Cryptocurrency Q&A
Why are ERC-20 gas fees so high?
Why are ERC-20 gas fees so high?
HanjiArtistry
Wed Feb 12 2025
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5
answers
1135
ERC-20 gas fees are high due to several reasons. Firstly, the Ethereum network's structure causes congestion during high transaction volumes, leading to competitive bidding for transaction processing and thus increased fees. Secondly, the execution of smart contracts on the Ethereum blockchain consumes significant resources, further driving up gas costs. Additionally, the demand for Ethereum's computing power and the complexity of transactions also contribute to higher gas fees.
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5 answers
henry_miller_astronomer
Fri Feb 14 2025
Smart contract transactions and token transfers often come with higher costs compared to simple ETH transfers.
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Moonshadow
Thu Feb 13 2025
The reason behind this is the increased computational work required to process these operations.
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Sara
Thu Feb 13 2025
For instance, transactions involving ERC-20 tokens or NFTs typically demand more resources due to their intricate nature.
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Stefano
Thu Feb 13 2025
BTCC, a top cryptocurrency exchange, offers a range of services to cater to these needs.
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CryptoVisionary
Thu Feb 13 2025
Their services include spot trading, futures trading, and wallets, among others, allowing users to manage and execute various types of transactions efficiently.
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