Ethereum Gas fees are very high these days, as we had discussed in this article.
Also read: According to JPMorgan, cryptocurrencies markets are ‘looking frothy’ due to a spike in record retail demand
Here we’ll discuss how to pay least possible gas fees for the Ethereum Mainnet.
1) Before transacting, check a Gas Tracker for the estimated gas price for a fast, average, or slow transaction.
2) If you are using, for instance. Metamask, you can Edit Gas Price if it is set too high or if you believe it will drop. Make sure the threshold is not too low, if it is you will lose your speed and have to pay MORE for it.
3) Gas prices tend to be the lowest during the early morning hours at 6-10 UTC (US night time), or while on weekends.
4) If you don’t need it urgently, wait for your transaction to drop back to the 15%-35 gwei goal! It used to be consistently 7-15 gwei during low traffic hours not long ago.
Steps to move from Ethereum Mainnet (Layer 1) to a Layer 2 or Sidechain:
IMPORTANT INFORMATION about Ethereum gas fees:
- Layer 2/Rollups: A method for scaling Ethereum by offloading transactions off the Ethereum Mainnet (Layer 1) while maintaining the robust security of the Mainnet.
- Sidechains: A sidechain is an independent blockchain that exists in parallel to Ethereum Mainnet.
- I’m doing this primarily for those who want to use DeFi/dApps! If you just wanted to hoard your Eth, or if you just wanted to store them in an “earn” wallet like Celcius, Blockfi, Nexo, or crypto, there was no need to move to a new address. com.
- For many, moving to Polygon (MATIC), the most common solution, will be like being born again (here is my reaction/post from 4 months ago). On average, transactions cost $0.0007 and take 1-3 seconds (except during rush hour). The price is already a lot lower than what almost all of the L1 competitors are charging.
- At this time, Polygon supports top DeFi dApps like Opensea (native trading of NFTs), 1inch, AAVE, Curve, Beefy. The number of integrating companies is growing.
- Uniswap V2 is the biggest DEX Polygon offers; it’s based on Quickswap. A 24 hour volume plus or minus 100 million is corresponding to 1 billion TVL. Another way of putting it: Great liquidity!
- Coinbase and other Exchanges are integrating Polygon, so, you soon you can deposit DIRECTLY into e.g. We’ve made it so L1’s high-fee baselayer can remain in the background while you polygon!
- Fanstom (FTM) is also a great choice, as although it operates its own blockchain, it is compatible with EVM.
