So this is it. Ethereum fees hit around 300 Gwei and I don't see when I will be able to withdraw the investments I have made on DeFi on that blockchain. It is too expensive.
There is no other way to put it. I have been waiting for over one month to be able to touch some "assets" (more like liabilities?) that I have on Ethereum but it is impossible.
I don't need that cash but it would be helpful right now, I just had an accident where my laptop broke and I could use the money. At the current fees if I even as much as touch the blockchain, any transaction, would wipe most of my gains.
Some operations might even make me turn those years of lending gains into losses because the fees are prohibitively inexpensive.
Ethereum is not democratic. Only the whales, the elites, can make transactions and invest in protocols in a way that their profits offset the transaction costs.
Yes, there are side chains, but if your investment is on the mainnet and you are not a whale you are stuck, like me. Why even have Ethereum if we need to use sidechains for everything?
I am deeply disillusioned with what Ethereum became. Their attempts to control rampantly increased gas fees did nothing to help. Their latest update aimed to stabilize fees, and well, it did stabilize... BUT IT STABILIZED AT BEING EXPENSIVE 24/7
And you know what? The rich guys are laughing. Because the small investor is stuck, without being able to afford the fees. Because of the lower supply (since we are stuck) they rejoice because they have the volume to do the transactions and offset the fees. The fees basically took a big chunk of many Ethereum tokens and locked them away. Lower supply leads to higher prices which leads to higher profits (for those who can afford).
Hive is free and fast. The democracy model of only 20 witnesses is not perfect, but it is miles better than Ethereum mining in terms of performance and efficiency. Proof of Work is not scalable and must end ASAP.
You could just submit the transaction with 30-40 gwei and it might pass at some point in the week. It might be okay if you aren't hoping to do anything else with that address anyway.
I find ethereum fees are lowest in Western Europe evenings or weekends if that helps. Nfts have needed up the cycle a bit as they can drop at any point in time for minting.
Yeah it's not always that high
ETH is not geared to micro investors anyway!
I have spent more in fees in one night than Igor will spend in his entire lifetime
Definitely not for small amounts, but until exchanges allow more options for getting into the L2 directly (I know some have for a limited selection of tokens), it is actually a big sticking point.
I am taking a bet (although odds are against me) that eventually fees will go down. I remember a few months ago I was doing exactly what you said and was managing to, within a few days, get under 10 gwei transactions approved.
The fees were even lower with Chi Gas Token but they removed that feature hoping to stabilize prices… It did stabilize to the upside…
I am not a heavy Ethereum user or influencer but if they aren’t gonna do sharding or PoS soon they should revert.
But I am not an Ethereum analysts so maybe those changes were indeed the less worse choice, but so far it has been going downhill and getting worse by the week.
I feel your pain. Right now I only do really critical transactions on mainnet and have started using hop protocol to aid touching L1. That said, I also have stuff on L1 and the fees for unlocking do make the eyes water...
.. But I had to do one the other day. Ouch! But at least it was 'only' 40 gwei or so.
Edit, I was remembering something else. 75 gwei...
I've always thought ETH was a bad option for myself on any level. The gas fees make me feel like I'm being taxed to touch it. Considering all the other coins and tokens available, I'm not too hard-pressed to even try using ETH. Besides, I get so keyed up as I learn more about Hive. The Hive Engine is becoming one of my favorite places online. But I digress. I really don't see Ethereum in my future until something better happens on the gas-fee front.
Same. Ethereum is not usable
Invest on Hive my dude! Hope you can solve this out
You're joking, right?
Good luck Igor,
Hope u get it thru soon
The glass fees are really high and discouraging.
To even trade ethereum is getting smaller compared to the rate at which it was traded while at $230
I really hate the argument that "but L2's!"
It still costs gas to move from L1 to L2 lol
And what if your investment doesn't support L2? I recently had to pay up to $60 in gas fees trying to move my GALA into an exchange. Granted, they're working on mitigating this, but I'm not touching L1 with a 20-foot-pole until it happens.
Why defi on eth if there's bsc...
Totally agree, I have funds that I can't free up because of the gas fees. It cost more to remove your money than to just write it off.
Try this site. You can swap your Ethereum ETH to Polygon ETH without the gas fee that you will pay if you used the default Polygon bridge.
https://hyphen.biconomy.io
But will it change my DeFi positions though? That doesn’t seem possible and that is the point