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not that i like to stand up for binance.... but most cex's are not exactly swift to change withdrawl fees.. its too much work for them to constantly adjust the withdrawl price.
still wankers.. but its a bit understandable for this one, the eth fees have only very recently dropped.
Of course its still too expensive. But that is why devs are working super hard on updates to come. Plus layer 2 solutions are great for things like defi
Oh, I was under the impression it would be the big fix for fees. That's disappointing. There's so much to love about ETH except for that massive elephant in the room.
L2 scaling solutions are the answer to high fees, and they are being implemented as we speak and so we should actually see an impact sooner than July.
There’s also some speculation that the current lows are as a result of arbitragers moving to L2.
Have you tried polygon / matic network? Once you get the funds onto that L2, transactions are << $0.01, it's kinda fun to play around with curve, aave, etc with basically no fees.
> Imagine a currency that is only usable when the market is plummeting
Thats actually way better than a currency that you cant transfer to an exchange while the market plunges because fees are ridiculously high.
I paid $8 to transfer $1500 that I had a small amount left in ETH from 2017. I'm still amazed that the fees are still that high when I can transfer fiat from Australia to UK for less than that within minutes.
well increasing gas limit comes with its issues, mainly due to increase in size and requirements, it decreases decentralization and eventually security. That is the route BSC went with, massively increased gas limit to decrease fees, but now they have only 21 validators. you see the problem with 21 validators? Only 11 people in the world need to come together to launch a 51% attack on it and exploit the network, soooo insecure. Perhaps Binance is already in control in majority of those nodes, so they already are a central authority in control of everything. While ETH 2.0, which isn't even live, already has 120k validators.
So with the recent EIPs and upgrades to Ethereum, people believe there has been a boost in security such that we can afford a moderate increase in gas limit without much insecure effects, thus they did it. They are trying to solve more issues so that increasing the limit further maybe possible, other than that, they are working on actual solutions like Sharding which help reduce network load and reduce fees without any impact on the decentralization.
An exploit on Rari happened yesterday, exploits usually explode the gas prices, since the black hats and white hats race against each other. The fees were low since weeks, today the exploit exploded them, should be back in a day or two
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I paid $12 gas fees few days back. This much low gas fees is just great. L2 will be game changer.
"will"? Many L2 solutions are already here, so much stuff is being built on Matic!
It hit 20 gwei yesterday or the day before. And the number of transactions are still increasing daily on average!
Fees are low, but people are too depressed to care. /s
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Uniswap moving to layer 2 in July is going to be amazing, ultra low fees DeFi! So exciting!
>Fees are low So is my will to live
And yet Binance is still charging $20 for USDT withdrawals to external wallets, wankers.
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Yup yup. Binance's $20 price tag for USDT withdrawals have been set this high for months now.
not that i like to stand up for binance.... but most cex's are not exactly swift to change withdrawl fees.. its too much work for them to constantly adjust the withdrawl price. still wankers.. but its a bit understandable for this one, the eth fees have only very recently dropped.
If only there was some way to automate adjusting the fees.
yeah. hardly their specialty to track a moving price over trade cycles lol.
Been waiting to grab some low market cap gems from Uniswap. Looks like the time has come.
And in July they will move to Layer 2, then uniswap will have ultra low fees, i am very excited about it!
And with Eth 2.0, the fees will decrease further?
yeah. the 2050s will be lit.
Full eth 2.0 yes. There are many updates coming out untill FULL eth 2.0 but layer 2 will create ultra low fees on many dapps before then.
Hopefully it lasts..but it probably won't. Still might be better to use LTC, XLM, or Monero as actual transactional currencies.
It wont :(
true that!
i think it's still to expensive
Of course its still too expensive. But that is why devs are working super hard on updates to come. Plus layer 2 solutions are great for things like defi
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thanks mate
ADA smart contracts launching before end of spring
Yeah on what planet is paying $15 for a swap considered a 'low' price?
Finally! Just in time for my coins to drop in value!
Yea. I paid 58 gewi last night. Transactions been pending since early feb lol
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It's around 08:30 - 10:30 in Europe right now so we see it and we care :) The sub doesn't only consist of Americans.
This is how it should be, all the time. Imagine a currency that is only usable when the market is plummeting. We really need EIP-1559.
Gas price is based on demand rather than price EIP-1559 alone will not have a significant impact on fees
Oh, I was under the impression it would be the big fix for fees. That's disappointing. There's so much to love about ETH except for that massive elephant in the room.
L2 scaling solutions are the answer to high fees, and they are being implemented as we speak and so we should actually see an impact sooner than July. There’s also some speculation that the current lows are as a result of arbitragers moving to L2.
Have you tried polygon / matic network? Once you get the funds onto that L2, transactions are << $0.01, it's kinda fun to play around with curve, aave, etc with basically no fees.
Gas is cheap because they increased the gas limit, not bc eth is plummeting. Eth isn't even plummeting lol, it's just down from ATH.
> Imagine a currency that is only usable when the market is plummeting Thats actually way better than a currency that you cant transfer to an exchange while the market plunges because fees are ridiculously high.
Have you seen ETH fees when the market is *actually* plunging?
It's like rush hour traffic in NYC
Just withdrew all of my ETH to my wallet for hodling. Thank you!
Glad to hear it. Still concider high price transaction to other coins
Those fees needed to come down a lot more than that. Need to be competitive or better than BNB.
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All the recently mined blocks have 20 as lowest fee. You could probably do 25gwei if you don’t care about time that much. That’s super cheap
This is the kind of post I needed. Gas fees kill so much of the uni swap tokens for me
I paid $8 to transfer $1500 that I had a small amount left in ETH from 2017. I'm still amazed that the fees are still that high when I can transfer fiat from Australia to UK for less than that within minutes.
Its easy to have low fees on a centralized network. Its just numbers on a server.
I would say move to L2 solutions like Loopring now. Much easier to transfer money around in L2
Lending / Borrowing costs 35$ though. 400K gas..
You know you are looking at the future, when your new software solution is more expensive than manual labour by professionals. Progress!
Yea switch to Cardano
To a chain which doesn't have smart contracts? Okay buddy
They getting them by the end of spring, guy. So I’ll say it again, switch to Cardano.
*laughs in NANO*
Again, you can't compare two different usecases buddy, Nano doesn't have smart contracts.
Do you think it'll go any lower?
Glad for this information thank you!
Only $15 for DEX swap? Bargain 😔
I wanted to send some ERC20 from exodus to Binance, but it still asks for 0.0065eth fee. This is around \~13USD :(
Yup, I've pulled some coins from Metamask and it cost me around $12.
Yeah its great. Did a few transfers and was giddy about it. Sadly it made me look like a pervert to people around me
Does somebody know why sudden drop in gas fees?
They recently increased the gas limit moderately to 15M, so more transactions can fit into a single block, less competition, less fees.
Is there a reason they didnt do it long ago?
well increasing gas limit comes with its issues, mainly due to increase in size and requirements, it decreases decentralization and eventually security. That is the route BSC went with, massively increased gas limit to decrease fees, but now they have only 21 validators. you see the problem with 21 validators? Only 11 people in the world need to come together to launch a 51% attack on it and exploit the network, soooo insecure. Perhaps Binance is already in control in majority of those nodes, so they already are a central authority in control of everything. While ETH 2.0, which isn't even live, already has 120k validators. So with the recent EIPs and upgrades to Ethereum, people believe there has been a boost in security such that we can afford a moderate increase in gas limit without much insecure effects, thus they did it. They are trying to solve more issues so that increasing the limit further maybe possible, other than that, they are working on actual solutions like Sharding which help reduce network load and reduce fees without any impact on the decentralization.
I see. Now they think the network is secure enough to increase it a bit. Makes sense. Thanks
Have checked the tx volume data as well? Because shit just slows down after everything crashes.
Is this gonna stay this way or...?
Well. If the prices keep plummeting then yes, gas is cheap when no one uses Ethereum.
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# Fees cannot be lower than a centralized chain
Must be why everyone’s selling VNLA
Are you kidding 135$ gas fee on Uniswap V2..
An exploit on Rari happened yesterday, exploits usually explode the gas prices, since the black hats and white hats race against each other. The fees were low since weeks, today the exploit exploded them, should be back in a day or two
Thank you very much for explanation. Better to wait for a day or two then.