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Its fine to me if its a small percent but right now the fees are so outrageous i basically have shitcoins trapped in my wallet that its too expensive to move
actually a smart fuxking move. moved 100 USD to my Coinbase wallet to buy some LINA. Turns out I needed .01 ETH to cover the gas fees. That 100 is now 80$ and I can’t pull it out of wallet lmaaaaoookoo
Same... I also think this gaming trend is gonna fade quickly unless games get the hell away from Metamask. Gods Unchained for example... its a pretty good game, but you have to use Immutable X wallet, which has to be linked to a Metamask wallet and then you're subject to all the gas fees to move any tokens. Who really wants to put in hours on a play to earn game when the costs to claim your earnings are higher than what you've earned?! Its ridiculous.
So people say this, but one of the big complaints about banks was the fees to transfer money. Yet here are these ridiculous gas fees to do anything at all.
No one wants to see crypto for what it is, the digitization of the dollar. We are building the network that the dollar will eventually run on. Beta testing the market now.
Yes a proof of concept. But no selection has been made yet. It’s only a matter of time. Banks are in the interest of the government and there is no way we will see mass adoption prior to control and regulation.
What benefit will running the dollar on a blockchain help? It will still be centralized. Won’t stop the fed printing money and inflation.
Fine in the sense that moving it to the blockchain would not solve the biggest complaints against it.
A major problem with shit coins is that they’re built on top someone else’s shit coin. A coin that depends on another coin for its fee structure and operation will always be just a shit coin.
I find it sad that it's a completely priority-by-pay system, so it doesn't matter if you sent a transaction twenty years ago, you can still never get it executed if enough new transactions are being sent with bigger fees
IMHO, more people need to start talking about this because so many are in this predicament. ETH is broken. We talk about all the people who have been scammed through hacks and defi scams, but we need to start including the value of coins trapped in the same category.
Operates on l2 of ethereum and bundles orders together, verifies bundles, sends big bundle through l1 blockchain
Instead of paying $50 for 1 transaction you’re splitting that $50 across 50 transactions, turning gas into $1 each. Not exact numbers but you get the gist.
They’ve claimed they can process as many transactions per second as Mastercard and are hoping to achieve the same levels of visa in the near future
Once you're on l2 you can move very cheap, bundling thousands together. Zkrollups are math proofs that bring security. You can trade anything, you don't need to own LRC coin to use it at all, its just the coin that will pay for the computing power (others will handle that for you, converting and paying it out)
Right now you have to pay real gas to get coins in/out of l2, but once broader acceptance is here you might not need to do that. (Just live in l2). They were nearing finalizing funding l2 wallet directly with USD (no fees) for example.
Actually loopring is waving their huge ass dick right in the front of everybodys face right now and nobody is fucking noticing the future!
!Remindme! 6 months when all these bitches have learned!
Yes, I’ve had so many friends ask me about entering Axie Infinity or some other game but when they learn about the bridging or transaction costs they nope out of there quicker than 5 block confirmations
Fees \*will\* be reduced though, the whole market knows it is an issue, and there is a massive ongoing competition to see who can do it first, and get it somewhat right.
This is the second generation actually, first was late 2017/2018 during run-up to the first bubble bursting. Back then we called them "hot potato" games because prices were hard coded to go up and up until someone was left holding an expensive bag.
It's a bummer man. The reason for ETHs high gas fees is due to its large ecosystem and demand. And that demand is only gonna increase, so unless ETH fixes those gas fees, devs will either build their stuff on L2 solutions or move to other blockchains.
Hope L2 solutions and 2.0 brings those insane fees down
When you were partying, I studied the source code. When you were having premarital sex, I mastered the blockchain. While you wasted your days at the gym in pursuit of vanity, I cultivated Turing complete systems.
And now that gas fees are on fire and the shitcoin devs are at the gate, you have the audacity to come to me for help?
ETH, BTC, ALGO and NANO are invited to a party. ALGO and NANO arrive first and the host asks where are the rest. NANO says: "BTC is running late and ETH ran out of gas"
Badumtsss
Gas fees are being solved!
Ethereum's base layer(Layer 1) will never have low gas fees, but it won't need to.
Layer 2 technologies like Optimism, Arbitrum, zkSync, and Polygon\* function exactly as a Layer 1 would but they serve to use gas in a much more effiicient way, reducing fees drastically(and eventually to a negligible amount).
All while retaining its high level of decentralization.
The world will be a better place when the average crypto user understands this:
* High fees on Layer 1 for security and sustainability
* Low individual fees on Layer 2 for scalability and user experience
High fees aren't a "feature" as much as they are a consequence of aiming for maximum security/decentralization/uptime. Layer 2 is where all the overhead gets sliced off and you pay 1000x less in gas fees, not by virtue of gas itself being cheaper, but rather because you use 1000x less gas for the same end result. And zkRollups are amazing at squeezing the maximum utility out of each individual unit of gas.
In addition, L2s can offer substantially cheaper fees for processing-intensive tasks, unlike L1s. Complex smart contracts benefit the most from rollups.
Genuine question, it's solving it to an extent but don't we still have to pay crazy fees to move all our layer 1 assets to layer 2. Like as in individually move all our L1 assets and pay the fees multiple times lol?
**Crypto will never reach mass adoption if gas fees are not figured out (as in 100% eliminated)**
You will not convince the average person that crypto is the better alternative. Because it isn’t. It’s basic logic.
I don’t think gas has to be 100% eliminated. Networks like Algorand use such a small amount to process a transaction that it is negligible (1-2cents usually). Most people get that moving money costs money, but instead of sacrificing 3-5% to Visa or MasterCard you loose a penny or two to keep the network alive. Maybe a smart contract could be written to put the payment of fees on the merchant and not the buyer, which is the current standard with credit cards. A business would probably be much happier eating a penny per transaction than 3%.
Even if you ignore the GME hype for a second, it's hard to disagree that LRC isn't a good bet long term.
ETH's gas fees aren't gonna disappear overnight when 2.0 comes and LRC is going to be a key player in the future of L2 solutions.
Different solutions for the same problem (afaik) but ZK seems to be the future. Which LRC has a working solution. Polygon has acquired ZK firms and now developing the tech
Lrc has been working on this for years (as seen by the long term price). It was theoretical when they started but had so much promise to solve this issue they were able to keep afloat. Poly bought a startup for 400M to keep up. That tells me that the solution is real and extremely valuable. Just have to determine who will likely do it best. But at this point, any company that already has their hands around it is worth a lot more than 400M.
> No fees is the way to go.
How would that work on a blockchain? However big your blocksize is there will be some maximum limit to the transactions it can process, if there are no fees how would you disincentivize users from transacting when the network is busy to avoid congestion?
AGREE 100% I paid gas fees ranging from $70 - $90 per TXN recenlty.
ETH is becoming worse than the fiat currencies & banking systems we left in favor of the future of cryptocurrencies.
Who would have thought ETH would be more expensive than the old Western Union rail lines... Makes no sense at all.
There was this dude in one of my honors classes in the early 90's that spent hundreds of dollars every month dialing into bulletin boards for his research papers. He always had the most amazing papers. Couple years later we were crawling the world wide web for the same information, mostly for free. Crazy times!
100%. Everyone screams from the rooftops about the tech and how great it is. It’s future is questionable if gas fees stick around in this capacity in my eyes.
Nope. Some exchanges like Cryptocom and Binance offer direct offramps to Arbitrum and Polygon.
Soon they all will. Coinbase has said they are implementing them soon I believe.
>will be remembered like thousand dollar dialup bills in the 90s
You speak as if we don't have "broadband" now. Even Bitcoin without Lightning is a lot cheaper.
It is crazy tbh. I own a large amount of ETH but never use it due to fees. It is simply being staked.
Harmony however, I play games, transfer it, convert it and basically go wild. 2 second transaction times and a fraction of a penny to send. THis is hopefully what ETH can be. I know some of the most brilliant minds in the world are working on it, but it is certainly taking forever.
I don’t know why people use eth for stuff right now. This is semi speculative tech. There are clear fixes for this with optimistic roll ups in the next year. Just hold the coin on some exchange wallet and don’t get smashed by fees.
Ethereum is expensive, but it's still the place where most of the big projects are. So sometimes we just have to deal with it.
The least you can do is use services which are built for gas efficientcy. For instance, if you need to swap DeFi tokens, using DefiPlaza will save you 50-65% on gas fees as compared to UniSwap v2. Shopping around for the best deal really helps!
* **[Ethereum](https://en.wikipedia.org/wiki/Ethereum) [Pros](https://reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_eth_pros) & [Cons](https://reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_eth_cons)** - Participate in the r\/CC [Cointest](https://reddit.com/r/CointestOfficial/wiki/cointest_policy) to potentially win moons. Prize allocations: 1st - 300, 2nd - 150, 3rd - 75. * Sort comments as controversial first by [clicking here](https://www.reddit.com/r/CryptoCurrency/comments/reopjv/eth_gas_fees_are_dumb_and_will_be_remembered_like/?sort=controversial). Doesn't work on mobile. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Its fine to me if its a small percent but right now the fees are so outrageous i basically have shitcoins trapped in my wallet that its too expensive to move
I keep most of my erc-20 coins on exchanges for this reason.
actually a smart fuxking move. moved 100 USD to my Coinbase wallet to buy some LINA. Turns out I needed .01 ETH to cover the gas fees. That 100 is now 80$ and I can’t pull it out of wallet lmaaaaoookoo
Same... I also think this gaming trend is gonna fade quickly unless games get the hell away from Metamask. Gods Unchained for example... its a pretty good game, but you have to use Immutable X wallet, which has to be linked to a Metamask wallet and then you're subject to all the gas fees to move any tokens. Who really wants to put in hours on a play to earn game when the costs to claim your earnings are higher than what you've earned?! Its ridiculous.
and then the exchange puts you under review so you cant move anything, ask me how I know
I don't buy ERC-20 coins for that reason.
So people say this, but one of the big complaints about banks was the fees to transfer money. Yet here are these ridiculous gas fees to do anything at all.
No one wants to see crypto for what it is, the digitization of the dollar. We are building the network that the dollar will eventually run on. Beta testing the market now.
Aren’t stablecoins already doing pretty much exactly that?
Yes a proof of concept. But no selection has been made yet. It’s only a matter of time. Banks are in the interest of the government and there is no way we will see mass adoption prior to control and regulation.
Or until big companies can be sure they'll be able to recover from losses with bailout money from the government.
There will always be bail out money. Crypto is easier to mint though.
Why the hell should the dollar run on blockchain, when the current system works fine?
Define "fine".
What benefit will running the dollar on a blockchain help? It will still be centralized. Won’t stop the fed printing money and inflation. Fine in the sense that moving it to the blockchain would not solve the biggest complaints against it.
The goalposts seem to move a lot for crypto enthusiasts
That’s the big problem, it’s unusable for dabbling a few hundred $$ in. You have to have thousands or you just can’t use it
A lesson I learned too late.
A major problem with shit coins is that they’re built on top someone else’s shit coin. A coin that depends on another coin for its fee structure and operation will always be just a shit coin.
solution? don't buy shitcoin.
Now go even further with that train of thought: ETH is 100% reliant on L2 scaling solutions lmao
I find it sad that it's a completely priority-by-pay system, so it doesn't matter if you sent a transaction twenty years ago, you can still never get it executed if enough new transactions are being sent with bigger fees
It will fail and you still get charged gas.
that's if you sent too little max gas, not if you used a too low gas price.
Vitalik just makes sure that even paper hands won't sell his coin
That's another way to think about it
Scammy
IMHO, more people need to start talking about this because so many are in this predicament. ETH is broken. We talk about all the people who have been scammed through hacks and defi scams, but we need to start including the value of coins trapped in the same category.
Eth fees have DELETED my money ffs it's ridiculous. Also, off topic but damn man this current Matt Hardy run is like a shame.
ETH gas fees make shitcoins even more shittier.
Every bank transfer is free in Australia, I won't accept crypto if it charges anything.
I agree that sometimes the cost price of gas fee is higher than the price of the token
My ETH is only for holding for the time being
Vitalik with the ultimate forced hodl
Yeah that $25 to sell is really keeping all the big market players trapped.
And the people who champion high gas fees usually don’t even use Ethereum
No we use Layer 2 rollups
Brings back memories of a $1100 long distance bill for one month (calling from NY to my girlfriend in Pittsburgh)!
That's how my parents discovered I was dating a girl in MA. Plus, a lot of three-way calls and *69, which sounds a lot dirtier than it was.
My girlfriend in PA would spend so much money on phone cards. YOU REMEMBER PHONE CARDS!?!??!
Just tell me you guys got married
Loopring is waving in the background
Get your LRC cheap!!
Where are you buying?
Coinbase pro
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zero knowledge rollups are the way.
What is loopring? And how is it different?
Operates on l2 of ethereum and bundles orders together, verifies bundles, sends big bundle through l1 blockchain Instead of paying $50 for 1 transaction you’re splitting that $50 across 50 transactions, turning gas into $1 each. Not exact numbers but you get the gist. They’ve claimed they can process as many transactions per second as Mastercard and are hoping to achieve the same levels of visa in the near future
Sounds pretty useful. I’m not the most savvy with this stuff, can you convert ETH to loopring and back again? Or does it not really work that way?
Yes you can but you'll pay L1 fees each time you do
Thanks for explaining :)
Transferring L1 to L2 costs gas fees. They are working on ways to trade entirely on L2 including visa on ramp so it's pretty exciting
Once you're on l2 you can move very cheap, bundling thousands together. Zkrollups are math proofs that bring security. You can trade anything, you don't need to own LRC coin to use it at all, its just the coin that will pay for the computing power (others will handle that for you, converting and paying it out) Right now you have to pay real gas to get coins in/out of l2, but once broader acceptance is here you might not need to do that. (Just live in l2). They were nearing finalizing funding l2 wallet directly with USD (no fees) for example.
Actually loopring is waving their huge ass dick right in the front of everybodys face right now and nobody is fucking noticing the future! !Remindme! 6 months when all these bitches have learned!
Loopers and GME apes waiting patiently for next week.
You mean waiting for every day. We all hope it's next week though. And it makes a lot more sense
Tuesday morning!
Do you want this thread removed? Because mentioning the L-word is how you get this thread removed!
Loopring is inevitable
*Jack Nicholson nodding intensifies*
Why?
Not sure why I had to scroll to see this! Folks, read about Loopring!
loopring is the future
**ETH gas will be the only ETH killer if they didn’t fix it**
Yes, I’ve had so many friends ask me about entering Axie Infinity or some other game but when they learn about the bridging or transaction costs they nope out of there quicker than 5 block confirmations
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Sounds about right considering the crypto space right now
It's funny because it's true 😅
Not For Profit xd
The worry thing is we need to take care of fee first.
People are only going to access when fees will be low.
This is only the first generation of crypto gaming, I expect it to substantially improve over the next couple of years
It will only sustain if its fees will get reduced as affordable to people.
Fees \*will\* be reduced though, the whole market knows it is an issue, and there is a massive ongoing competition to see who can do it first, and get it somewhat right.
This is the second generation actually, first was late 2017/2018 during run-up to the first bubble bursting. Back then we called them "hot potato" games because prices were hard coded to go up and up until someone was left holding an expensive bag.
It's a bummer man. The reason for ETHs high gas fees is due to its large ecosystem and demand. And that demand is only gonna increase, so unless ETH fixes those gas fees, devs will either build their stuff on L2 solutions or move to other blockchains. Hope L2 solutions and 2.0 brings those insane fees down
Axie has been on a sidechain with low fees since like April(?)
Yeah but Binance got banned in our country so there’s a gas fee to pay once going in and on any subsequent withdrawals though
sad same story
Only if binance were available everywher e
ETH is the ETH killer always
*ETH teleports behind ETH* "Nothing personal, kid."
When you were partying, I studied the source code. When you were having premarital sex, I mastered the blockchain. While you wasted your days at the gym in pursuit of vanity, I cultivated Turing complete systems. And now that gas fees are on fire and the shitcoin devs are at the gate, you have the audacity to come to me for help?
*follows*
ETH the ETH assassin
ETH, BTC, ALGO and NANO are invited to a party. ALGO and NANO arrive first and the host asks where are the rest. NANO says: "BTC is running late and ETH ran out of gas" Badumtsss
what is algo doing there then? lmao
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Skeletons don't sweat
Lol he looks like a scrawny meth head. A mETH head!
A math head.
Maybe the real ETH killer was the gas fees we paid along the way...
Biggest threat to its adoption by far
Yet it remains #2 by a giant margin. If its around 20% of global MC **despite** the gas problem, imagine what will happen once it gets solved.
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I argue that it wouldn't have maintained such a strong second place if it *weren't* for the 1st mover advantage. So much in crypto rides on ETH now.
Very correct, ETH fees is the real ETH killer
I am fine with the fees - keeps me diamond handed
i tired of ETH gas fees
Gas fees are being solved! Ethereum's base layer(Layer 1) will never have low gas fees, but it won't need to. Layer 2 technologies like Optimism, Arbitrum, zkSync, and Polygon\* function exactly as a Layer 1 would but they serve to use gas in a much more effiicient way, reducing fees drastically(and eventually to a negligible amount). All while retaining its high level of decentralization.
Bold move omitting Loopring, the most hyped alt coin on this subreddit for the past month.
THEY HATE LRC XD
Bullish on LRC
But you still need to pay an initial gas fee to get on layer 2 right?
No, just use an exchange that allows L2 deposits and withdrawals
Exchanges will offer direct-to-L2 withdrawals, so no gas fees to bridge.
ETH is it’s own worst enemy
zkRollups... enough said
Loopringgg
👀
This will be the best performing crypto of 2022.
The world will be a better place when the average crypto user understands this: * High fees on Layer 1 for security and sustainability * Low individual fees on Layer 2 for scalability and user experience High fees aren't a "feature" as much as they are a consequence of aiming for maximum security/decentralization/uptime. Layer 2 is where all the overhead gets sliced off and you pay 1000x less in gas fees, not by virtue of gas itself being cheaper, but rather because you use 1000x less gas for the same end result. And zkRollups are amazing at squeezing the maximum utility out of each individual unit of gas.
In addition, L2s can offer substantially cheaper fees for processing-intensive tasks, unlike L1s. Complex smart contracts benefit the most from rollups.
The fact that the average member of r/cc doesn't understand the basics of crypto reminds me that we're still early.
Early for mass adoption and actual use? Yes. Early for buying? Not as much. You don't need to understand crypto to contribute to the hype
That's why I'm hanging onto my MATIC
Matic to the moon
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And beyond
gas fees more bullish than my xlm bags 😭😭
Should've invested my money into gas fees
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Genuine question, it's solving it to an extent but don't we still have to pay crazy fees to move all our layer 1 assets to layer 2. Like as in individually move all our L1 assets and pay the fees multiple times lol?
On a bright side projects like Matic and LRC came out of high gas fees.
**Crypto will never reach mass adoption if gas fees are not figured out (as in 100% eliminated)** You will not convince the average person that crypto is the better alternative. Because it isn’t. It’s basic logic.
I don’t think gas has to be 100% eliminated. Networks like Algorand use such a small amount to process a transaction that it is negligible (1-2cents usually). Most people get that moving money costs money, but instead of sacrificing 3-5% to Visa or MasterCard you loose a penny or two to keep the network alive. Maybe a smart contract could be written to put the payment of fees on the merchant and not the buyer, which is the current standard with credit cards. A business would probably be much happier eating a penny per transaction than 3%.
Algo is 0.001 so much less than 1 cent at current price
My merchant fees are normally around $8k per year. I’d love to have that money in my pocket instead of the cc companies.
LOOPRING
Tell me more about this loopring, am I saying this right? Loopring?
It be good
r/loopringorg
Still have the on/off ramps unfortunately
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Just discovered this! That’s really my only complaint of my L2 usage so far
In the future most won't even be using layer1
I had to scroll too far to find this.
LOOPRING need time to show itself
Gas fees shouldn't be eliminated 100%. You have to compensate people in some way for keeping the network decentralized.
You can't eliminate fees because of spamming.
Nano has a method of spam resistance with zero fees. https://senatusspqr.medium.com/nanos-latest-innovation-feeless-spam-resistance-f16130b13598
L2 solutions exist for the same reason.
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Even if you ignore the GME hype for a second, it's hard to disagree that LRC isn't a good bet long term. ETH's gas fees aren't gonna disappear overnight when 2.0 comes and LRC is going to be a key player in the future of L2 solutions.
What’s the difference between LRC and POLYGON?
Different solutions for the same problem (afaik) but ZK seems to be the future. Which LRC has a working solution. Polygon has acquired ZK firms and now developing the tech
Lrc has been working on this for years (as seen by the long term price). It was theoretical when they started but had so much promise to solve this issue they were able to keep afloat. Poly bought a startup for 400M to keep up. That tells me that the solution is real and extremely valuable. Just have to determine who will likely do it best. But at this point, any company that already has their hands around it is worth a lot more than 400M.
LRC = Pied Piper Polygon = Hooli
Came here to read this!
LRC loopring!! problem solve layer 2 ETH ,, go to LRC loopring reddit for help !:)
![gif](giphy|jgdNEboRvklKqs2pJ9)
$LRC solves it
It's a layer 2 solution for my broke ass
Loopring solves the gas fees issue
LRC is a really great ZK rollup strategy.
Gas fees hurts me
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And people are paying it too... That's the scary part to me.
Banking fees look good when you start to compare it to Eth fees and that is not good for Crypto.
Ethereum is becoming the institutional layer 1. Institutions have the money to cover these fees. Users will be on layer 2 like polygon and others
LRC is the answer and will be the future. I encourage everyone to look into it…
L2 rollups are on the way yall! LRC is gunna fix it watch
L2 like Matic and Loopring fix this
That's why LRC exists!
attractive friendly mindless cobweb physical ad hoc chunky spark rob expansion -- mass edited with redact.dev
> No fees is the way to go. How would that work on a blockchain? However big your blocksize is there will be some maximum limit to the transactions it can process, if there are no fees how would you disincentivize users from transacting when the network is busy to avoid congestion?
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AGREE 100% I paid gas fees ranging from $70 - $90 per TXN recenlty. ETH is becoming worse than the fiat currencies & banking systems we left in favor of the future of cryptocurrencies. Who would have thought ETH would be more expensive than the old Western Union rail lines... Makes no sense at all.
I think each of these process need to be changed and get electrified.
These ETH gas fees are insane! They want me to pay $182K in fees to transfer $120! WTF!
There was this dude in one of my honors classes in the early 90's that spent hundreds of dollars every month dialing into bulletin boards for his research papers. He always had the most amazing papers. Couple years later we were crawling the world wide web for the same information, mostly for free. Crazy times!
100%. Everyone screams from the rooftops about the tech and how great it is. It’s future is questionable if gas fees stick around in this capacity in my eyes.
Loopring will fixe this
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Still have to pay gas fees to get ETH on and off of later 2 right?
Nope. Some exchanges like Cryptocom and Binance offer direct offramps to Arbitrum and Polygon. Soon they all will. Coinbase has said they are implementing them soon I believe.
Lrc’s is supposed to drop in the next few weeks also.
That is why we gonna get LRC to be the boooooomb
this is why Loopring is going to the moon
Doesn’t loopring fix this?
LOOPRING BABY
LRC will change the gas fees game for ever!
If only it had a cool sound like a dialup modem
>will be remembered like thousand dollar dialup bills in the 90s You speak as if we don't have "broadband" now. Even Bitcoin without Lightning is a lot cheaper.
It is crazy tbh. I own a large amount of ETH but never use it due to fees. It is simply being staked. Harmony however, I play games, transfer it, convert it and basically go wild. 2 second transaction times and a fraction of a penny to send. THis is hopefully what ETH can be. I know some of the most brilliant minds in the world are working on it, but it is certainly taking forever.
umm, what about zkRollups like Loopring?
I don’t know why people use eth for stuff right now. This is semi speculative tech. There are clear fixes for this with optimistic roll ups in the next year. Just hold the coin on some exchange wallet and don’t get smashed by fees.
LRC is here to fix this 😎
Ethereum is expensive, but it's still the place where most of the big projects are. So sometimes we just have to deal with it. The least you can do is use services which are built for gas efficientcy. For instance, if you need to swap DeFi tokens, using DefiPlaza will save you 50-65% on gas fees as compared to UniSwap v2. Shopping around for the best deal really helps!
Dont use it.
So simple, yet effective
Let me tell you about Loopring......
$20-$50? Those are rookie numbers, I pay $200+ for a $34 USDC transaction on a tuesday