Ethereum Gas Fee is going Crazy..

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Hello Everyone

After Bitcoin Ethereum is the next big coin in terms of marketcap and popularity. These days its price has shown significant movement and that's why more people are trying to bag this coin as much as possible. Its an altcoin but looking it its growth and acceptance by the crypto community it seems that we can see it moving toward the 1500 USD price mark.

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Its good to see the price moving up but at the same time, the ETH transaction fee very high and I have seen many people sharing their thoughts about it. I hate this high txn fee by ETH and I really hope that the ethereum team takes it seriously because the fee would be reasonable and not something that stops people to avoid transactions or wait for the drop in transaction fee.

I have a balance of 6.296 RARI tokens to claim in rarible platform. Its a platform for NFT tokens and I got these tokens as part of my MGX NFT card buy. The current price of 1 RARI is $1.79 so for 6.29 tokens it would be USD 11.26 approx.

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I tried to claim these tokens and I was shocked to see that its asking for a fee of $33.25 which is 3 times the value of tokens. Here is the snapshot of the transaction fee through metamask wallet

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(image source-metamask wallet)

This is very bad and its obvious that I won't claim these tokens now because of this crazy txn fee by the ethereum platform. Its indeed a joke and I have never seen this much of a fee before which is costing more such a huge amount and I have to pay 2 times of token value that I am going to claim.

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I am not sure if there is an alternate way to avoid this high fee these days and if there is any then please help to share. A few weeks back I checked it once and that time this fee was approx 3$ and I did not claim that time because of some internet issue at my side.

Thank you so much.

Follow: @alokkumar121

ethereum leofinance ctp archon neoxian posh hive
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12 comments
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Exactly. I'm really interested in all these de-fi apps and services working on the ethereum blockchain but I'm also very discouraged already because of the high fees. I think there's a big chance that the whole project will fail because of that and a cheap transaction fee is one of the most important issues for the further spread.

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Ethereum is very popular so it's easy to say that it will fail but if fee come down then certainly more people will be part of it.

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Hello @alokkumar121
33 dollars for a transaction? that's crazy. That's really what has kept me away from transactions in the Ethereum chain.
Because if I had capital of $10,000 or $30,000, I mean, well, the profits could give me a lot more than that fee, but if we're dealing with small capital, that amount is certainly an exaggeration. It seems to have become something for people with large amounts, and that doesn't help the cryptographic movement.

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Hi friend
This fee is too high and because of this I didn't do transaction. This is going crazy these days with eth. Thanks

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I agree, the fees have also put me off doing some transactions I wanted.

Roll on Eth2 with its higher transaction rate.

Posted Using LeoFinance Beta

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Yes and I think there should be a reasonable charge and this much high.

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