Ethereum Gas Fee continue to rise

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3 years ago

Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It's a community-built technology behind the cryptocurrency Ether (ETH) and thousands of applications you can use today.

Lately, transaction fees on the Ethereum blockchain are continuing to rise, making it more expensive to send transactions or use decentralized apps (dapps) on the network. Both critics and supporters of Ethereum have conceded the issue.

According to Etherscan, Ethereum gas used continue to rise since 2018 and almost reaching 80B this year. Transaction fees are used to pay for operations on the network, such as transactions, smart contracts, decentralized applications and others which are measured in Gas. If gas prices rise, they become more costly to use.

There are limits to transaction fees. But recently, they pushed up the limit from 10 million to 12.5 million, where it currently standsβ€”giving the network an extra 25% boost.

The US-dollar backed stablecoin Tether, is the main cause of the inflation, which resulted in $2.4 million of transaction fees in the last month, according to EthGasStation. Other causes are decentralized exchanges, dapps, and at least one suspected Ponzi Scheme.

Last July, co-founder of NEO (a rival blockchain platform), Da Hongfei tweeted about the ridiculous expensive cost of Ethereum gas fee which became an obstacle to defi transactions.

Ethereum is making progress towards solving the issue on the base layer (by making the network inherently more scalable) but it will take time.

Yet even this won’t solve the problem straight away. According to Ethereum co-founder Vitalik Buterin, the main upgrades that will make Ethereum more scalable will come a few years down the line.

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3 years ago

Comments

very helpful and informative article. Thanks for sharing :)

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3 years ago

Do you hold Eth?

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3 years ago

no. why?

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3 years ago

Just asking hehe

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3 years ago

haha. How about you ?

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3 years ago

Have.. in my trustwallet and coins.ph.. i was about to withdraw my eth in tevvo, but I cancelled it coz if the gas fee

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3 years ago

I remember I earned ETH on publish0x but it's a very small amount. and I still can't find you there. hahaha

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3 years ago

yburada1289.. haha.. check my articles here about publishox.. i linked some.of my posts in publishox there

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3 years ago

alright. let me check again. haha

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3 years ago

Sure

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3 years ago

do you already have articles on publish0x?

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3 years ago

2..haha.. just made the other day..

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3 years ago

what category?

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3 years ago

Thanks for sharing

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3 years ago

Welcome.. my Eth ka?

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3 years ago

Meron sa coinbase..gamit q lng sa mga free eth, sa telegram at ibang site n ngbibigay sabay trade pag high price at buy pag lower price..

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3 years ago

Sa coinbase ka nagtitrade? Ano wallet gamit mo?

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3 years ago

Coinsph/Coinspro aq ngtritrade ng crypto to php=eth,bch,xrp,..tinitingnan q lng ung latest price sa blockchain,,sa coinbase ako nghohold ng ltc, eth, bch,doge o kaya sa coinpot

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3 years ago

Pwd magtrade sa coinsph? D ko alam yan ah

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3 years ago

Pwd meron cla bali gagawin mo lang php=eth, php=bch, php=btc, php=xrp, vice versa,,pero ung sa Coinspro mejo hindi ko pa kabisado.

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3 years ago

Ano yun convert2 ganun?

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3 years ago

Yup parang ganun n nga, buy pag lower price at sell pag high price..minsan kumikita din ng malaki..halimbawa meron kang php200 tpos lower price ung bch(ex:$240) buy ka.,update ka lng sa blockchain tapos nghigh price bch($300) sell mo bch,meron kang kita sabihin n natin ung php 200 mo naging php300

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3 years ago

Thanks sa info.. may iiponako sa coins.ph eth,btc at bch... matrade nga.haha.. Sa trustwallet b natry mo?. Pwd dukaso hndi ko lam..lol

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3 years ago

D pwede sa gamit kung phone ung trustwallet not supported,kaya ang gamit ko lang coinsph,coinbase at blockchain

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3 years ago

Sorry for the questions.. gusto ko tlga mag try magtrade

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3 years ago

Madali lang mgtrade pag pinag aralan mo..parang buy and sell lng..minsan kumikita minsan bawi puhunan lng

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3 years ago

Subukan ko nga sa coins.ph..

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3 years ago

Update ka lng ng price ng gusto mong subukan sa blockchain may simple chart sila dun https://www.blockchain.com/explorer?view=bch

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3 years ago

Salamat madami

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3 years ago

Ung mga trader kaz pag alam nila mababa presyo ng isang crypto coin binibili nila at ini-hold,,pagbiglang taas ng presyo o ung highest price sell nila agad

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3 years ago

Sa coins.ph b pwd mag buy at sell? D kopa chineck mga options dun..haha

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3 years ago

Meron dun sa Coinsph pro,,

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3 years ago

Another app ulit?

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3 years ago

Ndi nman parang upgraded lng ng coinsph,site kasi un.,

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3 years ago

Check ko na mamaya

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3 years ago

Hanapin mo na lng, sa. App ng coinsph ung coinspro i-redirect ka nun sa site

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3 years ago

Salamat ng madami

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3 years ago

This is really hurts when using Eth, imagine your fee is greater than the amount you wanted to send.hahaha salamat sa pag share, more power!

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3 years ago

Exactly. I was supposed to withdraw my eth, but I cancelled it because of the fee

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3 years ago

Imagine mas malaki pa yung gas fee kesa sa isesend mo na eth HAHAHAHA

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3 years ago

Tama... sa ibang platform mas malaki pa as fee sa withdrawal amount..lol

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3 years ago

The continuous rise will discourage small traders

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3 years ago

There is even a time that eth gas fee is higher than btc... wow..

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3 years ago

Thanks for sharing this article.

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3 years ago

Welcome

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3 years ago

Nice article Subscribe back

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3 years ago

Sure

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3 years ago

Is there no other coin for has fee?

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3 years ago

What do you mean? πŸ˜…

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3 years ago

Good article. Just could'nt relate much. I think almosy everyone is into crypto currency now. Even my husband been doing that I just dont understand how it works.

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3 years ago

I guess you only know BCH..haha.. you should ask your husband then so you can try trading.. it will give you more profit once you've learn how to do it it well

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3 years ago

Honestly, i dont even know about BCH either. πŸ˜‚ I just heard these different crypto currencies and also maybe its not much of my interest. But Im trying to learn and understand coz my husband really into it and everytime he tells me something about it just smile coz I cant actually understand what he's saying. πŸ˜‚πŸ˜‚πŸ˜‚ well atleast Im listening. πŸ˜‚πŸ˜‚πŸ˜‚

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3 years ago

Lol, so what do you do to your bch then? I've learn bout bch only here in RC

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3 years ago

Just saving it and transfer it to my coins.ph wallet and thats it. I will just let my husband do the work. πŸ˜‚ I just know the name of some crypto currencies and exchange rate but I dont know how it really works. πŸ˜‚πŸ˜‚πŸ˜‚. Same here just know about BCH here in RC. Im only familiar with etherium, XRP, Bitcoin, BAT, Litecoin, Dai etc. I just ask my husband what is BCH. πŸ˜‚πŸ˜‚πŸ˜‚

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3 years ago

Only to find out that there so many kinds of cryptocurrencies

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3 years ago

Nhelvimi said you can trade in coins.ph pro.. I'll gonna try it

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3 years ago

Really? I thought its just a wallet

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3 years ago

I thought too.. but there's a coins.ph pro where you can trade

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3 years ago

Have you tried it sis. Baka sakali magkaintetest akong gawin yan. Hahaha

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3 years ago

I've checked bout it this afternoon.. but i think i need to update my chrome..it's not supported.. check mo sa coins.ph app mo, meron dun coinsPro.. click mo lng iredirect ka sa site..

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3 years ago

Thanks, but if you can really explain more because I played Ethereun and got one million Ethereun and to claim the money becomes an issue till today so this your advertisement I don't understand please more lite thanks.

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3 years ago

To make it simple, it says, the ethereum transaction fees are getting higher day by day.. but they said they're trying to fix the issue.. hopefully it won't be the same high trans fee issue with Bitcoin

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3 years ago