[Fivestar4everMVP]

Thank you so much @poster, you have explained everything clearly and you spoke my mind sincerely, I've many times thought about this issue you raised and it's a very important one if only it can be implemented, I personally have a lot of erc20 tokens in my wallet which I would like to sell and invest the money in a more current project that is likely to bring more returns, but I can't cus most of this tokens are only listed on uniswap and uniswap requires alot of fees in the form of eth which I don't have enough eth in my wallet to execute the transaction successfully, so this is really a draw back and a problem which really needs to be solved, I really hope that developers will come arose this post and possibly see how this can be implemented to better make blockchain usage easy for all and not just for the wealthy ones.

[sampoerna]

If it is from the exchange with the higher place, it seems that we have recorded and so far this dal it Siward rlm more about the nonsense/
a document that we and write get or te running it is flicker, make you need to make you feel good, to enable getting from listening and alsh timi

[gurunanakji777]

It would be a good idea if we have the option to pay a transaction fee in the native tokens because most of us have ERC-20 coins and we all know ethereum gas fee is quite high and small traders suffer a lot from the high gas fee of ethereum. If in the future all exchanges give us the option to pay in native tokens like in Tomochain If implemented same criteria on other exchange traders will get a huge benefit from this and that would be good for the traders and I agree if the TRC or BNB value increased in the future definitely transaction cost will also be increased like as ethereum.

[gabbie2010]

I believed the incoming ETH 2.0 will resolve the scalability issue and reduction in gas fee plus increase transactions speed, definitely ETH developers will make amendment now that they are facing stiff competition from BSC and TRON it quite unfortunate that we have to pay high transaction fee to send token whose value is small

[Jaephoenix]

It's not a hard and fast rule. Sometimes I prefer to pay in the exchange native coins or tokens, and sometimes I prefer transferred tokens. A few times, the transferred tokens are not even worth up to the gas or transaction fee

[UNIVERSE]

Whatever the coins to spend, as long as it is not high enough I think that it will okay. But maybe if it is in the token itself, it is better. But it cannot be because it uses another platform or network so that they should pay using the coin of the platform itself such as Ethereum platform