Ethereum High Gas Prices ⛽ Info & Resources |
- High Gas Prices ⛽ Info & Resources
- Took 10 hours to render
- I posted a video of my cat and converted it to an NFT as a joke but I think I accidentally just posted the first cat video to the ethereum blockchain
- Made this ethereum canvas art hope you guys like it... ethereum to the moon...
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- I'm a photographer who just minted my first set of NFTs of my photography. As an artist who's really fascinated by blockchain technology this was a really exciting first for me!
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- Gas prices are pretty nice right now.
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- Brave / Metamask Wallet Issue.
- How non-fungible are digital NFTs, really?
- 0xdeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddead
- Koinly showing that I have 32,000 MNE
- Would anyone be interested in an AMA with Dimitry Buterin?
| High Gas Prices ⛽ Info & Resources Posted: 26 Feb 2021 01:57 PM PST Hey there Ethereans! 👋 If you've tried to send a transaction in the last few months, you've probably noticed that gas prices have gone up quite a bit. For some (myself included!), sometimes it doesn't make sense to experiment onchain as much as I used to. I'll shed some light on the context here in this post:
Resource ListBefore sending a transaction, try out some of the tips listed here to see the best times or fee depending on your urgency.
Why Gas Prices are HighSimply put, Ethereum is getting more and more popular! Every day, we see new users starting projects in NFTs / digital art, DeFi, governance - all with passionate communities that want to use Ethereum mainnet. It's been amazing to watch the usecases grow over the past few years. At the end of the day, this means competition between users. Gas prices are subject to their own markets of supply and demand. When there are a lot of users trying to send transactions, gas prices will increase to reflect that. This is easy to see in times of high volatility. For example, with the recent drop in ETH price on Feb 23, gas spiked to over 1000 gwei as people tried to move their DeFi positions and arbitrage bots cleaned up market imbalances. Having a market for block inclusion (measured by gas prices) is important because blockspace is limited. This means that there's a cap to what can be included per block. Here's a chart of the block gas limit over time. If there wasn't a limit to the size of blocks, then any sort of data could be put onchain for near 0 cost - this would break the chain. In the near term, high gas prices may fluctuate, but over the long term, mainnet Ethereum may see sustained high gas prices when compared to previous years. Emerging Layer 2 solutions, which package many thousands of transactions to settle back to mainnet, will be able to pay a much higher gas price. If you are interested in diving deeper, check out this report from 0x researcher Remco Bloemen: Scaling DeFi — Layer One What are L2s and which ones should you try?L2 stands for "Layer 2" - this is a big umbrella term for chain constructions linked to a base chain (Layer 1) in some way. While there's a wide range of designs, they all offload some of the demand from mainnet Ethereum while maintaining some or most of the security guarantees. We're so excited about L2s because they will bring a new flavor of scaling before the merge with Eth2 is ready. Scaling means lower transaction fees! Here's a list of L2s that are live now or soon that you can try out. Remember, even though these protocols are promising, they are still early versions that will need to be battle hardened over time.
Are other chains as good as they claim?You may also heard other chains claiming "come to ____ chain, we've got low / no fees!!" While on the surface it may seem appealing, there's probably more being left unsaid. A few potential explanations:
Other Initiatives
What you can do to helpTo start, point people to this post - this info is only useful if it gets in front of people! Comment your gas suggestions / hacks - I'll make sure to update the list at the top with the best ones. You can also try out the L2 solutions as they go live, give feedback about the onboarding experience, and ask exchanges to support withdrawing directly to L2s. This will improve the experience for the existing community and everyone else coming soon. Ethereum has an exciting future, and we're going to build it together! 🚀 [link] [comments]  | ||
| Posted: 26 Feb 2021 09:07 AM PST
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| Posted: 25 Feb 2021 08:56 PM PST Edit: for those asking, the transaction cost $80 and had ridiculously low GWEI that made it take 6 hours. The whole experience was hilarious, yet worth it bc now my cat is immortalized in blockchain fashion Update: yall convinced me I should sell it. 10% of what I make on this will be donated to the animal shelter I got my cat from! [link] [comments]  | ||
| Made this ethereum canvas art hope you guys like it... ethereum to the moon... Posted: 26 Feb 2021 04:20 PM PST
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| 55 percent of miners accept EIP 1559 Posted: 26 Feb 2021 12:09 PM PST
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| Posted: 26 Feb 2021 05:39 AM PST
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| Posted: 26 Feb 2021 11:40 AM PST High gas fees, tons of supply, and very little demand make going into the NFT space pointless for the vast majority of people. [link] [comments]  | ||
| Posted: 26 Feb 2021 11:47 AM PST
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| Gaming veteran Atari partners with Ethereum's L2 solution Polygon Posted: 26 Feb 2021 12:10 PM PST
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| Why would anyone use ether as a currency? Posted: 26 Feb 2021 07:34 PM PST Kind of a new to this, could someone help me understand? Almost everyone is still paid in fiat when they do a job. Everyone wants a stable income, and we have minimum wage laws, taxes, etc all built around this. So it's hard to see companies paying employees in cryptocurrency for the foreseeable future. If I want to start using ether to buy and sell things, why would I want to exchange my fiat for ether and pay a fee? And then once I pay a fee to an exchange, I then have to pay to get the ether to my wallet, or to layer 2. There's no way to pay these fees just once - I'll have to keep paying them as long as I get paid in fiat. So how does ether become a currency? How would companies start paying employees in ether or another cryptocurrency? How would governments tax crypto income? Why would anyone put up with these huge fees every time they want to buy or sell something? Even if I have to only pay a small fee to send money to and from my wallet, why would I do that when I can put money in my bank or trading platform for free? [link] [comments]  | ||
| Mason Nystrom from Messari on why Web 3.0 is important Posted: 26 Feb 2021 10:37 AM PST
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| Gas prices are pretty nice right now. Posted: 26 Feb 2021 06:08 PM PST 82 slow, 86 standard, 88 fast, 91 fastest. I had forgotten what reasonable gas prices looked like. [link] [comments]  | ||
| EIP-1559 Performance Test Update �� Posted: 26 Feb 2021 04:12 AM PST
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| Posted: 26 Feb 2021 06:31 AM PST EIP-1559 proposes to burn some eth in each transaction. So, how's that gonna work out in ETH 2.0 when eth will not be minable anymore? Is the number of eth going to slowly decline? [link] [comments]  | ||
| Posted: 26 Feb 2021 10:23 AM PST One thing mentioned often in the Ethereum community is the idea of the "Trilemma" - You can pick only 2: Scalability, Security, or Decentralization. Ethereum has chosen Security and Decentralization, but suffered in Scalability. BSC chose Scalability and Security over Decentralization. With the layer 2 scaling solution "Optimism" on the horizon, I'm curious of any drawbacks, trade-offs, or attack vectors that the tech may have (if any.) [link] [comments]  | ||
| Posted: 26 Feb 2021 04:20 PM PST Sell and you'll live — at least a while. And dying in your beds many years from now, would you be willing to trade all the days from this day to that for one chance, just one chance to come back here and tell the Fed that they may take our fiat, but they'll never take our freedom!!! Crypto is freedom [link] [comments]  | ||
| Posted: 26 Feb 2021 12:30 PM PST I bought 1 ETH in 2017 via Coinbase and have just let it sit over the years (and plan to for many more). So all of the stuff with staking ETH 2.0 and all seems over my head since I don't have a lot invested in this or a large number of ETH that I see in the other posts for it. So for me, with 1 ETH, is a staking pool for 2.0 even something I should be considering if I just want to let the ETH sit and stew and let the value hopefully grow over the years? [link] [comments]  | ||
| The future of Ethereum and Dapps when the median consumer does not care about technology Posted: 26 Feb 2021 01:41 PM PST Reading about Ethereum, it is natural that the discussion revolves around the technology. However, the most exciting aspect of Ethereum is not the technology in itself but rather the ability it has to create value in our society. With the premise that Ethereum's success is dependent on the success of decentralized applications, dapps must succeed. Nevertheless, adopting such apps on a sufficient scale will not happen unless the end-user sees how such apps create value. Very few care about technology for the sake of technology; people care about why it can provide value by making their life easier or better. Ethereum will benefit from more discussion around the use-cases of dapps, more importantly, from the general public's perspective. The fact is that the general public does not know what a blockchain, decentralized application, or a ledger is. Most do not have any relationship to cryptocurrency at all nor understand why something has to be decentralized. The community around Ethereum has a significant influence on how the media and the public perceive the technology. Therefore, increasing the focus to potential use-cases of Ethereum and potential applications in the real world not only from a technical standpoint, will benefit all. One could counter and say that Ethereum and the development of dapps are in such an early stage that such a discussion of potential use-cases at the level I am describing is pointless. Despite this, I would argue that such discussions are better sooner than later. Suppose we manage to focus not only on the technical side of Ethereum but also its use-cases; it will provide Ethereum with increased momentum, as more people will understand why they should bother to learn about this technology which again will have positive synergies. [link] [comments]  | ||
| Are there projects other than Polygon helping Ethereum with scaling? Posted: 26 Feb 2021 06:08 PM PST I'm super excited to hear that Reddit is on board with ETH. Recently, I've fallen in love with Polygon and am looking for similar projects to follow. Any suggestions? Thanks!! [link] [comments]  | ||
| Posted: 26 Feb 2021 01:52 PM PST I have a limited knowledge of blockchain dev, but from my understanding every-time you create a token, you need to pay a ton of gas fees. Also, what are the requirements you need to consider if you want this this token to be traded (e.g. Token X into USD, or ETH) [link] [comments]  | ||
| Brave / Metamask Wallet Issue. Posted: 26 Feb 2021 06:23 PM PST Hi everyone, I have been using the brave wallet for sometime now and I have some comments and issues. I have multiple addresses saved on the browser wallet. When switching between addresses, the currencies sometimes don't automatically update. This means when I switch wallets, the contents of the previous address remain visible. Only after refreshing the page does the new wallet contents load correctly. No problem right? Except today while using uniswap I somehow managed to get 2 addresses attempting the same transaction (I think). Address A tried to perform a swap with uniswap. Transaction status in brave became stuck on pending. The link to etherscan from both brave and uniswap leads to "Sorry, we are unable to locate this TxnHash". Initially 106 gwei was used. The network appeared calm according to the gas tracker. I also checked the pending section of etherscan and could not find the transaction. I then realized the custom nonce number entered would have been the suggested value if address B were used. This is because Address A is brand new and currently recommends a 0 nonce value. So I connect uniswap to address B to see if I can still make my swap while A is stuck. To my surprise a pending transaction is already in process. It has the exact values from the stuck transaction performed with address A. The etherscan link also leads to the same "Sorry, we are unable to locate this TxnHash" page. However, the brave wallet shows that address B has no transaction pending... I tried to cancel and speed up cancellation of the original transaction with address A. No success. Does anyone have thoughts or suggestions? Also, it would be nice if I didn't have to import custom tokens everytime I signed back into the wallet. Address names don't always save either. Thanks Update : Cleared browser cache and reopened uniswap. Address B no longer has the pending transaction! Address A still stuck.. Update 2: Tried a new swap with address B at 115 gwei. Again.. "Sorry, we are unable to locate this TxnHash" page. Another stuck transaction... Perhaps it's because I am trying to wrap eth into weth? First-time making this swap. SOLVED: Be sure to know your metamask password, seed and private key string as a precaution. Reset each brave/Metamask address under advanced settings. Clear uniswap history once reconnected. [link] [comments]  | ||
| How non-fungible are digital NFTs, really? Posted: 26 Feb 2021 09:28 AM PST I'm an Eth coder (Solidity/Truffle) thinking about getting into the NFT space. I can't wrap my head around NFT's for purely digital assets. For the classic definition of a non-fungible asset (i.e. - something that is not interchangeable or replaceable) I can easily understand:
In those cases there is strong enforcement due to asset being a physical asset or the threat of physical force, which in some cases isn't violence but bankruptcy through a lawsuit. So if a pop artist turns one of their songs into an NFT, what is the actual enforcement power behind it? A scary lawsuit? Public shame? What? What unique, enforceable rights do I have as the NFT owner? Or is it the reality that in the majority of cases most NFTs for digitized assets are actually just "bragging rights", or affection from a collector, or the claim of a big lawsuit when there's not really an effective way to do damage with one, either due to the courts not taking it seriously or because the digital asset can be easily copied in a way that can not be stopped? [link] [comments]  | ||
| 0xdeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddead Posted: 26 Feb 2021 08:35 PM PST If you send eth there, your money is essentially destroyed. No one has that address and no one will ever have. Could this international burning of eth become a problem? Can someone benefit from this? How? Could ethereum prevent this by requiring a free signature transaction from the recieving address before proceeding the transaction? Nonetheless, this is where failed nfts should end lol [link] [comments]  | ||
| Koinly showing that I have 32,000 MNE Posted: 26 Feb 2021 04:08 PM PST I've never even heard of MNE, let alone held it but for some reason my ERC20 wallet with a small amount of LINK and GRT is showing £8000 worth of the stuff. I was going to use koinly for tax purposes but this those a spanner in the works since its more than double the total amount of ETH I own across all accounts. Why the hell is it showing up? [link] [comments]  | ||
| Would anyone be interested in an AMA with Dimitry Buterin? Posted: 26 Feb 2021 12:12 PM PST He's a successful serial entrepreneur in his own right. I'm building a crypto investing school for one of his startups and trying to find creative ways to get the word out. The AMA would be about anything, not the crypto investing school specifically. [link] [comments]  |
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