I received this airdop about a month ago but was unable to claim because the gas fees on Ethereum were exorbitant. I believe it skyrocketed because the network was overloaded with people attempting to sell off the airdop to USDT and such.
As a result, the airdropped token's price initially peaked at around $1.5 but then fell to around $0.8. Initially, the value of my airdop was 28$ at 0.8$, but I could not sell because the gas fee on Ethereum had risen to around 68$, which seemed like the most ridiculous thing ever.
I had to abandon the entire claim process on Metamask. However, it reminded me of how seamless and free our transactions are on Hive.
However, I believe the project intentionally launched on the Ethereum chain to prevent many people from claiming their airdrops, as they set a one-month claiming period during which tokens are burned if the owners do not claim them.
However, I only farmed for about 2 weeks, because I got to find out about the project two weeks before it launched which was very unfortunate for me. People who farmed for six months or more earned more than $1000; a few made even more, and I am sure this group of people did not mind paying 68$.
However, I checked the gas price today and it was around $1.5, so I thought it was the ideal time. However, sending eth from Bybit (where I had eth) costs about $3.9, so I will be spending about $5 to claim; unfortunately, the token has dropped to about $0.47, putting the total value of the airdropped token at around $14.
So I decided to send through Arbitrum, and when it reached my meta mask, I would bridge to native Ethereum. I was attempting to buy pass the gas fees associated with sending Ether from Bybit to Meta Mask.
Unfortunately, I could not find it easily, and bridging was a bit complicated. After about an hour, I was finally finished. However, I found bridging to be less expensive because, instead of paying $5 for the entire thing, I paid about 3.7$ in total transaction fees, saving about 1.3$.
It would have been terrible to lose my airdop, and even if it was $14, it was two weeks of farming, and it would be terrible to have it burned because I could not afford those outrageous gas prices.
I think I am grateful that I did not give up. Within 15 days, the airdop could have been burned or returned to the network.
The Ethereum network is the worst.
.....It is redundant, not sophisticated, slower, and more expensive, but places like Solana probably do it better and at a lower cost. Now, I am not saying Solana or SUI do it better; I just think Ethereum fees are getting too high, and I do not want to deal with the gas fee dilemma.
Fees On Hive
Somehow, I think I wouldn't mind if Hive has some form of gas fee. Imagine a gas fee of 1 Hive gas fee for 3k Hive, then 2 hive for 6k. It is probably so insignificant that no one will notice it.
The upside is that these amounts can be burned in solidarity with the chain, and I doubt anyone would notice or complain. For example, on peakD, you can use some Hive to create AI images for your content. Feelessness is no longer a thing, and we can benefit from adding our own fees to help the chain while focusing on something else to sell it.
Nothing is free anymore, and I do not believe we should continue to be free, but the fees can be minimal and then we can automatically burn them.
Interested in some more of my works
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Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
We do have fees on Hive. They are called resource credits.
In the grand scheme of things, I was thinking of the advantage of just the model
I avoid any project on ETH, the fees can just shoot to the moon in minutes. At one point I lost $47 in a stable coin because the fees were over $50 on ETH, now the coin is unsupported so money down the drain.
Hive transactions are nice having no fee, but that only works if you stake Hive. So not truly free... No free lunches anywhere I'm afraid.
How have you been doing?
!hiqvote
Imagine losing 47$ because the gas fee was 50$ that's unbelievable. Honestly I don't know why Ethereum is that way. Even with all that fee Vitalik and his DEVS are still having internal problems, despite all the billions they generate through gas fee.
This is true, I completely forgot aco the resource credit system until I was reminded about how it actually works. Thanks for the reminder.
I've been okay, just scouting through Twitter looking for projects that I can farm and make something of.
If you find any good ones let me know! I'm game form something easy to farm!
Actually, we have transaction fees: The ressource credit system (RC).
You need to spend RC to transact. RCs recharge after a while. But without HP you have no RC and can not transact at all.
That's true. In the first place I didn't actually think about this, but after seeing other comment, I realized we actually transact using resources credit and having staked Hive mostly makes us ignorant of it.
Bro, I also sometimes have bad thoughts - you need to relax. You probably went through these circles of hell on Ethereum (when I read about it, my head even hurt) and these bad thoughts came to your head - drive them away from yourself
Haha you mean about suggesting fees on Hive? Nahhh I don't think it's actually significant and it could help the network a whole lot. Fees are everywhere and I don't think it's bad if we have it. Although as you've said, my experiences were bad.
This could be Pandora's box - the lack of fees is what Hive is built on. This is what is being touted outside the network as one of the main trump cards in this "Game"
!BEER
That's true. I agree.. I was just probably thinking of the advantage and all that
View or trade
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BEER.Anytime I'm farming drops, the one thing that puts me off easily is when it's centered on ETH. Jeeeez! Anything gas fee is krazy.😅
But that initial gas fee is crazy though
68$ gas fee but the airdop is only 28$ at that time, it doesn't make sense what they're cooking on Ethereum with all that gas fee
Nope, no way, the Hive fee less model is as good as it is. Also, nobody would pay to post/comment/like, the rewards pool is responsible for that as HP grants you transaction rights with RCs.
Of course, nobody will. What I basically meant was sending and receiving funds. For example a person is sending hive from one wallet or another or to exchanges. Or perhaps just to exchanges alone. I wasn't talking about fees for posting or commenting, that would be a very terrible thing lool. I agree
You are discriminating part of the network though, also, many games rely on the fast and fee less nature we have here.
If you need “transaction rights” in the future it will be immensely better to have a side market for RCs if someone need it rather than paying thousands of dollars in tx fees.
In this case, most of that will be a dapp’s burden anyway and not for the end users, as well as increased potential earnings for stakeholders.
I even forgot the RC model is not yet in place. I'll like to see how this works because I think it'll be a very useful advantage and extra incentive especially to those who can just delegate without actually delegating HP.
personally, it was just me thinking a bit differently, plus I only felt it could internally help and nothing really malicious.
If I hadn’t watched theycallmedan’s videos, I might not have understood this perspective. He’s emphasized in many of his videos how feeless transactions are a strength, not a weakness.
When it comes to burning, there are many approaches, but as we discussed in the Hive Discord recently, burning isn’t the solution. Price appreciation is. Hive has its challenges, but feeless transactions are our superpower. Imagine an interconnected blockchain ecosystem where seamless, feeless conversions between cryptocurrencies are possible through Hive as a bridge. Nothing could stop us from reaching the top.
HBD is already a standout in the DeFi space, and it could become our go-to stablecoin. And let’s not forget how eagerly we’re all waiting for VSC!
Of course, I know it's a strength to have feeless transactions and all that, my suggestions was to actually charge in transactions; wallet to wallet, Howbeit, insignificant sums. It doesn't necessarily mean we have to burn it, but we can find creative things to do with the fees. I'm not a techy person, but perhaps the techy people would say much.
As for price appreciation, we also have to internally do things to it. Maybe adopt on-chain models that can cause price appreciation, maybe tweak one or two things here and there.
Howbeit, the Hive model is unique and that's probably no system like it out there. In my own way, I was just suggesting if we could have things like fees to maybe help the ecosystem internally.
Thanks for the Curation
I’m currently using on-chain grid bots to manage the strategies. They provide strong support and resistance levels, which helps prevent drastic price drops (free falls). The setup is very expensive, so I’ve limited it to the 0.25–0.35 range for now, but I plan to expand coverage gradually. Starting with a 500 HIVE capital, the goal is to scale up over time. As the price fluctuates within these ranges, the bot generates passive income while growing the capital reserve that reinforces support levels. It’s a slow process, but I’m confident I’ll hit my targets.
Once this initial test phase is complete, I’ll explore more advanced price-based strategies.
Please, let us not charge transaction fees on hive yet
Of course not, it's not like I'm a witness. Just thoughts
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No no no. Good discussion, but no.
I like Hive because there is no transaction fees. I think it's best if it stays that way. I avoid anything on ETH because of those fees. It just doesn't make sense unless your playing with a ton of money.