ETH 2 Scalability: When will the GAS fee come down?
Eth 2 funded!
Yesterday was a crazy day for Ethereum! I was up late into the night watching the launchpad and I saw it live when the threshold was reached! As of the time of this writing, it is funded full and nearly 200K ETH over and counting.
The real cool thing was the last 25% of the ETH required was funding in only 4 hours time! When I said in my previous post that it will probably take a day! Well it was done much sooner than that.
Here's the deal, the main net hasn't launched yet, but the date is set for December 1, at 12:00:23 GMT. The price of ETH touched as high as $625 to fuel the ETH and related FOMO (Fear of Missing Out).
I was looking into what is new in the ETH 2. Honestly it is a lot. There is good information at the launchpad. But there is also excellent information and the details of the roadmap here in this pdf
Gas Fee
I never realized how important gas fee is before the launch of WLEO. This is simply because, previously I bought ETH from exchanges and transferred them in bulk and never in very small amounts. Also most of it was a while back and at the time Gas fee is nominal. But I first noticed the gas fee in any meaningful way during the liquidity pool transfers of WLEO. First regarding Gas fee:
In essence, gas fees are paid in Ethereum's native currency, ether (ETH). Gas prices are denoted in Gwei, which itself is a denomination of ETH - each Gwei is equal to 0.000000001 ETH. For example, instead of saying that your gas costs 0.000000001 Ether, you can say your gas costs 1 Gwei. This is essentially a fee towards the miners.
As of right now the Gas fees are as follows:
This has comes down a lot since yesterday actually, as it was well above 100 gwei (giga wei, wei is the smallest base unit of ETH). So currently each transaction cost is 72 gwei = 0.000000072. Right now if I use about 21000 gas (which is default) it will cost me 0.001512 ETH = $0.88 (at current prices). This is excellent, but even last week I paid $7 for gas fee.
I have this problem because I don't have much Leo, as I am relative new comer to this community. So I either buy Leo from the open market, earn from writing, or have some miners. I have done them all, but still I can't accumulate enough, fast enough. So my WLEO transactions have been small.
This shows an estimate that in order to exit this position I must pay $11 in Gas fee. The new ETH 2 tries to address this using the mechanism called Shards. I will talk more about it in future.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
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Posted Using LeoFinance Beta
