** Ethereum: Are transaction charges required now? Is there any way to avoid them?
As a blockchain user .info ethereum wallet you are probably familiar with the convenience that you can perform transactions without paying any fees. However, it has recently increased that transaction fees are not only optional, but also necessary in the Ethereum network.
Increase in transaction charges
In 2020, Ethereum recorded an increase in transactions, which was mainly due to the increase in decentralized financing (Defi) and illegal tokens (NFT). Increased demand for bandwidth and computing energy led to higher transaction costs, while fees rising sharply to record maximum. According to Chainalsis data, the average transaction fee on Ethereum increased from approximately 0.0005 ETH to block in May 2020 to more than 1 ETH per block in December 2020.
blockchain.info explanation
It seems that blockchain.info wallet silently adjusts its fees in response to changes in the network. According to the recent fiber, the blockchain.info team explained that their fees “optimize decentralized and without the permission of the ecosystem” (source: Twitter). They basically use a combination of techniques including:
* Increased transaction processing performance : Distribution of computing power in multiple nodes in Ethereum Blockchain network.
* Improved network overload management : The team uses advanced network overload algorithms, helping to reduce the number of transactions to be processed.
** Avoiding transaction fees: Are there any solutions?
Although it is true that transaction fees are now an essential part of the Ethereum ecosystem, there are still some solutions that you can use to minimize your cost:
* Use a wallet alternative at no charge : Consider using your wallet such as Metamask or Trust Wallet, which offers more affordable alternatives rich in features.
* Batch transactions : Use the functionality of the “dose” on the blockchain .info wallet to perform multiple transactions at once. This can help reduce the total number of fees required.
* Wait until the block times are increased
: If you are waiting to process a specific transaction before creating another, consider waiting until the block time increases (eg from 15 seconds to 2 minutes).
* Consider using transactions outside the string : Outside chain transactions can help reduce demand in the Ethereum network and lower fees. However, they are more complex and require specialized tools.
Conclusion
While transaction fees may not be as painful as they used to be, it is clear that blockchain.Info has taken steps to alleviate their impact on users like you. By understanding how fees work and aware of potential solutions, you can minimize your costs and continue using the Ethereum network without interrupting the bank.
