Ethereum Transaction Fee is still way High after EIP 1559 :(

in hive-175254 •  last month 

Ethereum is one of the coins that are very popular and leading in terms of marketcap. Experts suggest that we must have ETH in our portfolio if we have a long-term goal with crypto and I am happy that I have this coin in my portfolio. Ethereum is also used in various projects including defi and NFT but because of the huge fees, people are not liking it much. I have seen the prices on the higher side with the ethereum transaction fee.

I was hoping that with EIP 1559 this feel will reduce but seems like nothing has changed because today when I was about to perform a transaction using metamask then the fee amount was too high. I have coins to claim in rarible and the value of coins is almost $100 as of now but the fee has always been on the higher side.

image.png

src

There have been many instances when I tried to claim airdrop of RARI tokens but unfortunately, I always get a way higher fees which I did not find reasonable so I never proceed. The coin value is approx $100 and to claim these coins I have to pay $ 115.85 approx which sounds loss-making for me. Here I am sharing a snapshot of the transaction fee on ethereum.

Screenshot 20210902 at 9.03.01 PM.png

Why would I proceed if I will end up paying more than what I get so its obvious that I did not proceed and rejected the transaction at this level?

Earlier it was shared through media articles that with EIP 1559 there will be a significant improvement on the fee with ethereum blokchain but sadly nothing has been changed. Binance smart chain has been a leader since the beginning because it charges almost nothing as compared to Etherum and now I know why people are going away from the ethereum network.


The transaction fee is something that we always care and I am sure the majority of people would not allow the transaction with this much fee since its not reasonable. At HIve we don't have a fee and this makes its a great platform so I expect that we will get more people over here and people who like to have a zero-fee transaction on blockchain will find this platform a great innovation.

This high fee scenario will continue unless there is ethereum 2.0 in place but this is going to take too long and with EIP 1559 there is a change in ETH burning. Now more ETH coins are burnt than reward which is reducing the supply but still its not helping the fee to get down.

I am holding my RARI coins for the claim and will only do when I see a reasonable fee. I am not sure if there is any other way to get a lower ethereum transaction fee. I would love to know if there is a way out that can get me a fee lower than $20 since I can't afford to pay more than this amount.

Thank you so much
Stay Safe

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

hello @reeta0119,
many experts believe that the Ethereum network will eventually disappear, although this currency is one of the grandfathers of currencies the truth is that the blockchain binance or ADA will end up eating it, the problem of Ethereum and its high rates is a problem that has been dragging since its creation, before it did not have much competition but now binance seems to be winning the fight, cheaper rates and a friendlier platform for users where they do everything, no doubt binance and its network are the equivalent of google in the blockchain.

Hello @reeta0119

This you mention "I was hoping that with EIP 1559 this feeling would be reduced, but it seems that nothing has changed because today, when I was about to make a transaction with metamask, the amount of the fee was too high", was something we were all cadently waiting for, but apparently the people behind ETH is not convenient to change the conditions that for so long has generated them resources.

Best regards, be well.

very true and now I think that only with eth 2.0 we can expect the change. Thanks.

very true and now I think that only with eth 2.0 we can expect the change. Thanks.

@tipu curate 2

Ethereum Average Transaction Fee is at a current level of 2.568, down from 6.185 yesterday and down from 4.150 one year ago, i think is an amazing fact