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.
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.
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