The high cost of Ethereum gas has been a controversial topic since the network launched. The average gas price on the Ethereum network has risen from around $0.10 in early 2017 to highs of over $10.
00 in early 2018. The main reason for the increase in gas prices is the increasing popularity of the Ethereum network.
As the number of transactions on the network increases, so does the demand for gas. The price of gas is determined by supply and demand, just like any other commodity.
When demand is high and supply is limited, prices will increase.
So, how can you reduce the cost of Ethereum gas? There are a few ways:
1) Use a Gas Price Oracle: A Gas Price Oracle is a tool that allows you to see real-time gas prices across different networks. This way, you can choose to transact on the network with the Lowest gas prices.
2) Use a Gas Token: A Gas Token is a cryptocurrency that is pegged to the price of gas. By holding a Gas Token, you can avoid having to pay high gas prices when sending transactions on the Ethereum network.
3) Use an ERC20 Token: ERC20 tokens are tokens that are compliant with the Ethereum token standard. By using an ERC20 token, you can avoid paying high gas prices when sending transactions on the Ethereum network.
4) Use an ERC20 Exchange: An ERC20 exchange is an exchange that allows you to trade ERC20 tokens. By using an ERC20 exchange, you can avoid paying high gas prices when sending transactions on the Ethereum network.
The best way to reduce the cost of Ethereum gas is to use a combination of these methods. By using aGas Price Oracle, you can see which network has the Lowest gas prices.
Then, by using aGas Token or an ERC20 Token, you can avoid having to pay high gas prices when sending transactions on the Ethereum network.