Ethereum Gas Fees

Defi 101 Course
#1

Hi Amadeo,

I am currently doing Defi 101 course and really enjoyng it. I am trying to use a lot of the DeFi projects you have mentioned in this course for explorartion puposes. I have added small amout of ETH in my MetaMask wallet to interact with the varoius blockchian projects. I mainly trying to use 1Inch, UniSwap, Compound, PoolTohether etc and I am finding out the Gas fees is extremly high somewhere close to 10 to 20 USD in some cases. I have not done any trades tjinking I might be doing something wrong.

I do have some basic understanding about Gas and how it works but may be not enough to understand why I am geting so high fees for my Trx? Is it due to small amounts in my transactions, no miner wants to validate it? I have attached some examples.

Are ther some tips, tricks or best practices to minimize the Gas price in your Trx?

exhange ETH to TRAC token using 1Inch
exhange ETH to TRAC token using 1Inch1595×641 54.8 KB
Send DAI from PoolTogether back to Metamask ETH
Send DAI from PoolTogether back to Metamask ETH713×846 54 KB
SWAP using UniSwap
SWAP using UniSwap692×685 33.3 KB

#2

Ethereum gas fees can be prohibitively high, depending on the demand on the network at the time you are trying to make the trade.

This is why second layer applications like the xDAI chain and why Ethereum 2.0 are so important.

Something I do to keep playing in the space and not screech in fee pain for the learning experience is to use the advanced settings and experiment with how low I can set my gas fees and the transactions still go through.

I’ll tell the story forever about how one took over 24 hours, but I had the gas set at about $5 when $80 something had been suggested.

I hope this helps.

The gas fees do make smaller transactions pointless.

It’s sad.

Something else I do is move ETH and coins I’m going to use to a separate wallet when I go on a new exchange. This way if I click wrong I won’t accidentally pay $100 to run a contract, or horrors, if it’s a scam I won’t lose all my coin.

2 Likes
#3

Makes sense … thanks

1 Like
#4

It’s a challenge to follow this course having such high fees. The process of learning is by experimenting and each exercise may cost $20 or $30 just in fees.