#$!$#!@$%^ Gas Fees on Ethereum

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So, as a long time user of Uniswap, I was pretty pleasantly surprised when Uniswap did the right thing and rewarded past users and supporters with a pretty generous airdrop of UNI governance tokens. It is great that they saw the value of people who used the protocol long the yield and food farming craze took off and gold diggers everywhere began chasing the latest food fad.

Anyway, as UNI is starting to hit over 8 USDT per token, it would be nice to cash in some profit... however, Ethereum is simultaneously having a HUGE spike in gas fees. Which makes transactions quite expensive... It has been an issue for quite some time... but now it starts to get really quite impossible to use the Ethereum chain in a meaningful way.

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At the moment, 300-400 gwei is rough going price for gas... which means that transactions can really start to get quite expensive if you are doing complex transactions. Hell, even a null transaction is a bit expensive!

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My big problem at the moment is the fact that I've had a relatively complex transaction with Compound hanging in stasis for the past few days... and that means that my address is completely blockced until that particular nonce is cleared... which means that I can boost the gas contribution, although it would have to be at around 50 euros minimum to start to even have a chance of getting included in a block!... or to front run it with a cancellation (essentially a null transaction with the same nonce). Even that null transaction will cost about 2-3 euros... Anyway, I'm going with the front-running to try and cancel the transaction... and leaving that more complex Compound transaction for later... perhaps later in the year when ETH 2.0 finally launches.

Even if I manage to clear that particular transaction... I still need to claim the UNI tokens, but that is a less complex transaction... so, that will be easy enough to ram through, assuming that the gas prices don't go even higher! Then, finally, a last transaction to get some UNI to Kucoin, Crypto.com or Binance to take some profit whilst holding the rest to see where the dust settles in a week or five.

So... a few transactions that need to go through... I guess it will happen overnight. Ethereum 2.0 can't come soon enough...

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7 comments
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You received an upvote of 24% from Precious the Silver Mermaid!

Please remember to contribute great content to the #SilverGoldStackers tag to create another Precious Gem.

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I suppose we're all waiting for the Casper protocol to usher in eth 2.0
I have transactions I'm waiting to make too!

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Yep... it is really quite frustrating... in the end, I just pushed the transactions through. The cancellations as well as the ones that I wanted to complete.

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Very nice to see you get rewarded for your loyalty @bengy! As you say, though, what a very large pain to try to take advantage of it. Sure shows how much in its relative "infancy" this whole asset class still is, as in what other area of your life would you put up with this?

I know the answer for me, as we all wait for the same thing presumably. Hanging on and living through the inevitable progress being made.

Think of the stories we'll be able to tell our grandchildren some day, while we are rocking on the porch? What brave pioneers we were! Hahaha ...

All the best to you and yours for a better tomorrow!

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(in support of our LEO investment)

@roleerob

Posted Using LeoFinance

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Haha... I hope that porch is a long way off! But yes, it is interesting to be on the edge of change. The potential is quite interesting from a technological and societal point of view, but the hassles are quite... frustrating at times!

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Be positive and be happy with your profit. :)

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Of course! I can't really complain, it was a gift!

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