3 ms·

The Ethereum gas fee is insane

by devops000 6y ago

hanniabu 6y ago
Major platforms (like Uniswap) will be migrating to L2 in a month which should go a long way to reduce fees.
- dQw4w9WgXcQ 6y ago
  Is there any reason why Uniswap would use something like Ethereum over Algorand (for example)? The latter seems to offer very low tx fees and much higher tx rates, is it a matter of smart contract code etc?
  - exo762 6y ago
    > The latter seems to offer very low tx fees and much higher tx rates, is it a matter of smart contract code etc? Chains are of two types. Cheap and unused is one, expensive and used is the other. For Ethereum current limits on the size of the block (and thus tx fees and tx rates) are set because of lack of solution for fast state size growth. Algorand and every other "ethereum killers" also don't offer solutions for this problem - they don't have it because nobody is using them. Ethereum has few candidate solutions on the table. The major one is "stateless client" - solution where tx will would contain commitments for every bit of state which is read or modified. Basically paying with bandwidth to decrease the size of actively managed state.
- phyalow 6y ago
  Do you have a source for this? Hayden Adams on twitter was only yesterday lambasting people for making predictions like this.
  - RhodoGSA 6y ago
    Not for UniSwap but Polkabridge is coming in Q2
thewelder 6y ago
true story. Valuable blockspace is a thing. [1] ETH rakes $23M/day in fees, BTC $4M/day. [1] - https://cryptofees.info/ https://cryptofees.info/
RhodoGSA 6y ago
There's many solutions coming online this year. Polkadot is launching a parachain where you can execute your eth contracts using the polkadot network. Also many L2 solutions will solve the problem as it is just a problem of 'Compute'. The transactions gain some 'Centralization' but that doesn't seem to matter in the industry anymore. It's more about being 'Censorship resistant'.

3 ms·

The Ethereum gas fee is insane

by devops000 6y ago

The Ethereum gas fee is insane

hanniabu 6y ago
Major platforms (like Uniswap) will be migrating to L2 in a month which should go a long way to reduce fees.
- dQw4w9WgXcQ 6y ago
  Is there any reason why Uniswap would use something like Ethereum over Algorand (for example)? The latter seems to offer very low tx fees and much higher tx rates, is it a matter of smart contract code etc?
  - exo762 6y ago
    > The latter seems to offer very low tx fees and much higher tx rates, is it a matter of smart contract code etc? Chains are of two types. Cheap and unused is one, expensive and used is the other. For Ethereum current limits on the size of the block (and thus tx fees and tx rates) are set because of lack of solution for fast state size growth. Algorand and every other "ethereum killers" also don't offer solutions for this problem - they don't have it because nobody is using them. Ethereum has few candidate solutions on the table. The major one is "stateless client" - solution where tx will would contain commitments for every bit of state which is read or modified. Basically paying with bandwidth to decrease the size of actively managed state.
- phyalow 6y ago
  Do you have a source for this? Hayden Adams on twitter was only yesterday lambasting people for making predictions like this.
  - RhodoGSA 6y ago
    Not for UniSwap but Polkabridge is coming in Q2
thewelder 6y ago
true story. Valuable blockspace is a thing. [1] ETH rakes $23M/day in fees, BTC $4M/day. [1] - https://cryptofees.info/ https://cryptofees.info/
RhodoGSA 6y ago
There's many solutions coming online this year. Polkadot is launching a parachain where you can execute your eth contracts using the polkadot network. Also many L2 solutions will solve the problem as it is just a problem of 'Compute'. The transactions gain some 'Centralization' but that doesn't seem to matter in the industry anymore. It's more about being 'Censorship resistant'.