[ANN] Ethereum: Welcome to the Beginning

[tbct_mt2]

[GUIDE] ETH Gas Price. That topic was created yesterday and can help newbies to know where to get Gas Price stats, chart and choose good gas price to use. Not too low, not too high to save gas price but still don't have stucked transactions.

[zasad@]

https://hackmd.io/@benjaminion/eth2_news/https%3A%2F%2Fhackmd.io%2F%40benjaminion%2Fwnie2_210827

"The Merge
There was agreement on the August 20th All Core Devs call that there will be no new EIPs included in Eth1 before The Merge. Getting to proof of stake is now the top priority for Ethereum devs "

"Altair
The Altair beacon chain upgrade will be deployed on the Prater testnet on September 2nd, at epoch 36660. See PSA-2, above..
The date for upgrading the beacon chain proper has not yet been set in stone, but is likely to be September 30th, all being well.

"

https://twitter.com/TimBeiko/status/1428752744551272455
"Given that, we agreed to *not* have a "feature fork" in December. This means that we'll likely push back the difficulty bomb, and perhaps add other "one line" changes, but won't be including new EIPs before the Merge."


The developer is preparing the community for the fact that this year Merge should not be expected, and the Merge testnet will be launched after the Altair testnet.

[Dron Pelya]

[GUIDE] ETH Gas Price. That topic was created yesterday and can help newbies to know where to get Gas Price stats, chart and choose good gas price to use. Not too low, not too high to save gas price but still don't have stucked transactions.

I always wondered how people/newbies were paying so much, I mean yes I even have to pay the same gas fees like everybody else but even I learned on my own quite quickly how to play it safe,,, while not paying too much, plus you always can speed it up if it does not work out.

Then I realized later every wallet seems to work very different.

Thank you for the link to guide. IT does not actually know the good price to use though, maybe a guide on what gas fee should I pay and how to determine that step by step?

Yes, it's really problem. For example, I wanted to buy NFT on opensea with price 15$ using Metamask, but I couldn't. Commission was about 90$. I tried to set gas lower, but then transaction failed.

[leea-1334]

Thank you for the link to guide. IT does not actually know the good price to use though, maybe a guide on what gas fee should I pay and how to determine that step by step?

Yes, it's really problem. For example, I wanted to buy NFT on opensea with price 15$ using Metamask, but I couldn't. Commission was about 90$. I tried to set gas lower, but then transaction failed.

The last few days gas prices have gone up now it is above 100 gwei price and even the cost of minting NFTs apparently is above $200, so yes, this is a problem now and once ETH crosses $5000 it is a race to see if ETH 2.0 will fix it or will Layer2 solutions become more widely adopted. Moving to BSC is a temporary solution only.

[zasad@]

ETHGlobal
https://online.ethglobal.com

Sept 17 - Oct 15, 2021
ETHGlobal's biggest event of the year
"ETHOnline is our way of celebrating an incredible year in Ethereum, bringing the community together at a time when we're kept apart. Join over 1,000 likeminded engineers, designers, and creators to build and learn for 3-weeks. Focus on building a new product/protocol for the hackathon, learning at the summits and workshops, and gain valuable feedback from ecosystem professionals along the way."

https://www.theblockcrypto.com/post/116148/ethereum-scaling-solution-arbitrum-launches-mainnet-raises-120-million-funding
Ethereum scaling solution Arbitrum launches mainnet and raises $120 million in new funding
"Put simply, when projects use optimistic rollups technology for their Layer 2 networks, they have to check whether transactions are valid and then post transaction data on Ethereum. But if they intentionally or unintentionally accept an invalid transaction, anyone can challenge them on Ethereum.

This is where Arbitrum's and Optimism's approaches differ, specifically. Optimism limits smart contract sizes to what can be re-executed on Ethereum, while Arbitrum allows users to dissect smart contracts into pieces and prove fraud at the level of a single contract instruction, according to Bandak."

[becoin]

"Put simply, when projects use optimistic rollups technology for their Layer 2 networks, they have to check whether transactions are valid and then post transaction data on Ethereum. But if they intentionally or unintentionally accept an invalid transaction, anyone can challenge them on Ethereum.

AKA Ethereum Lightning Network...
Welcome to the beginning of... Bitcoin Lightning Network!

[zasad@]

"Put simply, when projects use optimistic rollups technology for their Layer 2 networks, they have to check whether transactions are valid and then post transaction data on Ethereum. But if they intentionally or unintentionally accept an invalid transaction, anyone can challenge them on Ethereum.

AKA Ethereum Lightning Network...
Welcome to the beginning of... Bitcoin Lightning Network!

optimistic rollups technology is called "optimistic" because people trust transactions until a bug is found.
Therefore, the withdrawal of funds lasts 7 days, this is necessary to check the transactions.
There are unofficial bridges that verify transactions on their own, and everything works for these services very quickly.
hop.exchange
https://hop.exchange
https://app.hop.exchange/convert/amm?token=USDC

__
WOW

[hd49728]

Gas price is above 100 Gwei since May 2021
The Ethereum network can be affected by hot trend on ERC20 chain, from ICO, DeFi, and NFT. The latest upgrade does not resolve that issue completely. It fails to bring any stability for Ethereum network and Gas price.

[Inagame]

The latest upgrade does not resolve that issue completely. It fails to bring any stability for Ethereum network and Gas price.

This update was never invented for solving anything in ethereum, it is just one more money grab operation that only created mess while sending transactions.
Now it is much harder to estimate correct fees and people use more centralized layer 2 options...

[estenity]

The latest upgrade does not resolve that issue completely. It fails to bring any stability for Ethereum network and Gas price.

This update was never invented for solving anything in ethereum, it is just one more money grab operation that only created mess while sending transactions.
Now it is much harder to estimate correct fees and people use more centralized layer 2 options...

incredible.
and nobody on the thread to answer ?

[Inagame]

incredible.
and nobody on the thread to answer ?

To answer what?
Everyone knows this is true but they all keep quiet because price of ethereum is going up so they don't care if fees are 200 or 300 dollars!
"The Internet of Money should not cost 5 cents per transaction." -Vitalik Buterin
https://www.youtube.com/watch?v=unMnAVAGIp0

[zasad@]

"Put simply, when projects use optimistic rollups technology for their Layer 2 networks, they have to check whether transactions are valid and then post transaction data on Ethereum. But if they intentionally or unintentionally accept an invalid transaction, anyone can challenge them on Ethereum.

AKA Ethereum Lightning Network...
Welcome to the beginning of... Bitcoin Lightning Network!

Just a curious question now though,,, is it not already possible for Ethereum to challenge all these active Layer 2 solutions now that have already processed many many transactions? And what has the experience been so far? Has anyone challenged Polygon transactions for example?

The transaction can be disputed until there was a withdrawal to Ethereum 1. As far as I know, the Polygon does not allow this.

[r_victory]

To answer what?
Everyone knows this is true but they all keep quiet because price of ethereum is going up so they don't care if fees are 200 or 300 dollars!
"The Internet of Money should not cost 5 cents per transaction." -Vitalik Buterin
https://www.youtube.com/watch?v=unMnAVAGIp0

If the fees continue to rise that way. Imagine how much we will have to pay for a transfer if one day the ETH reaches a value as high as the BTC (just a hypothesis). Whenever the price goes up the fees go up with it.

[Inagame]

If the fees continue to rise that way. Imagine how much we will have to pay for a transfer if one day the ETH reaches a value as high as the BTC (just a hypothesis). Whenever the price goes up the fees go up with it.

Yes, it's crazy unsustainable and it will be worse and worse in future.
Someone sent me a message that he had to pay over 0.19 ETH gas fee and that is almost $800... internet of scam money.

[Branko]

How about this?

https://decrypt.co/80222/more-ethereum-has-been-burned-than-minted-past-24-hours

[tbct_mt2]

How about this?

https://decrypt.co/80222/more-ethereum-has-been-burned-than-minted-past-24-hours

It will be one of reasons to bring a new FOMO wave to Ethereum.

Honestly, I see two opposite things from this record. The gas price is too high and the upgrade does not solve it for small Ethereum users. The expensive gas price and transaction fee contribute to high burned ETH and causes the deflationary day.

I don't know how it can happen if transaction fee is low. Will it be included in the algorithm of Ethereum? How long the deflation can last?

Does it only occur as side-effect of expensive transaction fee?

[Branko]

How about this?

https://decrypt.co/80222/more-ethereum-has-been-burned-than-minted-past-24-hours

It will be one of reasons to bring a new FOMO wave to Ethereum.

Honestly, I see two opposite things from this record. The gas price is too high and the upgrade does not solve it for small Ethereum users. The expensive gas price and transaction fee contribute to high burned ETH and causes the deflationary day.

I don't know how it can happen if transaction fee is low. Will it be included in the algorithm of Ethereum? How long the deflation can last?

Does it only occur as side-effect of expensive transaction fee?

I'm baffled, why we have so many layer 2 solutions for ETH; like OMG or MATIC, yet they seem underutilized,
while everyone is complaining about high fees

[Inagame]

I'm baffled, why we have so many layer 2 solutions for ETH; like OMG or MATIC, yet they seem underutilized,
while everyone is complaining about high fees

Because they are worse centralized shit solution, and if you like this high fees so much than enjoy them, it's internet of money  

[r_victory]

I'm baffled, why we have so many layer 2 solutions for ETH; like OMG or MATIC, yet they seem underutilized,
while everyone is complaining about high fees

I believe that in many cases they cannot opt for one or the other, for example, if you have ETH on an exchange, to withdraw you will have to pay the network fee, if you convert to another chain, you will have to pay the fee as well. Either way, you will have to pay for the transaction in ETH (Gas). I think most complaints refer to cases like this.

[tbct_mt2]

The current ETH emission rate is 1.9 ETH/ min. The Burn rate (24h) is 7.12 ETH/ min, (1h) is 6.79 ETH/min.
Source:
https://etherchain.org/burn

Since EIP-1559. Rewards: 443,292 ETH; Burned: 222,861 ETH
Source: https://watchtheburn.com/

If the burn rate maintains like that, total burned will overtake total rewards since EIP-1559. Is it what Vitalik team aim at, only create a deflationary era but transaction fee is still expensive.