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Why is the gas cost of ETH very high (ETH out of gas)

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Why is the gas cost of ETH very high (ETH out of gas) Why is the gas cost of eth high; Daily Planet Daily is authorized to reprint There are two reasons why ETH’s gas fees have increased in price:

1. ETH’s gas fees are very high and have reached a new high (approximately 1000Gwei) Due to ETH being an ERC20 token rather than a smart contract, transactions require a significant amount of gas fees As smart contracts get closer and closer, we may find that many ETH users have used other smart contracts. But if the price of ETH fluctuates significantly, these users will use other smart contracts to retrieve all their holdings of ETH and withdraw them, and when ETH prices fall, they may not sell ETH

4. Some ETH holders hope to obtain higher returns from their ETHs 5. Because some ETH holders believe that ETH is more suitable for long-term investments, they have begun to consider increasing their ETH balance, which has led to an increasing demand for ETH The gas cost of ETH is relatively low, but it does make transactions in the network more expensive and even much cheaper than traditional smart contract platforms, thereby driving the development of the entire blockchain Many ETH holders’ ETH balances have also significantly increased, such as continuously increasing in recent months 8. The transaction fees for ETH are very high and are currently in the testing stage The phenomenon of excessive ETH transfer fees is seriously present in the ETH ecosystem. The number of transactions on ETH is increasing almost daily, and the amount of each transaction also increases accordingly. However, some large ETH holders have decided to provide more ETH to improve their liquidity. ETH2.0 will achieve this goal through sharding technology The developers of ETH2.0 are already researching how to solve this problem. According to the research of the Ethereum Foundation, by the end of the second quarter of 2020, the total number of ETH verification nodes is expected to reach about 4000

11. The minimum fee for ETH transfer is equivalent to the average transfer payment time on the Ethereum chain, which is about the beginning of 2019

ETH out of gas

According to cryptobriefing, ETH2’s fees and gas restrictions have been soaring in the past few weeks. According to the statistics of etherscan. io, as of 18:00 on November 1, the current transaction fee in Ethereum network is about 4.91 dollars; The average gas price has also dropped by more than 20% from its high point in mid May; ETH miners currently earn less than 30% of their mining costs. In addition, due to the market selling pressure caused by the recent Ethereum congestion, some ore pools have stopped providing ETC rewards to the exchange, leading some users to transfer ETH out of the exchange and try to arbitrage.

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