Why so high
HI all! In the last few weeks and days i did a couple of research and of course i used some platforms for Token Exchanging. As example i used UNISWAP , or 1INCH and some others. I wanted to change some small amounts. I tried some staking and of course i did some exchanges. But man why are the fees are so high at the moment. I mean when i want to change some coins in a value about 100 $ a fee of 10$ is really horrible. To be fair the same amount of the fee will be counted when you exchange an amount of 1k or higher and then the fee looks like a little bread carmp. This is what i understand. But i am not a whale i am a little fish in this big ocean of cryptocurrencies.
Is there a solution?
Yes there is a solution. And the simplest is use higher values, but this can only be a bad joke. So what i am dooing at the moment is the following.
- We can wait for Ethereum 2.0 where the staking mechanism will simplify things.
- We can exchange some smaller amount of coins on Exchanges. Like Binance or Bitpanda
- We can trade with higher amounts, but of course this is not a real option for the most of us.
- We can hope...
- We can try it often in a day. Because as you all know the GAS Fees are changing during the day.
Here is a story from a user who ended up to pay 2k fees for a transaction of 120$ . See the picture below. And for those who do not believe her is the Link for Etherscan https://etherscan.io/tx/0x5641c38bf30fd19ad3332100762017573ee676f35250dcf4a976bb0cfe31ac2f
Is EIP 1559 a solution for lower GAS fees?
To be honest i am not sure. In general they want to make transact fee more predictable for users and reduce the delays. They will also improve the user experience and so on.. HM.. I am not sure if this will really work. A deep dive in the Github Abstract document the following
See the security considerations:
It is possible that miners will mine empty blocks until such time as the base fee is very low and then proceed to mine half full blocks and revert to sorting transactions by the inclusion fee. While this attack is possible, it is not a particularly stable equilibrium as long as mining is decentralized.
and of course
By burning the base fee, we can no longer guarantee a fixed token supply. This could result in economic instabality as the long term supply of ETH will no longer be constant over time. While a valid concern, it is difficult to quantify how much of an impact this will have. If more is burned on base fee than is generated in mining rewards then ETH will be deflationary and if more is generated in mining rewards than is burned then ETH will be inflationary.
My 2 cents:
From my point of view it is a good step to do something against the ASIC miners and of course try to reward the miners fair. As some of you know i am also having a little mining environment but at this time it is more or less hobby and nothing more. On the other hand i am not sure if THIS 1559 will really hit the point. And i am really unsure if the community accept those. Some Mining Pools are against it and some evangelists support the implementation. For me as a miner and a small fish in the ocean i care about fees. If they are low i support it if not then we can switch on other products. All the best and stay save
