What are the potential solutions for high ERC20 gas fees?

3 answers

• Dec 24, 2021 · 3 years ago
  One potential solution to reduce high ERC20 gas fees is to use layer 2 solutions such as the Ethereum Layer 2 scaling solution called Optimism. Optimism uses optimistic rollups to increase transaction throughput and reduce gas fees. By batching multiple transactions together and submitting them as a single transaction on the Ethereum mainnet, Optimism can significantly reduce gas fees for ERC20 token transfers. Additionally, Ethereum 2.0, the upcoming upgrade to the Ethereum network, aims to improve scalability and reduce gas fees. Once Ethereum 2.0 is fully implemented, it is expected to alleviate the high gas fees associated with ERC20 token transfers.
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• Dec 24, 2021 · 3 years ago
  Hey there! Dealing with high ERC20 gas fees can be a real pain, but don't worry, there are some potential solutions to help you out. One option is to use a different blockchain network that offers lower fees for token transfers. Binance Smart Chain (BSC) is a popular alternative to Ethereum, known for its lower transaction fees. By using BSC instead of Ethereum, you can potentially save a significant amount on gas fees. Another solution is to wait for periods of lower network congestion to perform your ERC20 token transfers. Gas fees tend to be lower during off-peak hours when the network is less congested. So, timing your transactions strategically can help you reduce the fees.
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• Dec 24, 2021 · 3 years ago
  As an expert from BYDFi, I can tell you that one potential solution for high ERC20 gas fees is to utilize decentralized exchanges (DEXs) that operate on layer 2 solutions. These DEXs, such as Uniswap on Optimism, leverage the scalability benefits of layer 2 solutions to reduce gas fees for ERC20 token swaps. By conducting your token swaps on these DEXs, you can enjoy lower fees compared to traditional exchanges. Additionally, using gas fee optimization tools like GasNow or GasTracker can help you estimate and choose the optimal gas price for your transactions, potentially reducing your overall gas fees. Remember, it's all about finding the right solutions that work best for you and your specific needs.
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