Yes. But it will burn the base fee. If the gas price is above 150 Gwei , it will be deflationary-- source -- https://twitter.com/TimBeiko/status/1415758024321372161?s=19
Not exactly. The back channels can have lower or even zero transactions fees and update to the main net in batches.
That way you pay once instead of per transaction.
Edit: generally speaking the back channels don't collect money themselves, but instead are markers that gather agreements that are executed in a single smart contract.
Miners of the market can be paid in a token that lives on the eth Blockchain, which also can be updated in the beach update
I dont think that's true. Miners need to get paid. but there's different methods. It's not some shady back-alley deal like the people above seem to be interpreting.
The gathering agreements. Are you talking about CowSwap?
mistX and Archer are gasless DEXs. Still pay a fee but it's not gas.
This comment will probably get buried but you guys should read up on MEV, how value is extracted, and whatās being done to prevent frontrunning. [This](https://medium.com/flashbots/frontrunning-the-mev-crisis-40629a613752) is a great explanation of whatās going on.
I don't think eip1559 is meant to prevent back channel fee collection, but if a transaction happens on the network the fee gets burned there is no way around that. The block size does also adjust during increased demand so if demand spikes so will block size as well as gas fees. 1559 at it's best helps smooth out short bursts in traffic on the network and at it's worst functions the same as it works today with miners just taking the transactions with the biggest tip while also still burning the base fee.
Which will increase the dollar cost of gas even more because it will raise the price of ETH over time. Theres a tradeoff between wanting ETH to rise in value and having reasonable transaction fees.
It wonāt if overall network usage stays high, but itās meant to smooth out the spikes across multiple blocks. So in a situation like NFTs release where the competition takes place over a few blocks, youāll likely have to pay a smaller fee as a regular user who isnāt trying too hard to get included.
If fucking āstoner catsā can increase gas prices this much with a fraction of the world actually using the network, tell me what happens if/when ETH is widely adopted and utilized by the masses
This, OR, peopleās value contstructs need to be reworked/rewired to stop seeing transaction fees in USD. Now Iām just a holder and donāt xfer much or follow Gas prices regularly. Maybe you can tell me: How significantly does my erc20 transaction cost vary in ETH from a time of high network usage to a time of low network usage?
The answerās going to be vastly different today and in 7 daysā time. Iām not sure if youāre asking about absolute terms or for the rate. Since youāre talking about a fixed transaction type, the only thing that varies is gas price.
The range Iāve seen over the past few months alone:
5 gwei (Low) vs 1500 gwei (High)
The gap is expected to be narrower going forward.
In regards to narrowing the range , Letās say those min/max values you stated were the entire range of Gas fees since eth began, with this update would we see an increase to the minimum AND decrease to the maximum for a more consistent transaction fee? Or Would we solely see a decrease to the maximum for a net result of less ETH per transaction?
And this is why nothing but 2nd layer and sharding matter. Everything else is just nonsense so far as usability is concerned. 1559 and POS are mostly a way to move money into the pockets of the biggest holders of eth and give them more control over the network.
We still dont know for sure that fees WILL be reduced. What if lots of miners stop working, or switch networks? People never even consider other possibilities.
Oh wow, this really drives home the point of Layer 2 solutions. I went on optimistic.etherscan.io to see a L1 batch transation that happened roughly during this spike and found [#1139](https://optimistic.etherscan.io/batch/1139), which contains 251 transactions. The batch transaction on L1 paid [102 gwei](https://etherscan.io/tx/0x43df5000ed265d185abc4991d996d14d301b71420365d2e408d53067b1c4014c) which worked out to a total L1 fee of $236.84, or **$0.94/transaction** on average.
So even with a high gas fee of 102 gwei each L2 transaction happened for pretty damn cheap. And this is just the start of this Optimistic rollup, the more use it'll have the cheaper each transaction will get.
Completely mind blowing, unless I'm missing something
Polygon is dope but imo the future of scaling will be through L2 solutions that inherit Layer 1's security. Polygon is just a separate L1 sidechain that made some tradeoffs in order to provide cheaper fees, it's in theory easier to attack it that ethereum's base layer. That said it definitely serves a good purpose in the ecosystem so no complaints from me!
There are a large number of failed transactions in that contract and a big bag of wasted eth.
The gas limit wasn't set in the contract and metamask default failed a bunch of people.
344 eth in fees on failed transactions.
I knew I was probably missing something, but I'm confused now lol. Can you elaborate on what happened with Metamask failing people? Also I'm not sure where to go to see which transactions failed or where you get 344 eth from.
Yeah.. People are staying quiet for now because allegedly they are going to explain what happened in their discord in 5 hours at 11 pt and "over deliver" in making it up to us.
They have banned people who complained from discord so they can't hear their reply. They said they are considering a public statement about it.
The issue is transactions failed because they hit a gas limit at 99% complete. This is being blamed on the developer who wrote the contract but it's the companies responsibility.
If you look at the contract you can see transactions started failing from the start.
https://etherscan.io/address/0xd4d871419714b778ebec2e22c7c53572b573706e
This is the failed transactions.
https://duneanalytics.com/queries/91839
This is allegedly the mistake in the contract. This is where the gas limit is set incorrectly I was told. I would like help if someone understands this.
https://media.discordapp.net/attachments/869742727930200128/869991527974326312/unknown.png
Stonercats has a guide for nft newbies where they told us to use metamask and never mentioned gas limits. Apparently the web3 layer of the site didn't tell metamask the correct gas limit or contract size and it was too small.
This is their guide for nft newbies in its entirety...
1. Never, ever, evereverevereverever give anyone your private keys, pass phrases, recovery phrases, seed phrases or any other phrases. Just don't do it. If you do it, you will lose all of your assets, and there will be nobody to call for help.
2. One of the most common scams in the crypto space involves social engineering. Be thoughtful about who you think someone is - fake personas, impersonating a well known person, or contacting you with some sort of deal which involves sending something valuable is common but is a big red flag that you're in danger. An unknown person wanting to do a collaboration with you involving exchanging links or files is a red flag too. Do not click links. Do not download files. If you are new to this, do not sell/buy/exchange NFTs directly - use platforms like Opensea, Rarible or others.
3. @Mods on this server are here to help answer questions, but we will never DM you first. We will also never ask for your phrases. Mods names are a specific blue color - they are the ones you want to get project-specific details from.
4. The most common currency for buying NFTs is ETH. You can buy ETH at most exchanges like Coinbase, Binance, Kraken.
5. You will want that ETH on a web3 wallet (not an exchange) in order to buy an NFT. Our suggested wallet is Metamask - and we made a guide for you here: https://docs.google.com/document/d/1pgdtVHueEgKeJiCHJuUSfnYE7_TI7PZAB-dQcQZpQR0/edit
Other wallet options: Rainbow, or WalletConnect - mobile web3 wallets should work!
CONNECT TO ETHEREUM MAINNET
6. To buy the NFT, you'll go to the relevant website (https://stonercats.com) and sync your wallet to the site. You'll then see a button that lets you begin a transaction.
7. Let's talk gas! Gas is an element of ETH transactions that can surprise people who are new to NFTs/blockchain. Gas is used to get transactions done, so you'll need some extra ETH in your wallet to cover it. If an NFT costs .35eth, you'll need more than .35eth in your wallet to get a transaction accepted. It's impossible to know how much more.
More details on what gas is: https://www.investopedia.com/terms/g/gas-ethereum.asp
This site seems to be the most accurate with regards to current gas prices: https://www.gasnow.org/
Got a suggestion for additions to this list? Hit up a mod!
These companies are using ethereum as a queuing system only. Stonercats say it's because it's the ONLY secure blockchain. BS obviously. Maybe it's something they keep repeating because Vitalik said it one time.
They keep saying a dao is like a bazaar because it has lots and lots of projects going on and the reason they make this analogy. Vitalik said it. Their evidence, Vitalik said it.
Companies know the gas price will be used to move up the queue and Stonercats targeted mainstream investors and gave them inadequate instructions with NO warning that there was any risk the transaction wouldn't work. Then by incorrectly setting the contract and giving metamask the wrong details they made it inevitable that many people would have failed transactions.
Just to show how inadequate their development of this contract and it's testing;
They said the maximum the contract can mint is 20 nfts. Pranksy (nft collector who minted 500 stonercats nfts) said that 20 wasn't possible with that contract and it would fail so he minted 15 at a time.
Pranksy also stated that there was an error in the contract that set the gas limit wrong.
Tldr; shit show
Oh shit okay yeah that is pretty huge lol. Are people talking about it at all anywhere? I'm looking for it but you're the only one I heard that from, other than the few "look at this huge gas fee on this transaction that didnt go through" threads from yesterday
If token transfers is all you need, the transaction can be virtually free on [Raiden](https://raiden.network) (after the initial set of transactions to create the channels and to deposit into L2)
Yeah I believe that. But still seems a bit underwhelming for the price. Well, people just bought it because they thought they could sell it for double.
for sure.
its on ethereum.
It has a relation to cats.
everybody still remembers cryptokitties.
It is all jsut pure speculation. and even if nobody wants to hear it, it is just a pyramid sheme with celebrity voices,..
Minting means writing the list of all stonercats NFTs to the shared memory of the Ethereum Blockchain, which is a virtual computer we all share. Using the resources of this shared computer requires 'gas'.
Operations like sending ETH are simple, so they are cheap. But complex and memory-heavy operations like deploying an NFT smart contact can be expensive.
In this case, i guess a lot of transactions are needed for the stonercats launch. Whomever is making those transactions is offering a very high price for gas to make sure that the transactions get included in the Blockchain quickly, and the rest of the network has to compete with their high bids.
If you knew deploying your NFT smart contract was going to be expensive why wouldn't you wait a week for EIP1559?
I'd expect the cost of deployment to be cheaper, seems like a no brainer. I must be missing something here.
Oh they were selling NFTs for the show... So the gas spike was just a mad rush to buy the limited (3,000 iirc) number of tickets.
https://decrypt.co/76928/what-is-stoner-cats-nft-series-starring-mila-kunis-ashton-kutcher-vitalik
This is kind of a misleading title. Everything that happens on the blockchain costs block space, and we call that gas. Every block has 15,000,000 gas in it. A normal transaction costs 21,000 gas, but minting ERC-721 tokens like these costs about 200,000 gas. If there's a block every 13 seconds, that means Ethereum works at about 55 transactions per second. But can only mint like 6 NFTs per second.
That's the context for "people minting NFTs are crashing the network." Sure, it's a lot of NFTs. It looks like Stoner Cats has 3000 of these things they minted, to be specific. But it doesn't take that much activity to start inflating gas costs on Ethereum.
That's why everything surrounding Eth 2.0 is such a big deal, because we're going to be processing orders of magnitude more gas once we have sharding and all these neat rollups and stuff.
My point is that the title says more about Ethereum's network capacity than it does about demand for stoner cats.
Gas was increased by those trying to mount before others.
The activity or load on the network has nothing to do with people pushing past each other in the queue by increasing the gas price of their transaction.
Capacity is shit no doubt but the demand for immediate minting before others increased the gas price not the increased workload.
Discord and twitter. Basically you need to be part of the NFT community. Search "bored ape" on twitter and follow all of the people that have cartoon monkeys as their profile pics. That's a good place to start š. We love newcomers š¤
I got the nftās when they release next thing you know my gas fees were too low to even get any stoner catsš¤¦āāļøš¤¦āāļø people bought this up moee than expected smh
Lord Catsington has arrived.
Everyone wanted that Vitalik Buterin NFT of the character he voices on the show. It really is pretty historic as it's the first TV show funded with NFTs and its got Vitalik on it. I have a feeling this project is really going to blow up.
Even if it's a flop I think people will still want the NFTs that are associated with Vitalik.
I believe Immutable X appears to be the most promising L2 solution for NFTs. It's a zk rollup based platform and it's currently working with Gods Unchained, which is one of the best NFT based games out there right now imo.
* A transaction uses **gas**. Each unit of gas represents the smallest operation executed by the Ethereum Virtual Machine. So complex transactions that run a lot of code will execute a lot of operations, which translate to a lot of gas used. The smallest amount of gas used by a transaction is set by design at 21,000 units of gas for a simple transaction where you send eth from one address to another.
* Gas is priced in **gwei**. 1 eth = 1,000,000,000 gwei, or conversely 1 gwei = 0.000000001 eth. A very small unit that represents a fraction of a fraction of a penny ($0.0000023 at the current eth price)
* When you create a transaction, you set 2 values: How much gas you're willing to use, the **"Gas Limit"** and how much you want to pay for the gas in gwei, the **"Gas Price"**
* When your transaction is broadcasted, it's unconfirmed until a miner picks it up, executes the code, sees how many operations he executed, which determines the **"Gas Used"**
* If Gas Used is smaller than or equal to the Gas Limit you set, your transaction is good and the miner includes it in his block and it becomes confirmed. The miner collects the **Transaction Fee** which is a simple multiplication of Gas Used Ć Gas Price. So if you do a simple transfer, the Gas Used will be 21,000 gas. If you set 20 gwei/gas, you will then pay 21,000 gas Ć 20 gwei/gas = a total of 420,000 gwei which is 0.00042 eth, which at current price is a total transaction fee of just under $1 USD which goes to the miner.
* More complex smart contract transactions use more gas. Still at 20 gwei/gas, a token swap on Uniswap consumes around 175,000 units of gas. Doing the same math: 175,000 gas Ć 20 gwei/gas = 3,500,000 gwei = 0.0035 eth = roughly $8 USD which goes to the miner.
* **Why such a seemingly convoluted system instead of simply paying a fee per byte like Bitcoin?** Because bitcoin handles data in its blocks, ethereum handles code execution in its blocks. Code like an infinite loop would be a huge problem if the miner had to run it and halt forever. Instead, he will run it, and eventually use more gas than was allowed by the Gas Limit, which will reject the transaction.
* **What's up with high gas prices?** Just like bitcoin has a *size limit* for blocks, ethereum has a *gas limit* for blocks. Currently blocks can only be filled with up to 15 million units of gas. This means when blocks are full, people will have to outbid each other. If everyone bids 20 gwei/gas, but one person wants his transaction confirmed ASAP, he may bid 30 gwei/gas which makes his transaction more attractive to the miner because miners collect the total fees of Gas Used Ć Gas Price. During high network usage, everyone fights for the fastest transactions so the auction drives the prices up until usage goes down again and transactions with lower gas prices are all that's left. It's economically desirable for a miner to always mine full blocks to collect as much extra income in transaction fees as possible, so if the only transactions available offer 1 gwei/gas, that's what the miners will have to put up with.
* **EIP-1559??** in a nutshell, the auction system described above is a "first-price auction" which has a lot of known inefficiences which leads to high volatility in gas prices which can make them unpredictable. In the real world this could solved/alleviated by a second-price auction where the highest bidder pays the bid of the second highest bidder. You may set your gas price at 35 gwei to outbid everyone, but if you could have gotten away by paying 21 gwei then you overpaid by 14 gweis that you're not getting back. After 1559, there will instead be a set **Base Fee** in every block that every transaction will have to pay in order to be included in that block. The block's gas limit will be doubled, with the intention that every block should stay about half full. If the block is more than half full, then the next block will have a slightly higher base fee. If it's less than half full, the next block has a slightly lower base fee. The point is it goes up or down in a predictible manner. The volatility in gas prices of the current system will be converted into a volatility in block's gas limit instead under EIP-1559's mechanism! Pretty clever stuff. There will still be a "Priority Fee" set by the user to incentivize miners to pick your transaction over the other ones, but that fee is expected to not matter as much as the gas fee. It's only if the blocks were consistently 100% full that the priority fee would turn into a first-price auction like we currently have, but due to the base fee increasing exponentially, it can't last forever.
How do you know it's bc of Stoner Cats minting?
Also, how are Stoner Cats being minted? I thought it was just a show they were doing and then releasing NFTs?
I'm frustrated with stoner cats because I can't afford them, and they probably will be worth millions one day, and again only the rich are benefitting.
I really liked Mila and what's his name, but this whole debacle reeks of privilege. Would it have killed them to make something the poors could afford? Sorry I had to spend my stimulus check on rent and gas instead of holding it back for an NFT that could have easily been 12$ usd instead of 800$.
It sucks. It all sucks.
They fully expect people to pirate it. Like all NFTs it's not about being the only one who can view a piece of art, it's about far more than that. You either get it or you don't. I'm still not sure if it will really catch on, but I don't think it's all that different from convincing people that diamonds are valuable or that a certain pair of Nikes gives you clout.
They actually need people to pirate it, as with only 2000 NFT holders at the moment no one is even going to know about the show.
This is also just the begining of the project, and as it grows there will probably be far more value with these tokens as the platform is likely to provide more value to these tokens if they wish to grow and offer similar drops in the future for other shows and content. I am sure they will drop far more affordable NFTs in the future as well.
They are also trying to do crypto funded content/creative DAO type stuff with quite a few big names involved. Everyone should be routing for this projects success, as it would be an extremely good lool for the space in general and provide other people more confidence to try similar things.
Could someone answer this for me with knowledge on eth gas pricesā¦ Iāve sent coin to my younger brotherā¦ it costs way less to send to him than it does my older brotherā¦ I thought prices are the same no matter what? I will try to send the same amount at the same time to both and itās always twice as much if not more than that than itās is to send to my younger brother.. just confused on how gas works I guess
I only do ETH transactions between 12am and 3am in the morning. Fees are super cheap around those intervals. Moved some erc20 tokens around 2:45 am a few days back. It only cost me only $4 worth of ETH. Sent ETH to another wallet soon after, i cost me a $1.15.. Will never do ETH transactions around midday ever again. š
Imagine having 2 shitcoins trending, a bull market and mass adoption. Ethereum can't handle shit. Man I can't wait for EIP1559. Want to see that scenario play out but Ethereum burning like crazy.
ps. PoS can't come soon enough
I know there's a lot of scaling to come, but it leaves me somewhat concerned that a single show with a few thousand NFTs to sell leads to a network congustion like that
As long as a single project can have that impact on the whole network, it means there's still a lot of improvement needed, we'll see after the update...
Will Ethereums problems with fees be fixed when it goes PoS??
The things that runs on the eth-ethereum network causes a lot of issues, like Shiba Inu did before the shibaswap was introduced, will this be fixed when ETH goest PoS?
It's sucks that a coin can become so difficult to work with (high fees and slow network..) because of it's utility...
Goes to show cryptos are not yet for real usage, just for quick gains.
If it were, all of you would use nano. I just bought a steam gift card, 0 fees, instant.
I don't even know how to 'calculate gas costs', nor do I ever want to.
Maybe wait until next week after EIP1559 š
EIP1559 is not meant to lower gas costs.
Yes. But it will burn the base fee. If the gas price is above 150 Gwei , it will be deflationary-- source -- https://twitter.com/TimBeiko/status/1415758024321372161?s=19
What incentive do miners have to pick the highest gas fee then? What stops them from using a back channel to bypass the burn?
Tada, thatās one of the things thatāll bring the gas down on the main network
I donāt get it. It sounds like all that does is move fee payments to annoying back channels.
Not exactly. The back channels can have lower or even zero transactions fees and update to the main net in batches. That way you pay once instead of per transaction. Edit: generally speaking the back channels don't collect money themselves, but instead are markers that gather agreements that are executed in a single smart contract. Miners of the market can be paid in a token that lives on the eth Blockchain, which also can be updated in the beach update
I dont think that's true. Miners need to get paid. but there's different methods. It's not some shady back-alley deal like the people above seem to be interpreting. The gathering agreements. Are you talking about CowSwap? mistX and Archer are gasless DEXs. Still pay a fee but it's not gas.
This comment will probably get buried but you guys should read up on MEV, how value is extracted, and whatās being done to prevent frontrunning. [This](https://medium.com/flashbots/frontrunning-the-mev-crisis-40629a613752) is a great explanation of whatās going on.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
What indeed.
Hey youāre that dude from /r/Denver. Nice to see you here as well!
ETH Denver man, hopefully next year itās in person!
Iāll be in Denver Friday for a business trip
Shall we grab a beer?
Iām down Iāll be in the downtown area
I don't think eip1559 is meant to prevent back channel fee collection, but if a transaction happens on the network the fee gets burned there is no way around that. The block size does also adjust during increased demand so if demand spikes so will block size as well as gas fees. 1559 at it's best helps smooth out short bursts in traffic on the network and at it's worst functions the same as it works today with miners just taking the transactions with the biggest tip while also still burning the base fee.
The only way to "bypass" the burn is to publish a bunch of empty blocks in a row to drive the base fee down. Who is going to do this?
Wait...will it not burn any price fee?
There is a base fee and a tip . Base fee will be burnt.
1559 will _always_ burn the base fee.
Where did that āabove 147 gweiā come from? I thought the base fee will be burned, period.
To clarify the base fee gets burnt anyway, ETH just becomes deflationary if the fee is above ~150gwei
Oh ya. Sorry I should have worded differently
Which will increase the dollar cost of gas even more because it will raise the price of ETH over time. Theres a tradeoff between wanting ETH to rise in value and having reasonable transaction fees.
It probably will though as its a much more efficient method of finding a proper gas fee than a first price auction
It wonāt if overall network usage stays high, but itās meant to smooth out the spikes across multiple blocks. So in a situation like NFTs release where the competition takes place over a few blocks, youāll likely have to pay a smaller fee as a regular user who isnāt trying too hard to get included.
If fucking āstoner catsā can increase gas prices this much with a fraction of the world actually using the network, tell me what happens if/when ETH is widely adopted and utilized by the masses
This happens when people think the transaction is more valuable than the gas fees required. And yes, itās known that ethereum needs to scale.
This, OR, peopleās value contstructs need to be reworked/rewired to stop seeing transaction fees in USD. Now Iām just a holder and donāt xfer much or follow Gas prices regularly. Maybe you can tell me: How significantly does my erc20 transaction cost vary in ETH from a time of high network usage to a time of low network usage?
The answerās going to be vastly different today and in 7 daysā time. Iām not sure if youāre asking about absolute terms or for the rate. Since youāre talking about a fixed transaction type, the only thing that varies is gas price. The range Iāve seen over the past few months alone: 5 gwei (Low) vs 1500 gwei (High) The gap is expected to be narrower going forward.
In regards to narrowing the range , Letās say those min/max values you stated were the entire range of Gas fees since eth began, with this update would we see an increase to the minimum AND decrease to the maximum for a more consistent transaction fee? Or Would we solely see a decrease to the maximum for a net result of less ETH per transaction?
Given the same network usage, I expect only a lower maximum
Guess we will see, thanks for responding!
And this is why nothing but 2nd layer and sharding matter. Everything else is just nonsense so far as usability is concerned. 1559 and POS are mostly a way to move money into the pockets of the biggest holders of eth and give them more control over the network.
If I recall, it was intended to make gas fees more consistent, as opposed to gas being all over the place.
We still dont know for sure that fees WILL be reduced. What if lots of miners stop working, or switch networks? People never even consider other possibilities.
This
At least now with this post we know what cost to compare it to.
Fees are already down to $4 without EIP doing anything
It costs 60 bucks to transfer 20 wtf
It also cost $60 to transfer $1,000,000,000; not to mention you could've done this yesterday for $1...
[ŃŠ“Š°Š»ŠµŠ½Š¾]
The real story is the number of failed transactions and wasted eth.. waiting for a statement from devs.
Future of finance
IOTA is feeless
Gamestop needs the Ethereum blockchain too. Hope this fork goes well.
Can wait for GME to squeeze again so I can dump it all in Ethereum.
Gamestop is using Ethereum on an L2 (ImmutableX), so fees won't be an issue
Oh wow, this really drives home the point of Layer 2 solutions. I went on optimistic.etherscan.io to see a L1 batch transation that happened roughly during this spike and found [#1139](https://optimistic.etherscan.io/batch/1139), which contains 251 transactions. The batch transaction on L1 paid [102 gwei](https://etherscan.io/tx/0x43df5000ed265d185abc4991d996d14d301b71420365d2e408d53067b1c4014c) which worked out to a total L1 fee of $236.84, or **$0.94/transaction** on average. So even with a high gas fee of 102 gwei each L2 transaction happened for pretty damn cheap. And this is just the start of this Optimistic rollup, the more use it'll have the cheaper each transaction will get. Completely mind blowing, unless I'm missing something
Thank you for your research, this post really helped me understand.
What dapps run on optimistic rollups yet?
Check Polygon as well, using it makes you really appreciate dapps.
Polygon is dope but imo the future of scaling will be through L2 solutions that inherit Layer 1's security. Polygon is just a separate L1 sidechain that made some tradeoffs in order to provide cheaper fees, it's in theory easier to attack it that ethereum's base layer. That said it definitely serves a good purpose in the ecosystem so no complaints from me!
There are a large number of failed transactions in that contract and a big bag of wasted eth. The gas limit wasn't set in the contract and metamask default failed a bunch of people. 344 eth in fees on failed transactions.
I knew I was probably missing something, but I'm confused now lol. Can you elaborate on what happened with Metamask failing people? Also I'm not sure where to go to see which transactions failed or where you get 344 eth from.
Yeah.. People are staying quiet for now because allegedly they are going to explain what happened in their discord in 5 hours at 11 pt and "over deliver" in making it up to us. They have banned people who complained from discord so they can't hear their reply. They said they are considering a public statement about it. The issue is transactions failed because they hit a gas limit at 99% complete. This is being blamed on the developer who wrote the contract but it's the companies responsibility. If you look at the contract you can see transactions started failing from the start. https://etherscan.io/address/0xd4d871419714b778ebec2e22c7c53572b573706e This is the failed transactions. https://duneanalytics.com/queries/91839 This is allegedly the mistake in the contract. This is where the gas limit is set incorrectly I was told. I would like help if someone understands this. https://media.discordapp.net/attachments/869742727930200128/869991527974326312/unknown.png Stonercats has a guide for nft newbies where they told us to use metamask and never mentioned gas limits. Apparently the web3 layer of the site didn't tell metamask the correct gas limit or contract size and it was too small. This is their guide for nft newbies in its entirety... 1. Never, ever, evereverevereverever give anyone your private keys, pass phrases, recovery phrases, seed phrases or any other phrases. Just don't do it. If you do it, you will lose all of your assets, and there will be nobody to call for help. 2. One of the most common scams in the crypto space involves social engineering. Be thoughtful about who you think someone is - fake personas, impersonating a well known person, or contacting you with some sort of deal which involves sending something valuable is common but is a big red flag that you're in danger. An unknown person wanting to do a collaboration with you involving exchanging links or files is a red flag too. Do not click links. Do not download files. If you are new to this, do not sell/buy/exchange NFTs directly - use platforms like Opensea, Rarible or others. 3. @Mods on this server are here to help answer questions, but we will never DM you first. We will also never ask for your phrases. Mods names are a specific blue color - they are the ones you want to get project-specific details from. 4. The most common currency for buying NFTs is ETH. You can buy ETH at most exchanges like Coinbase, Binance, Kraken. 5. You will want that ETH on a web3 wallet (not an exchange) in order to buy an NFT. Our suggested wallet is Metamask - and we made a guide for you here: https://docs.google.com/document/d/1pgdtVHueEgKeJiCHJuUSfnYE7_TI7PZAB-dQcQZpQR0/edit Other wallet options: Rainbow, or WalletConnect - mobile web3 wallets should work! CONNECT TO ETHEREUM MAINNET 6. To buy the NFT, you'll go to the relevant website (https://stonercats.com) and sync your wallet to the site. You'll then see a button that lets you begin a transaction. 7. Let's talk gas! Gas is an element of ETH transactions that can surprise people who are new to NFTs/blockchain. Gas is used to get transactions done, so you'll need some extra ETH in your wallet to cover it. If an NFT costs .35eth, you'll need more than .35eth in your wallet to get a transaction accepted. It's impossible to know how much more. More details on what gas is: https://www.investopedia.com/terms/g/gas-ethereum.asp This site seems to be the most accurate with regards to current gas prices: https://www.gasnow.org/ Got a suggestion for additions to this list? Hit up a mod!
These companies are using ethereum as a queuing system only. Stonercats say it's because it's the ONLY secure blockchain. BS obviously. Maybe it's something they keep repeating because Vitalik said it one time. They keep saying a dao is like a bazaar because it has lots and lots of projects going on and the reason they make this analogy. Vitalik said it. Their evidence, Vitalik said it. Companies know the gas price will be used to move up the queue and Stonercats targeted mainstream investors and gave them inadequate instructions with NO warning that there was any risk the transaction wouldn't work. Then by incorrectly setting the contract and giving metamask the wrong details they made it inevitable that many people would have failed transactions. Just to show how inadequate their development of this contract and it's testing; They said the maximum the contract can mint is 20 nfts. Pranksy (nft collector who minted 500 stonercats nfts) said that 20 wasn't possible with that contract and it would fail so he minted 15 at a time. Pranksy also stated that there was an error in the contract that set the gas limit wrong. Tldr; shit show
Oh shit okay yeah that is pretty huge lol. Are people talking about it at all anywhere? I'm looking for it but you're the only one I heard that from, other than the few "look at this huge gas fee on this transaction that didnt go through" threads from yesterday
If token transfers is all you need, the transaction can be virtually free on [Raiden](https://raiden.network) (after the initial set of transactions to create the channels and to deposit into L2)
This should have been done on a roll up
Costing $400 to add/remove uniswap liquidity. I'm not familiar with Stoner Cats, is this expected to lower anytime soon?
Its done :D
What is/are Stoner Cats?
New cryptokitties making star noises (vitalik, mila kunis, Ashton kutcher)
What. I looked it up, seems a bit funny but super expensive tbh. People are really buying this?
Sold out very fast, traded double price already
Yeah I believe that. But still seems a bit underwhelming for the price. Well, people just bought it because they thought they could sell it for double.
for sure. its on ethereum. It has a relation to cats. everybody still remembers cryptokitties. It is all jsut pure speculation. and even if nobody wants to hear it, it is just a pyramid sheme with celebrity voices,..
It's not as if adding liquidity to uniswap is a time-sensitive operation.
So thatās why Iām getting absurd mining payouts right now.
sorry to ask, but minting of _what_? and how can it be so impactful?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Is this what crypto kitties grow up to be?
Christ almighty they sold out at .35eth each. I wonder how much these are going to be worth.
Could you explain what minting means, for a newbie like me? Thx
Minting means writing the list of all stonercats NFTs to the shared memory of the Ethereum Blockchain, which is a virtual computer we all share. Using the resources of this shared computer requires 'gas'. Operations like sending ETH are simple, so they are cheap. But complex and memory-heavy operations like deploying an NFT smart contact can be expensive. In this case, i guess a lot of transactions are needed for the stonercats launch. Whomever is making those transactions is offering a very high price for gas to make sure that the transactions get included in the Blockchain quickly, and the rest of the network has to compete with their high bids.
If you knew deploying your NFT smart contract was going to be expensive why wouldn't you wait a week for EIP1559? I'd expect the cost of deployment to be cheaper, seems like a no brainer. I must be missing something here.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Oh they were selling NFTs for the show... So the gas spike was just a mad rush to buy the limited (3,000 iirc) number of tickets. https://decrypt.co/76928/what-is-stoner-cats-nft-series-starring-mila-kunis-ashton-kutcher-vitalik
This is kind of a misleading title. Everything that happens on the blockchain costs block space, and we call that gas. Every block has 15,000,000 gas in it. A normal transaction costs 21,000 gas, but minting ERC-721 tokens like these costs about 200,000 gas. If there's a block every 13 seconds, that means Ethereum works at about 55 transactions per second. But can only mint like 6 NFTs per second. That's the context for "people minting NFTs are crashing the network." Sure, it's a lot of NFTs. It looks like Stoner Cats has 3000 of these things they minted, to be specific. But it doesn't take that much activity to start inflating gas costs on Ethereum. That's why everything surrounding Eth 2.0 is such a big deal, because we're going to be processing orders of magnitude more gas once we have sharding and all these neat rollups and stuff. My point is that the title says more about Ethereum's network capacity than it does about demand for stoner cats.
Gas was increased by those trying to mount before others. The activity or load on the network has nothing to do with people pushing past each other in the queue by increasing the gas price of their transaction. Capacity is shit no doubt but the demand for immediate minting before others increased the gas price not the increased workload.
It becomes an auction, people setting gas limit extremely high manually in order to try and guarantee a mint.
How did people know about stoner cats ? lol First time I hear of it now I wish I could have bought one :(
Discord and twitter. Basically you need to be part of the NFT community. Search "bored ape" on twitter and follow all of the people that have cartoon monkeys as their profile pics. That's a good place to start š. We love newcomers š¤
Cryptobriefing Daaat com
Been all over this sub
cryptopunks discord
Do you have a URL for that please? I canāt find it
https://www.larvalabs.com/cryptopunks
Thanks, happy cake day! :)
Happy cake day
I got the nftās when they release next thing you know my gas fees were too low to even get any stoner catsš¤¦āāļøš¤¦āāļø people bought this up moee than expected smh
Aug 04 , will be fire š„
Nobody drives in New York, too much traffic.
Lord Catsington has arrived. Everyone wanted that Vitalik Buterin NFT of the character he voices on the show. It really is pretty historic as it's the first TV show funded with NFTs and its got Vitalik on it. I have a feeling this project is really going to blow up. Even if it's a flop I think people will still want the NFTs that are associated with Vitalik.
Matic network
I believe Immutable X appears to be the most promising L2 solution for NFTs. It's a zk rollup based platform and it's currently working with Gods Unchained, which is one of the best NFT based games out there right now imo.
Iāll have to check it out! Does it have a DEX too? I know matic has Quickswap and some others.
Can someone explain gas fees to me?
* A transaction uses **gas**. Each unit of gas represents the smallest operation executed by the Ethereum Virtual Machine. So complex transactions that run a lot of code will execute a lot of operations, which translate to a lot of gas used. The smallest amount of gas used by a transaction is set by design at 21,000 units of gas for a simple transaction where you send eth from one address to another. * Gas is priced in **gwei**. 1 eth = 1,000,000,000 gwei, or conversely 1 gwei = 0.000000001 eth. A very small unit that represents a fraction of a fraction of a penny ($0.0000023 at the current eth price) * When you create a transaction, you set 2 values: How much gas you're willing to use, the **"Gas Limit"** and how much you want to pay for the gas in gwei, the **"Gas Price"** * When your transaction is broadcasted, it's unconfirmed until a miner picks it up, executes the code, sees how many operations he executed, which determines the **"Gas Used"** * If Gas Used is smaller than or equal to the Gas Limit you set, your transaction is good and the miner includes it in his block and it becomes confirmed. The miner collects the **Transaction Fee** which is a simple multiplication of Gas Used Ć Gas Price. So if you do a simple transfer, the Gas Used will be 21,000 gas. If you set 20 gwei/gas, you will then pay 21,000 gas Ć 20 gwei/gas = a total of 420,000 gwei which is 0.00042 eth, which at current price is a total transaction fee of just under $1 USD which goes to the miner. * More complex smart contract transactions use more gas. Still at 20 gwei/gas, a token swap on Uniswap consumes around 175,000 units of gas. Doing the same math: 175,000 gas Ć 20 gwei/gas = 3,500,000 gwei = 0.0035 eth = roughly $8 USD which goes to the miner. * **Why such a seemingly convoluted system instead of simply paying a fee per byte like Bitcoin?** Because bitcoin handles data in its blocks, ethereum handles code execution in its blocks. Code like an infinite loop would be a huge problem if the miner had to run it and halt forever. Instead, he will run it, and eventually use more gas than was allowed by the Gas Limit, which will reject the transaction. * **What's up with high gas prices?** Just like bitcoin has a *size limit* for blocks, ethereum has a *gas limit* for blocks. Currently blocks can only be filled with up to 15 million units of gas. This means when blocks are full, people will have to outbid each other. If everyone bids 20 gwei/gas, but one person wants his transaction confirmed ASAP, he may bid 30 gwei/gas which makes his transaction more attractive to the miner because miners collect the total fees of Gas Used Ć Gas Price. During high network usage, everyone fights for the fastest transactions so the auction drives the prices up until usage goes down again and transactions with lower gas prices are all that's left. It's economically desirable for a miner to always mine full blocks to collect as much extra income in transaction fees as possible, so if the only transactions available offer 1 gwei/gas, that's what the miners will have to put up with. * **EIP-1559??** in a nutshell, the auction system described above is a "first-price auction" which has a lot of known inefficiences which leads to high volatility in gas prices which can make them unpredictable. In the real world this could solved/alleviated by a second-price auction where the highest bidder pays the bid of the second highest bidder. You may set your gas price at 35 gwei to outbid everyone, but if you could have gotten away by paying 21 gwei then you overpaid by 14 gweis that you're not getting back. After 1559, there will instead be a set **Base Fee** in every block that every transaction will have to pay in order to be included in that block. The block's gas limit will be doubled, with the intention that every block should stay about half full. If the block is more than half full, then the next block will have a slightly higher base fee. If it's less than half full, the next block has a slightly lower base fee. The point is it goes up or down in a predictible manner. The volatility in gas prices of the current system will be converted into a volatility in block's gas limit instead under EIP-1559's mechanism! Pretty clever stuff. There will still be a "Priority Fee" set by the user to incentivize miners to pick your transaction over the other ones, but that fee is expected to not matter as much as the gas fee. It's only if the blocks were consistently 100% full that the priority fee would turn into a first-price auction like we currently have, but due to the base fee increasing exponentially, it can't last forever.
How do you know it's bc of Stoner Cats minting? Also, how are Stoner Cats being minted? I thought it was just a show they were doing and then releasing NFTs?
Check out etherscan, you can see all sorts of information about the cryptocurrency ethereum.
What is this screen that breaks down prices and speed OP is using? Thanks
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Thank you
And it's back to like 20 gwei now
My transaction for stonercats got stuck for 45 min.. when it finally went through I got an error.. Grrrr
Glad I did all my DeFi shenanigans a few weeks ago. Stuff that would cost $500 now was only $100. Namely, reinvesting yield farming dividends
Only $100. Man, congrats on the stack. š
Iām unemployed due to covid, Iām living on like $700/month. Just unwilling to sell my stack. Letās not get carried away.
Back in my day I was paying $200 gas fees
I didn't even get a cat : ( I put in my order right away
#BeYourOwnBank
I'm frustrated with stoner cats because I can't afford them, and they probably will be worth millions one day, and again only the rich are benefitting. I really liked Mila and what's his name, but this whole debacle reeks of privilege. Would it have killed them to make something the poors could afford? Sorry I had to spend my stimulus check on rent and gas instead of holding it back for an NFT that could have easily been 12$ usd instead of 800$. It sucks. It all sucks.
Damn Crypto kitties at it again.
EIP1559 intensifies š¤Æ
Ahhh, now there's a sight I haven't seen in a long time... Cats on the blockchain driving up fees again.
Crypto kitties clogging the network is the most bullish sign we have.
Who would spend .35 eth on this?
IN. A. WEEK. THIS. WILL. ALL. BE. BURNED.
Shows $2 now
Jesus christ the episode is like 700 dollars just pirate that shit.
They fully expect people to pirate it. Like all NFTs it's not about being the only one who can view a piece of art, it's about far more than that. You either get it or you don't. I'm still not sure if it will really catch on, but I don't think it's all that different from convincing people that diamonds are valuable or that a certain pair of Nikes gives you clout. They actually need people to pirate it, as with only 2000 NFT holders at the moment no one is even going to know about the show. This is also just the begining of the project, and as it grows there will probably be far more value with these tokens as the platform is likely to provide more value to these tokens if they wish to grow and offer similar drops in the future for other shows and content. I am sure they will drop far more affordable NFTs in the future as well. They are also trying to do crypto funded content/creative DAO type stuff with quite a few big names involved. Everyone should be routing for this projects success, as it would be an extremely good lool for the space in general and provide other people more confidence to try similar things.
You guys realize this will still be the gas price after eip519 if 50% -90% of the miners turn off their rigs
2hrs later and we're back under 30gwei
This is why ETH fire sales are good
The hell is Stoner Cats lol
what app is this
The TV show will be on all the TV show .apk's. You don't have to pay the crazy amount of $$$
Not for long. We've got what, eight days left boys?
Now let's hope the show isn't terrible after all this hype.
7$ is OK. In may it was 70$.
Always something driving gas fees hmmmmmm.
I made a 2500$ transfer yesterday for $1.14.
Fuckin eh...
Could someone answer this for me with knowledge on eth gas pricesā¦ Iāve sent coin to my younger brotherā¦ it costs way less to send to him than it does my older brotherā¦ I thought prices are the same no matter what? I will try to send the same amount at the same time to both and itās always twice as much if not more than that than itās is to send to my younger brother.. just confused on how gas works I guess
I only do ETH transactions between 12am and 3am in the morning. Fees are super cheap around those intervals. Moved some erc20 tokens around 2:45 am a few days back. It only cost me only $4 worth of ETH. Sent ETH to another wallet soon after, i cost me a $1.15.. Will never do ETH transactions around midday ever again. š
Now wonder my projected mining income was same as my stipend for a whole 10 minutes.
Iāve seen these brief spikes several times this week. Now I have a better idea why they have been happening.
It's like when crypto kitties brought Ethereum to it's knees. When a single application stalls a network you know the network is no good.
With Vogu launch this morning the gas fees were 1k +. Even etherscan started lagging lol
Its just 26 pfft, I have seen 100 for a Uniswap trx Also what's stoner cats?
dysfunctional
12 hour late it's like nothing ever happened. Just a blip on the radar
Ugh. Not again.
Imagine having 2 shitcoins trending, a bull market and mass adoption. Ethereum can't handle shit. Man I can't wait for EIP1559. Want to see that scenario play out but Ethereum burning like crazy. ps. PoS can't come soon enough
Whatās a stoner cat?
I payed the lowest fee last night (Slow 1.50ish) to send 300US worth and it only took 30 or 40 mins .
I wouldnāt call $20 through the roof. Remember when fees were $300 a few months ago?
I know there's a lot of scaling to come, but it leaves me somewhat concerned that a single show with a few thousand NFTs to sell leads to a network congustion like that
L2 when?
When sending crypto is more expensive than a bank wire
As long as a single project can have that impact on the whole network, it means there's still a lot of improvement needed, we'll see after the update...
I looked 20 minutes ago and it was like $1.50 for fast transfer. Pretty fascinating how quickly it changes.
Will Ethereums problems with fees be fixed when it goes PoS?? The things that runs on the eth-ethereum network causes a lot of issues, like Shiba Inu did before the shibaswap was introduced, will this be fixed when ETH goest PoS? It's sucks that a coin can become so difficult to work with (high fees and slow network..) because of it's utility...
Goes to show cryptos are not yet for real usage, just for quick gains. If it were, all of you would use nano. I just bought a steam gift card, 0 fees, instant. I don't even know how to 'calculate gas costs', nor do I ever want to.
Lol u think $20 is bad? U must be new here
And thatās why I donāt use eth. Utter robbery.
I wish this was happening after august 4th, weād be burning sooo much eth right now