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Ethereum is the most popular network in crypto space. But using it can be expensive. If you want to send transactions via a virtual wallet, you have to pay fees, so-called gas fees. The costs fluctuate depending on the load on the network.
Under extreme loads, they have already reached prices of $6,000 per transaction. The Ethereum Gas Fees are settled in Gwei.
Below are three tricks you can use to avoid the high Ethereum Gas Fees and save a lot of money.
1) Adjust transaction speed
Those who use Ethereum’s most popular wallet MetaMask have several ways to save money. First of all, the speed of a transaction can be set: Slow, Average, Fast. The slower it is, the cheaper the price.
2) Set fees manually
If you really want to save money, check the Ethergasstation website to find out what the lowest permitted value for Slow is at the moment. This can be set manually in MetaMask for Slow. Do not fall below this value, otherwise your transaction will not be accepted by the network.
3) Use Gashawk for Ethereum
One last trick: the Service Gashawk. It recently launched and promises to cut transaction costs by another 20-30 percent. Usage is free. You can connect the service to your MetaMask wallet. Gashawk always automatically forwards transactions when fees are particularly low.
Ethereum gas fees are a source of criticism
Ethereum’s fee level is always a reason for fundamental criticism of the network. The reasons for the sometimes immense fees are the large number of smart contracts and, more recently, the hype surrounding NFTs. The large number of resulting transactions drives up the level of fees.
At the moment, the costs have dropped significantly compared to the peak in 2021, because the activity in the network has fallen sharply due to the bear market. The Ethereum Foundation is also working on several updates that should increase the speed of the network and bring costs down significantly. However, these are still a long way off.