The community continues to complain about Ethereum gas prices. Yes, gas prices are ridiculously high but one has to ask, why are people continuing to use ETH? I’m starting to think ETH is for the elite group of people and not your everyday ETH holder or the Dev’s behind ETH pulled a fast one. They see that a lot of Altcoins and Dapps depend on ETH, and at this rate they can control the GAS prices. In turn, it creates more revenue for them or I can be completely wrong in my thinking and they are burning the gas fee.
Gas Price:
0.000000182066677276 Ether (182.066677276 Gwei)
Gas Limit & Usage by Txn:
21,000 | 21,000 (100%)
Gas Fees:
Base: 180.297785276 Gwei |Max: 192.668937333 Gwei |Max Priority: 1.768892 Gwei
Burnt & Txn Savings Fees:
🔥 Burnt: 0.003786253490796 Ether ($16.04)💸 Txn Savings: 0.000222647461197 Ether ($0.94)
In the above transaction log it shows they burnt 0.003786253490796. If they are burning the fee’s, then why are the fee’s so high one must ask.
I am tempted to run a test by sending some coins to myself and lowering the gas price. I want to see how long it will take the transaction to be confirmed to a block. If someone has already performed this type of test please leave a comment below. I’ve been unable to find the answer online as everyone seems quiet when questions are asked about gas.
So let’s say the gas prices are about 140 and I submit a transaction with a gas price of 109. I don't mind waiting a day or two for the transaction to be confirmed, but will it eventually get processed, or will it sit in limbo forever?
Another thing we have to be mindful about is the gas limit. You first need to know how much gas is needed for the contract before you can even set a gas limit. If you set the limit too low before the contract is fully completed, you will run out of gas and the gas you spent up to that point is gone. So your transaction failed but yet you lost your gas money . That really sucks if you paid 100 for gas and your transaction fails. It happens every few seconds to users who don't understand the contract. I hear about this happening on swap dapps like uniswap, pancake and sushiswap.