Ethereum gas fees have seen new highs recently, with the transaction volume and price also seeing its highest levels. So what’s driving these ethereum high gas fees? In this BeInCrypto news episode, we will discuss the rising gas fees, how to reduce ethereum gas fees, and alternatives to the ETH network.
So, many of you must be wondering why Ethereum gas fees are so high. Well, over the past few weeks and months, Ethereum has seen record highs in price, demand, and volume. This, coupled with the rise of DeFis and NFTs has meant that the Ethereum network has been severely clogged. The average ethereum gas fees today stands at roughly $17, with the cost having peaked previously around $25! This Ethereum gas fees all-time high has seen many of the community express their annoyance, but there is hope in sight.
With many in the crypto community asking how to reduce Ethereum gas fees, there is indeed a solution. Ethereum has been working on a protocol update to finally tackle the increased network fees for some time now. According to insiders and developers, the long-awaited Ethereum Improvement Proposal (EIP) 1559 may come in July. Not only does this proposal aim to solve the ‘Ethereum gas fees problem too high’ problem, but it is also bullish for the Ethereum price. With a fee burning feature, supply would be reduced, which could send the price of ETH to over $20,000! Watch the full video on what this proposal means for Ethereum.
DeFi is one of the main reasons for Ethereum’s growth, with the majority of DeFi projects currently built on the Ethereum blockchain. According to multiple analysts, this will continue to rise and send the price of ETH soaring. However, there’s a new kid on the block: Binance Smart Chain (BSC). BSC launched in April 2020, and aimed to do everything Ethereum can do but faster and cheaper, notably solving the Ethereum gas fees issue. The highs of Ethereum fees and network problems have seen many jump to BSC as the go-to DeFi platform.
So who will win the battle? Will the Ethereum gas fees proposal solve all the issues and bring the fees down to a manageable level or is Ethereum just not ready to process large amounts of volume? Time will tell. One thing is clear though, users are now looking for substitutes such as BSC, which even though it’s centralized, is much quicker and cheaper right now. The Binance token BNB has seen huge gains and is now the 3rd largest cryptocurrency, and could see more gains if Ethereum fails to make the right changes. Stick around to the end of the video where we include technical analysis of PancakeSwap/$CAKE, a BSC-powered DEX which has seen tremendous growth amid Ethereum high gas fees.
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Timestamps:
00:00 Intro
01:28 The EIP 1559 Upgrade
04:03 DeFi Ecosystem Today
05:52 Binance Smart Chain
08:40 $CAKE Price Analysis
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Disclaimer:
Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
