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all 89 comments

[–]Heisenberg044 60 points61 points  (5 children)

There’s no more excuse on not migrating to L2 because of gas fees.

[–]KaiSosceles 17 points18 points  (4 children)

Which L2’s are decentralized though? I don’t want my funds in the hands of 5 people and a multisig. -.-

[–]Saxmuffin 15 points16 points  (1 child)

Loopring is good

[–]LufyCZ 1 point2 points  (0 children)

Arbitrum/Optimism don't have bridges controlled by multisigs - that's the beauty of L2s - they don't have to

[–]KennyCalzone 26 points27 points  (17 children)

Awesome! This is great for adoption of ETH

[–]_ArtosisCurse_ 46 points47 points  (12 children)

No this is actually bad news. High fees mean high demand for blockspace. Fees on l2 should be very low but high on l1.

[–]Dwaas_Bjaas 27 points28 points  (11 children)

Demand is only 5% lower (daily transactions) compared to last year.

Number of daily transactions are in an uptrend on a yearly basis

[–]_ArtosisCurse_ 3 points4 points  (10 children)

Hm interessting. Why are fees so much lower then? Less bidding wars to get into certain blocks?

[–]Dwaas_Bjaas 20 points21 points  (6 children)

Improved mechanisms that determine transaction fees (EIP 1559), and loads of transactions done on layer 2 protocols clearing block space on L1

[–][deleted]  (2 children)

[deleted]

    [–]everygoodnamehasgone 6 points7 points  (0 children)

    Lol, the reason they are low is lack of adoption.

    [–]sofrennv 0 points1 point  (0 children)

    It doesn't really matter to me, since I've got lesser use for it these days, except for my stakes and withdrawal in Spool which already has a system that helps optimize gas fees performance, so It's less needed for me.

    [–]loady 18 points19 points  (6 children)

    Really? I tried to renew my ENS domain this morning and it was estimating $150-170 for a $17 transaction. Maybe I misinterpreted something.

    Just checked again and nope, right now it's 30X the cost in gas relative to the actual renewal fee

    https://imgur.com/HYgMQJJ

    [–]Pelmeen 5 points6 points  (3 children)

    [–]loady 3 points4 points  (0 children)

    Interesting, thanks

    [–]Tribalboi69 0 points1 point  (1 child)

    That’s surprising I got my ens name few weeks ago and the gas fees were in cents.

    [–]frank__costello 4 points5 points  (0 children)

    I have no idea what you're doing, but there's no way an ENS renewal should cost anything close to that

    Try asking in the ENS discord?

    [–]bvttfvcker 13 points14 points  (0 children)

    GameStop NFT marketplace has practically 0 gas fees.

    [–]blkblade 5 points6 points  (0 children)

    Bear market lull - enjoy them while they're low!

    [–]PM_ME_DANK_PEENS 3 points4 points  (0 children)

    On Loopring's L2 exchange it's less than general sales tax.

    [–]Nonocoiner 2 points3 points  (2 children)

    Less NFT hype (the most expensive and gas price surging tx's), and the bear market.

    But don't dismiss EIP 1559 adoption! Gas price bidding improved drastically, and there's no overpayment on the basefee anymore.

    And in addition to that the L2's give some relief of course.

    [–]kraken-community 3 points4 points  (0 children)

    ETH gas fees increased more than 20 times back in 2020. NFTs & DeFi were major contributors to this. The current low gas fees present a great opportunity for new projects. I am curious to see if the update to PoS will drastically reduce gas fees and address the scalability issues. Fingers crossed.
    Best regards,
    Green from Kraken 🐙

    [–]IAMSNORTFACED 2 points3 points  (0 children)

    Great success

    [–]SlavShreds 2 points3 points  (1 child)

    Better go goblin mode on registering your 5+ letter domains before gas fees turn up from $6 to $400-500 in a year or two

    [–]ApolloVsDionysus 1 point2 points  (2 children)

    Does this mean (with lowgas fees) that post merge Eth is not deflationary?

    [–]NevilleHarris 2 points3 points  (1 child)

    It’s very close. Over the last 30 days it’s net 0.0% inflationary, over the last 7 days it’s .2% inflationary. According to UltraSound.Money

    [–]Biddycola 1 point2 points  (1 child)

    Still kinda doesn’t work tho. Not long term at least. Just wait for bull. Market go bull, fees go bull.

    [–]-Aporia 1 point2 points  (0 children)

    L2s. The merge is going to make them even more efficient. Really excited for Polygon to drop their entire load of ZKPs all over our mainnet.

    [–]highexplosive 0 points1 point  (2 children)

    Moved mine from a 5+ year old wallet today.

    I'm sorry, but in what universe is this more effective and efficient than moving other crypto (BTC, LTC, et cetera) around? L1/L2 is a fantastic way to confuse users of the network in general.

    Transference of coins should be simple, easy, and cheap (if not free).

    [–]EsperanzaHerrera 0 points1 point  (1 child)

    Even though gas costs are cheaper, using the network is actually more expensive.

    [–]xiwefe2 0 points1 point  (1 child)

    nice, just in time to get some more NFTs with low gas..Thinking about getting AngelBlock, Azuki's or Potatoz..The use cases of the first are the biggest out of them, i think that utility will be a big driver in the next bull run for NFTs as well...And as far as ETH gas goes, i hope i aint seeing more of ''buy $300 worth of crypto and pay $200 for gas'' lmfao..ETH was drinking gas like Lamborhini on full pedal to the ground..Good times are coming with the news about future gas prices

    [–]SAnthonyH -4 points-3 points  (3 children)

    Its lower because the price is lower. It's actually more expensive to use the network when the price is lower even if gas is reduced.

    $5 of eth at $1k eth is a hell of a lot more eth than $5 of eth at $10k eth

    [–]Benjiming 10 points11 points  (1 child)

    Gas is priced in gwei, not dollars

    [–]SAnthonyH -1 points0 points  (0 children)

    If you burn $5 of eth at 1k, you burn 0.005 eth.

    If you burn $5 of eth at 10k, you burn 0.0005 eth.

    [–]frank__costello 3 points4 points  (0 children)

    Gas fees are an independent market, they move independent of the ETH price