Phew... what a nerve-racking time that last week was for Ethereum followers! One of the biggest events and technical achievements seemed to go off without a hitch... and we now have the "panda" chain! Well, in a less funny way... we have the Merged Ethereum, with the transition from Proof of Work to Proof of Stake seemingly going off without too much drama! No drama is always a great thing! Of course, there is still time for interesting things to happen on the new Ethereum... but for the moment, all the drama is on the slightly scammy Proof of Work forks that have sprung up that are likely to end up trapping the unwary... At the moment, it does look like that a chunk of miner hash went to the more established Ethereum Classic (ETC) and RavenCoin (RVN). Probably better bets if you are interested in Proof of Work than the ghost chains that come about through the recent forkings. As usual, it is interesting to see who the big backers of ETHW and ETF are...
Anyway, part of the promise of the Merge was that Ethereum would start to transition to a much lower issuance balance. The rate of inflation and burn would mean that the total inflation of ETH was going to drop quite significantly, and at certain levels of gas fees it would actually be deflationary (negative). The rough estimate for the negative inflation is around 15 gwei... so, we were there for a few moments after the Merge, but since then, gas fees have plummeted down to the 2-5 gwei range!
That does mean that we are still undergoing total inflation still, but it is significantly lower than the under the Proof of Work regime. However, stinking low gas fees for transactions does mean that it is high time to get some backlogged non-time critical transactions queued up! Actually, it isn't such a bad time to do time critical ones either! The mainnet seems stable enough, so I don't have to much in the way of worries about doing transactions now.
Man... it has been seriously years and years since I have seen these numbers on eth gas fees! I mean, we had periods much lower gas fees in the previous year.. and I was generally chuffed to see things in the range of 20-40 gwei... and then more recently, I had rushed to get things done at around the 10 gwei level. But, this is pretty insane! 2 gwei... of course, I was a touch greedy and had set mine at 2 gwei... perhaps I should have set it a little bit higher at a very luxurious 4 gwei! On the other hand... there is nothing really critical in these transactions... so, maybe I will just leave it for a day or two to see if they get through!
... but I guess if I'm not lucky, the gas fees could rocket back up again to something like 10-20 gwei. Hpoefully not.. I hate these little gambles on the gas fees... I did a few time critical ones at the suggested price, but now I'm wondering if it was a wise idea to set the other ones so low. Sigh... it has only been an hour since I broadcast them, so I should give it some time. This is the worst part of the entire blockchain experience, the gas auctions and second-guessing yourself!
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Thanks dude! I haven't been paying too much attention to ETH, so this was a good little summary of the state of play. Love those gas fees you've been getting... better than, say, the thousands spent on the Stonercat launch, etc...
Well, if you liked those... currently sitting around 2-3 gwei, with some people even getting some 1 gwei bids being included!
I hate that I have to pay gas fees, even $10 can do a bunch for me over here. Well, I’m glad to see them go much lower, at least I’ll be able to mint the new Splinterlands Runis easily.
Well... there is a need to price transaction inclusions otherwise we get something similar to the email spam that now have.
Its interesting that I couldnot pay attention to such exchanges. Thank you so much for this post.
Happy that you found it useful!
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