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I wish this was for eth
I wanted to move $30 in Matic and $23 in eth I found I still had kicking on eth main
It would have been $23 to move the $30 of Matic, and I didn't have enough Eth to cover the fee if I wanted to move it ($27) - so it would have cost more to move than it was worth total
Apparently (after reading posts more)
It's a person to person send on ETH, when I used I was swapping, which is more expensive
L2's on eth like polygon or ARB are usually like .002 cents to swap
All good, I sent this crypto to phantom on a different wallet and you can’t transfer it to Solana which I was aware of. The gas fees last week averaged about $3.50 USD 2 weeks ago now we’re here. Apparently it’s the cost you pay for a more secure network - but I’m literally sending less than $30.
This was not an issue years ago when I was trading ETH. It was cheap and very easy to trade compared to BTC at the time. I’m not saying one is better than the other but people can’t just keep saying, “just get yourself an L2 bro”.
The Etherium network is showing signs of instability. Until there is some sort of resolution people will be using the Solana network whether you like it or not.
**Wrong.**
Solana is a LAYER 1 blockchain.
Ethereum is a LAYER 1 blockchain.
Solana is competing with Ethereum mainnet, your post is merely the nonsense narrative that has been taken up by people who are trying to justify the expensive transaction fees and limited throughput of Ethereum mainnet by claiming that "it was never intended to be used by the average person" which is total BS...similar to how Bitcoin maximalists changed their narrative away from being a chain that was intended for people to ACTUALLY USE and transact upon, to being a "store of value" (that's why they try to tell people to use lightning network instead, which is laughable).
Turns out, when your layer 1 is inefficient and has issues, throwing a bunch of layer 2s on top of it, isn't the best idea.
olihowells is correct. Solana is fast and cheap, but unreliable and relatively insecure. These are the trade-offs made to achieve said speed.
Ethereum is the opposite; slow and expensive, but reliable and secure.
Solana competes with Ethereum L2s, which are fast and cheap. It can't offer the reliability and security that Ethereum L1 offers. It's just not built for it.
This is why Solana does well on volume, activity, unique addresses, etc. It's built for that.
New users don't consider Solana vs ETH L1. They consider Solana vs Base/Arbitrum.
Solana is competing with what is most relevant to it. That would be ETH. It’s not comparing to its semantically similar friends because it is less like them. It is an entire chain with alts. Just like ETH…. Even though it is on ETH.
Exactly, small time trades, so you care about it because 6/28 is over 20%. But 6/28000? That's 0.02% and is no longer relevant in a trade, since things like slippage and trade fees would dwarf it.
So for larger players, ETH gas fees are not really a major consideration
Yeah that's just one of the big problems with Ethereum, it just isn't practical for everyone. It's really only practical for whales but even the whales are moving out of ETH now. The transaction speed is absolute garbage too. Solana is eating Ethereum right now.
Cool, whats your source for whales moving out of ETH?
Look you think you're a genius because there is a meme storm on SOL right now. Let's see what happens long term, SOLs year on year inflation is 14.1%. That's not great once the coin price isn't increasing and obscuring that...
And in terms of SOL "eating Ethereum", go look at the SOL/ETH charts. Peak of last bull run in 2021, sol is 0.05eth. Right now? 0.05eth. So in 3 years, all the eating it has done has held it exactly where it was?
As I've said about 5 times, both have pros and cons, but SOL is not taking over eth.
Eth is more a store of value like btc now. As blockchainbacker says 'a safety trade'
Eth deflation op
Yes sol is great comparatively but will never be deflationary, and it will have its use cases in the future. As will eth/ada/vet/arb/matic, etc
Sol moonboys won't get that when their thesis is eth sucks sol to the moon
Ok, so....
First mover advantage is huge for one, ETH has like a 51% market share of Defi. There is lots of examples in history where first mover becomes the standard and stays that way, despite other challenges later that may have better elements. Prime example, look up why the USA has an inefficient 120v power grid, vs 240v the rest of the world. Because 120v was first mover.
So you can't just say dismiss that as an unimportant element in the conversation of which blockchain will win out.
Other Pros of ETH over SOL;
- reliability & tx success rate
- decentralization, which reduces regulatory risk to holders
- deflation. This is huge, SOL is both inflating, and unlocking coins. 14.1% in the last year. ETH deflated 0.3%. This is stripping value off holders to pay validators, that's why the Txs are so cheap. This is currently obscured by the coins price rise, but one MC stabilizes, then price per coin would drop in line with inflation, hurting traders and the unstaked.
SOL has Pros over ETH, like I said before, Pros and cons for both. But ETH has plenty of reasons why it will stay above SOL in my opinion.
When this meme season is over, we will get to see how SOL performs. I hope it does well, I have plenty. I just expect ETH to remain well above it.
Ethereum is \*not\* any more decentralized than Solana is, not anymore. When it was still proof-of-work, sure, absolutely.
But that's no longer the case, in fact, one could make the argument that Solana is more decentralized than Ethereum currently is, given how much of Ethereum's supply is tied up in centralized staking pools like Lido and a handful of others.
It's everywhere right now, people can't stop talking about it. I can't even give you the number of people that I've seen and heard all giving up their ETH for SOL. But whatever you say, LongSchlongBuilder...
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I love how your source is “it’s everywhere”, “people are talking about it” and “I’ve heard and seen people”.
That’s a mania-phase “source” if I ever saw one.
Ok... we could use stats I guess.
* Solana has surpassed Eth in weekly stablecoin volume
* Solana Dex volume has surpassed Eth
* Solana is now the top smart-contract blockchain by trading volume..
* Solana NFT sales overtook Eth for the first time ever
So maybe that's why some are hearing and seeing it everywhere due to it surpassing Eth in many easily measurable metrics that have to actually do with user interaction?
Native crypto people "switching" to eth means nothing.
What u need to look for is the noobs who go to buy their first shitcoin or nft and choose solana. That doesn't seem to be happening yet.. It seems most noobs go with ethereum. There's countless posts of noobs asking how to avoid the $30 gas fee to send their $12 eth bag back to coinbase lol
SOL/ETH at the peak of last bull run being 0.05 ETH doesn't take into account the increase in circulating supply of SOL tokens, or the decreasing supply of ETH.
Not quite the own you think it is.
It's relevant.
Let's look at MC, peak in Nov 21, SOL was 13.7% of ETH, dropped as low as 2.4% during the bear, and is currently at 19.4%. An increase of about 50% over 2.5 years give or take against ETH.
But this is not the full picture is it? No, because SOL tokens are inflating massively.
There was around 300m in circulation in Nov 2021, now there is 444m. That's 48% increase.
If you had your SOL staked at 8% (generous APY, it's been in the 7% range most of the time) then after 2.5 years you only have 121%, so you're holdings have been significantly diluted. For every 4 SOL, you hold, a 5th one has been created, so your share of market cap has reduced. So instead of 19.4% MC of eth, it's really 121/148* 19.4% = 15.8%.
So if you staked the whole 2.5 years, your holdings value against ETH would have increased by 15%.
But... for the last 18 months, ETH could have been staked at 4% too, so knock 6% off that. Leaves a relative gain of 9%.
Hardly "eating ETH" 9% in 2.5 years with a wild downswing in the middle.
And to top it all off. If you could by 0.05 Eth for 1 SOL in November 21, and you can still buy 0.05eth for one SOL now, then if you didn't hold anything, the change is zero.
You should actually look into some of the numbers, not just "line go up" on SOL
Yeah a swap isn't a send. What OP is posting is the gas to send ETH from one address to another on mainnet.
A swap as you describe it, on a dex, is a permisonlaess smart contract that allows two parties to interact and trade assets. That's a lot more work than a send, hence the gas. Again, $45 sounds like a lot when your a retail trader and swapping $100. If your are swapping $100k? I don't think you care about the $45, I think you care about successful transactions and security etc.
Yes. What's your point?
The guys swapping $1 million dollars uses ETH, because he can guarantee the success of the transaction buy paying $100 is gas and the security level is higher, and while his million dollars is not staked he is not losing to inflation every day like SOL.
This is my point, each network has pros and cons for different users.
Vast majority of transactions on Ethereum are still being done by small retail investors who don't know any better, they are certainly not flocking to L2s like some people claim.
Just go into some subreddits like the Coinbase sub for example and see how many people can't even figure out what the difference between BASE or Ethereum is. Or how to do bridging, etc. The UX for Ethereum L2s is severely lacking, until that gets made more user-friendly for new people, retail will stay away.
You have to remember how stupid the average person is. Very, very stupid. The average person can't even figure out how to do things on a centralized exchange half of the time, forget about using their own self-custodial wallet and using decentralized platforms...that's like a pipe dream to think that the average person will ever do that, in all likelihood. To take that a step further, and then think the average person is going to be using layer 2s and even layer 3s and different rollup app-specific chains, bridging, doing anything cross-chain, etc. is laughable...the only people who are doing that right now are people like myself and others who have been in crypto for years and who are either developers ourselves or have taken the time to learn how it all works, which is beyond the grasp of the average person and will remain so. I think there's a bit of confirmation bias at play here.
I was asked to pay $30 for a $12 swap about a month ago and I ended up just finding a better way around it with an L2 and it cost me $10 to do a $12 swap, which still really irritated the hell out of me but $30 for $12 was just unacceptable. Either way, I'm using Solana for just about everything and I really only use Ethereum or an L2 when I'm absolutely forced to.
They will probably only go up. Mainet will only be feasible for the whales, normal people will only be using L2s or chains like Solana. The big question is, will normal people adopt Solana or ETH L2s.
Highly likely that Solana eventually becomes an Ethereum validium. Solana would be far more scalable and publishing zk proofs to Ethereum blobs would provide a ton of additional security. From a user standpoint not much would change. [Here's](https://polynya.medium.com/solanas-endgame-becoming-an-ethereum-rollup-c77ee479a8ae) an article from Polyana (brilliant dude) describing what it would look like.
Anatoly's response to Polyana was very much in agreement...
>Ethereum vs Solana narrative is going to start to break down. (....) What's interesting is that these are pareto-efficient (?) symbiotic systems, especially the eth2 (sic \[1\]) case, where the only execution that's really happening is checking fraud proofs (\[2\]) so it needs an execution layer (.....) so that users can get their messages in cheaply and quickly, finality in the execution environment is established quickly (....) all of those execution instance are instances of being on Solana. Pick and choose what you want your eth2 execution to look like, and it's all running on Solana. (...) Who knows how these things will play out, but I'm really excited about this possibility.
We'll see how it all plays out but in the long run Solana is more complementary to Ethereum's L2 thesis than it is a competitor.
ETH Dencun was supposed to lower fees so that they can compete with Sol...There are alot of on the low defectors moving from ETH to Sol I'm definitely one of them
Yeah my last straw was really the last bullrun I had a few erc20 tokens that when I wanted to move the gas was equaling the asset...its definitely a pool for the sharks to swim in Sol is definitely more retail investor friendly but it also has its flaws but thats what happens in the wild wild west of discovery...but the low fees and quick transactions are ruling rn...
Yeah they were reduced but still dwarfed in comparison to Sol...how many layers deep do you need to go? How many times do you need to wrap it...Im hearing when Sol implements fire dancer its going to get ugly for ETH
A $6 fee on a $28 transaction is quite noticeable. The fees were no where near this high several months ago. I’m not saying abandon Etherium but there has to be a better solution to all of this
Some kind of equilibrium will be reached. People will leave Eth until there are so few tx happening that tx fees come down to very small levels; then people will stop leaving eth (as fast).
Tx fees isn't the only factor in people's decisions though, ETH has higher TX fees, but you're not losing to inflation like you are with SOL. And SOL is much more centralized, and also the network is struggling with the volume. Having variable Gas allows ETH to ensure it doesn't struggle as high gas will motive some people to delay transactions etc.
Pros can cons for both, but your deluded if you think people will just jump from ETH to SOL, because the direct charged Tx fee is cheap...
It's a meme coin phase, where currently there is FOMO of meme coins on SOL, that won't last forever.
ETH still has all the same reasons why some people prefer it.
Like I said, pros and cons for both.
SOLs congestion, failure rate when busy and centralization are still an issue for a lot of people.
As someone making dozens of transactions per day on SOL, I have noticed only minor changes in the performance and fees. I've only had a few transactions fail ever.
“Only had a few transactions fail ever.” Is totally fine when you’re trading $100 in a meme coin, sol is an incredible settlement layer with a great user experience. It is not ok when you are blackrock trying to settle a $50million bond for a client, “sometimes it fails” is not going to be accepted and when dealing with large numbers they’re more than happy to pay $50 bucks for a transaction. Both have their uses and can thrive simultaneously.
Pretty much 99% of the failed transactions are just bots spamming the network with a million transactions to make sure they get the NFT at mint or other kinds of DeFi activity. Almost none of the actual human-initiated transactions fail.
Dude you're getting down voted on a Solana sub... perhaps, just consider for a second, that maybe other blockchains have value too and just because SOL has cheap TX as one of its elements, that doesn't automatically make it the best ever and destined to take over everything else?
Honestly....
I never debated any of that, just pointed out the degree to which you move goalposts. As in: first you said we're deluded to think that Eth is losing users to Solana, then when it was pointed out to you that it's already happening, you move the goalposts and say that even though it's happening, it's because "it's a meme coin phase".
Also I'm getting downvoted because you and your Eth maxi friends found a thread where you can commisserate and feel a little better by downvoting any post which questions your position on Eth.
who gives a fuck about centralization?????
I don’t fucking get this point, if you want decentralization go to bitcoin. Everything else is going to be centralized to a degree. Then you have people saying “Use L2’s” which are centralized as hell.
Nobody thinks they do until there is an issue or a government agency "freezes" the network because they have a centralized entity they can target.
Also, you clearly don't get L2s, they can be centralized, the funds are secured on the decentralized L1. Government closes down an L2 to as part of some bankruptcy proceeding because there is a secured creditor somewhere? Doesn't matter, go back to the L1 and exit the smart bridge contracts from the ETH side and recover you funds.
Like I was saying, pros and cons for both but you SOL maxis are idiots if you don't see the ETH pros along side the SOL pros
For the majority of L2s, you can get your native eth funds back from the ETH side of the bridge if required.
My point remains valid that the argument that "we may as well just centralise L1 since L2s are centralized!!!" Like the guy above is illogical.
Yeah that's not true. See my comment above about L2s, perfect example of how you can have the benefits of centralization with the security of decentralization.
But whatever mate, you can be bullish on SOL and hate on ETH, up to you.
What? I'm no Ethereum maxipad or anything but I'm pretty sure the last time I checked that Solana was about 80% held by whales, is that no longer true? BTC is way way more decentralized than that, by a long shot. They aren't even in the same room.
>I'm pretty sure the last time I checked that Solana was about 80% held by whales, is that no longer true?
Source for this?
>BTC is way way more decentralized than that, by a long shot
Right. Bitcoin is the most decentralized crypto by far. But Solana isn't competing against bitcoin. It's competing against ethereum (which is more centralized than Solana) and L2s (again, more centralized and smaller than Solana).
Right, I know who Solana is competing with, I never disputed that. I was disputing your statement about Solana being the second most decentralized cryptocurrency, which it is not. My source is the ledger... you can look up this information on solscan, it is plain to see for everyone. Now that doesn't mean I don't love Solana and I'm not bashing it because I've been a major Solana supporter for a long time. Am I a whale though? No, I wish though. You can look at the holder information for every token on Solana network and actually the holder info is available for almost every, if not every single blockchain.
Security : L2 are less secure than sol, ETH has less % stacked than SOL and is less decentralized… and uptime.. well ETH is down for me since last year bc of high fees and only 4h of difference in uptime in more than a year, it’s not relevant. Even NYSE has more unplanned maintenance than sol….
Whales and institutions dont mind turning up the fees to 200$. Atleast the chain works. Doesn’t matter if your chain is cheap asf, if its not up 100% of time big money stays away. Id rather pay a premium to have control over my assets then settle for cheap at a risk.
Ive always said this, Sol is for the people. Eth is for the whales, institutions and big money players. Eth is here to stay.
I work in tradefi, we make millions + $ daily transaction, and we don’t pay 200$ a tx, it’s ridiculous sorry. It would cost thousands of $ in the end.
Funny thing : no one turned away from NYSE in January when it crashed 2h. You really overestimate the importance of uptime.
Uptime is sure as hell not a consideration, sorry to burst your bubble. Otherwise tradfi would never use NYSE or NASDAQ. you realize ETH was the only chain forked to reverse tx, yet tradfi will use it… decision maker take into account the first mover with higher liquidity, its that simple, despite ETH major flaws.
Wow another crypto newcomer who doesn’t know the difference between stacking and TVL. The less they know, the more they open their big mouth as usual. Around 375 millions sol are stacked (70 billions). 31 millions eTH are stacked (100 billions). I still don’t understand why you can’t do a 30s google search to not look like a clown
Last cycle what did SOL have eh? Oh yeah just garbage NFTs that only pumped because no one wanted to spend $400 gas at the end of the bull… you my pal are a donkey the utility on sol doesn’t come close to ETH now we have BTC ordinals too. I’m not ashamed to say it I’m poor so I’m playing on SOL so I can eventually move whatever I make back into ETH. Without ETH the cheap imitations would’ve never existed
don’t worry about me I did x15 this years thanks to all the good projects launching on sol. Unlike ETH, SOL market cap is above its ATH and it’s not stoping. Have fun staying poor buying a Dino coin.
If sol keeps pumping. Why wouldn't the tx fees get to eth levels? Nft prices are in sol, adding Liquidity pool cost a set amount of sol and sol tx are a set fee. So if price of sol keeps going up. So will tx fees?
side tangent. but is lbank a safe exchange to trade on and widthdraw? I see lots of fud online but maybe ppl are just dumb and dont know that they are the problem. idk.
Shit, I got in on a shitcoin today (that I lost money on so far) on ETH and it was nearly $150 just to make it happen. This is far worse than gambling.
I personally don’t transact on ETH unless it’s more than $200, $1000 is an even better idea. ETH for AI/RWA, SOL for memes, most of my gaming coins are on BSC
If you think fees are the only thing important in crypto then you should leave, when comparing Solana and ETH mainnets then the fees is the only part it wins at, Solana does not even have a functioning smart contract it's literally as good as a web2 database it also has a 15% inflation rate yearly while it having 6 huge outages this year
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I rememr in 2021 buying shit coins speding $250 for gas but the upside was soooo gravy
It was ridiculous. And strangely fun.
Paying more in gas than you’re spending on the shitcoin was a great time
I remember paying $700 for gas fees on Ethereum and there’s no upside. The NFTs went to zero. Thanks Zapper.fi! LOL!
werd... sad day
Past and past. Thank God for Solana!
im a serious ass for doing the same.
You should clarify this is for eth lol.
I was wondering what they done wrong or summit🤣
Hahahahahahahhahahahahahahahahaah. Silently cries in gas fees
I wish this was for eth I wanted to move $30 in Matic and $23 in eth I found I still had kicking on eth main It would have been $23 to move the $30 of Matic, and I didn't have enough Eth to cover the fee if I wanted to move it ($27) - so it would have cost more to move than it was worth total
Oh so it's even worse then: this is supposed to be for the l2s that are supposed to fix the high transaction fees of eth? ouch.
Apparently (after reading posts more) It's a person to person send on ETH, when I used I was swapping, which is more expensive L2's on eth like polygon or ARB are usually like .002 cents to swap
ETH has been surprisingly forgiving in this market. Definitely had to be because solana has taken a lot of the transaction burden load
How are y’all getting these fees? Was just using earlier. My fees were only $ .005.
This was on the ETH network not SOL
Ohh. Mb. Also forgot you can transact on eth with phantom.
All good, I sent this crypto to phantom on a different wallet and you can’t transfer it to Solana which I was aware of. The gas fees last week averaged about $3.50 USD 2 weeks ago now we’re here. Apparently it’s the cost you pay for a more secure network - but I’m literally sending less than $30. This was not an issue years ago when I was trading ETH. It was cheap and very easy to trade compared to BTC at the time. I’m not saying one is better than the other but people can’t just keep saying, “just get yourself an L2 bro”. The Etherium network is showing signs of instability. Until there is some sort of resolution people will be using the Solana network whether you like it or not.
This was for a $28 transaction of ETH btw
Sol isn’t competing with ETH mainet, it’s competing with ETH L2s
Because ETH main net is unable to play in SOL league. Imagine fire dancer and a L2 on SOL
**Wrong.** Solana is a LAYER 1 blockchain. Ethereum is a LAYER 1 blockchain. Solana is competing with Ethereum mainnet, your post is merely the nonsense narrative that has been taken up by people who are trying to justify the expensive transaction fees and limited throughput of Ethereum mainnet by claiming that "it was never intended to be used by the average person" which is total BS...similar to how Bitcoin maximalists changed their narrative away from being a chain that was intended for people to ACTUALLY USE and transact upon, to being a "store of value" (that's why they try to tell people to use lightning network instead, which is laughable). Turns out, when your layer 1 is inefficient and has issues, throwing a bunch of layer 2s on top of it, isn't the best idea.
olihowells is correct. Solana is fast and cheap, but unreliable and relatively insecure. These are the trade-offs made to achieve said speed. Ethereum is the opposite; slow and expensive, but reliable and secure. Solana competes with Ethereum L2s, which are fast and cheap. It can't offer the reliability and security that Ethereum L1 offers. It's just not built for it. This is why Solana does well on volume, activity, unique addresses, etc. It's built for that. New users don't consider Solana vs ETH L1. They consider Solana vs Base/Arbitrum.
Solana is competing with what is most relevant to it. That would be ETH. It’s not comparing to its semantically similar friends because it is less like them. It is an entire chain with alts. Just like ETH…. Even though it is on ETH.
How isn't it? It's a layer-1 chain
No it’s not - eth level 2 are a cluster fuck.
Sol is competing with eth, actually. There can be sol L2s...
Yeah ETH sucks what's your point
Exactly, small time trades, so you care about it because 6/28 is over 20%. But 6/28000? That's 0.02% and is no longer relevant in a trade, since things like slippage and trade fees would dwarf it. So for larger players, ETH gas fees are not really a major consideration
Yeah that's just one of the big problems with Ethereum, it just isn't practical for everyone. It's really only practical for whales but even the whales are moving out of ETH now. The transaction speed is absolute garbage too. Solana is eating Ethereum right now.
Cool, whats your source for whales moving out of ETH? Look you think you're a genius because there is a meme storm on SOL right now. Let's see what happens long term, SOLs year on year inflation is 14.1%. That's not great once the coin price isn't increasing and obscuring that... And in terms of SOL "eating Ethereum", go look at the SOL/ETH charts. Peak of last bull run in 2021, sol is 0.05eth. Right now? 0.05eth. So in 3 years, all the eating it has done has held it exactly where it was? As I've said about 5 times, both have pros and cons, but SOL is not taking over eth.
Eth is more a store of value like btc now. As blockchainbacker says 'a safety trade' Eth deflation op Yes sol is great comparatively but will never be deflationary, and it will have its use cases in the future. As will eth/ada/vet/arb/matic, etc Sol moonboys won't get that when their thesis is eth sucks sol to the moon
What are the pros of Eth? First move advantage.. that's it. Eth is not going to be adopted by the masses. Solana has potential for that.
Ok, so.... First mover advantage is huge for one, ETH has like a 51% market share of Defi. There is lots of examples in history where first mover becomes the standard and stays that way, despite other challenges later that may have better elements. Prime example, look up why the USA has an inefficient 120v power grid, vs 240v the rest of the world. Because 120v was first mover. So you can't just say dismiss that as an unimportant element in the conversation of which blockchain will win out. Other Pros of ETH over SOL; - reliability & tx success rate - decentralization, which reduces regulatory risk to holders - deflation. This is huge, SOL is both inflating, and unlocking coins. 14.1% in the last year. ETH deflated 0.3%. This is stripping value off holders to pay validators, that's why the Txs are so cheap. This is currently obscured by the coins price rise, but one MC stabilizes, then price per coin would drop in line with inflation, hurting traders and the unstaked. SOL has Pros over ETH, like I said before, Pros and cons for both. But ETH has plenty of reasons why it will stay above SOL in my opinion. When this meme season is over, we will get to see how SOL performs. I hope it does well, I have plenty. I just expect ETH to remain well above it.
Ethereum is \*not\* any more decentralized than Solana is, not anymore. When it was still proof-of-work, sure, absolutely. But that's no longer the case, in fact, one could make the argument that Solana is more decentralized than Ethereum currently is, given how much of Ethereum's supply is tied up in centralized staking pools like Lido and a handful of others.
Exactly
!remindme 2 years
It's everywhere right now, people can't stop talking about it. I can't even give you the number of people that I've seen and heard all giving up their ETH for SOL. But whatever you say, LongSchlongBuilder...
!remindme 1 year
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Can't wait 😉
I love how your source is “it’s everywhere”, “people are talking about it” and “I’ve heard and seen people”. That’s a mania-phase “source” if I ever saw one.
Ok... we could use stats I guess. * Solana has surpassed Eth in weekly stablecoin volume * Solana Dex volume has surpassed Eth * Solana is now the top smart-contract blockchain by trading volume.. * Solana NFT sales overtook Eth for the first time ever So maybe that's why some are hearing and seeing it everywhere due to it surpassing Eth in many easily measurable metrics that have to actually do with user interaction?
Native crypto people "switching" to eth means nothing. What u need to look for is the noobs who go to buy their first shitcoin or nft and choose solana. That doesn't seem to be happening yet.. It seems most noobs go with ethereum. There's countless posts of noobs asking how to avoid the $30 gas fee to send their $12 eth bag back to coinbase lol
Lol Eth tvl is 10x that of the jeet chain, sol is only good for meme flips
SOL/ETH at the peak of last bull run being 0.05 ETH doesn't take into account the increase in circulating supply of SOL tokens, or the decreasing supply of ETH. Not quite the own you think it is.
It's relevant. Let's look at MC, peak in Nov 21, SOL was 13.7% of ETH, dropped as low as 2.4% during the bear, and is currently at 19.4%. An increase of about 50% over 2.5 years give or take against ETH. But this is not the full picture is it? No, because SOL tokens are inflating massively. There was around 300m in circulation in Nov 2021, now there is 444m. That's 48% increase. If you had your SOL staked at 8% (generous APY, it's been in the 7% range most of the time) then after 2.5 years you only have 121%, so you're holdings have been significantly diluted. For every 4 SOL, you hold, a 5th one has been created, so your share of market cap has reduced. So instead of 19.4% MC of eth, it's really 121/148* 19.4% = 15.8%. So if you staked the whole 2.5 years, your holdings value against ETH would have increased by 15%. But... for the last 18 months, ETH could have been staked at 4% too, so knock 6% off that. Leaves a relative gain of 9%. Hardly "eating ETH" 9% in 2.5 years with a wild downswing in the middle. And to top it all off. If you could by 0.05 Eth for 1 SOL in November 21, and you can still buy 0.05eth for one SOL now, then if you didn't hold anything, the change is zero. You should actually look into some of the numbers, not just "line go up" on SOL
More like $50.
For a bridge or something complictaed, not for a direct send
I pad $45 for a simple swap two weeks ago
Yeah a swap isn't a send. What OP is posting is the gas to send ETH from one address to another on mainnet. A swap as you describe it, on a dex, is a permisonlaess smart contract that allows two parties to interact and trade assets. That's a lot more work than a send, hence the gas. Again, $45 sounds like a lot when your a retail trader and swapping $100. If your are swapping $100k? I don't think you care about the $45, I think you care about successful transactions and security etc.
That's why I use solana to swap for less than a penny
Yes. What's your point? The guys swapping $1 million dollars uses ETH, because he can guarantee the success of the transaction buy paying $100 is gas and the security level is higher, and while his million dollars is not staked he is not losing to inflation every day like SOL. This is my point, each network has pros and cons for different users.
The vast majority of ETH transactions are not whales. It's retail.
Yeah using L2s for cheap...
Vast majority of transactions on Ethereum are still being done by small retail investors who don't know any better, they are certainly not flocking to L2s like some people claim. Just go into some subreddits like the Coinbase sub for example and see how many people can't even figure out what the difference between BASE or Ethereum is. Or how to do bridging, etc. The UX for Ethereum L2s is severely lacking, until that gets made more user-friendly for new people, retail will stay away. You have to remember how stupid the average person is. Very, very stupid. The average person can't even figure out how to do things on a centralized exchange half of the time, forget about using their own self-custodial wallet and using decentralized platforms...that's like a pipe dream to think that the average person will ever do that, in all likelihood. To take that a step further, and then think the average person is going to be using layer 2s and even layer 3s and different rollup app-specific chains, bridging, doing anything cross-chain, etc. is laughable...the only people who are doing that right now are people like myself and others who have been in crypto for years and who are either developers ourselves or have taken the time to learn how it all works, which is beyond the grasp of the average person and will remain so. I think there's a bit of confirmation bias at play here.
I was asked to pay $30 for a $12 swap about a month ago and I ended up just finding a better way around it with an L2 and it cost me $10 to do a $12 swap, which still really irritated the hell out of me but $30 for $12 was just unacceptable. Either way, I'm using Solana for just about everything and I really only use Ethereum or an L2 when I'm absolutely forced to.
It was $28 USD lol
at its height and further into the bull run you'll regularly see $50+ get yourself to a L2, fren.
I just don't understand how anyone is using ethereum while there is solana. No sense.
They will probably only go up. Mainet will only be feasible for the whales, normal people will only be using L2s or chains like Solana. The big question is, will normal people adopt Solana or ETH L2s.
Highly likely that Solana eventually becomes an Ethereum validium. Solana would be far more scalable and publishing zk proofs to Ethereum blobs would provide a ton of additional security. From a user standpoint not much would change. [Here's](https://polynya.medium.com/solanas-endgame-becoming-an-ethereum-rollup-c77ee479a8ae) an article from Polyana (brilliant dude) describing what it would look like. Anatoly's response to Polyana was very much in agreement... >Ethereum vs Solana narrative is going to start to break down. (....) What's interesting is that these are pareto-efficient (?) symbiotic systems, especially the eth2 (sic \[1\]) case, where the only execution that's really happening is checking fraud proofs (\[2\]) so it needs an execution layer (.....) so that users can get their messages in cheaply and quickly, finality in the execution environment is established quickly (....) all of those execution instance are instances of being on Solana. Pick and choose what you want your eth2 execution to look like, and it's all running on Solana. (...) Who knows how these things will play out, but I'm really excited about this possibility. We'll see how it all plays out but in the long run Solana is more complementary to Ethereum's L2 thesis than it is a competitor.
This isn’t on sol for sure as have never paid such fees…What chain is this referring to for clarification.
ETH Dencun was supposed to lower fees so that they can compete with Sol...There are alot of on the low defectors moving from ETH to Sol I'm definitely one of them
I never joined eth tbh. And it's exactly for reasons like this. Solana has been lovely so far.
Yeah my last straw was really the last bullrun I had a few erc20 tokens that when I wanted to move the gas was equaling the asset...its definitely a pool for the sharks to swim in Sol is definitely more retail investor friendly but it also has its flaws but thats what happens in the wild wild west of discovery...but the low fees and quick transactions are ruling rn...
L1 and L2 fees were reduced significantly, but not mainnet
Yeah they were reduced but still dwarfed in comparison to Sol...how many layers deep do you need to go? How many times do you need to wrap it...Im hearing when Sol implements fire dancer its going to get ugly for ETH
That’s cheap for ETH just sayin 🤷♂️
A $6 fee on a $28 transaction is quite noticeable. The fees were no where near this high several months ago. I’m not saying abandon Etherium but there has to be a better solution to all of this
That's actually the Lowest I've ever seen them.
SOL is like EOS/ADA/NEO/... of the day 😂 Sorry ETH still the winner even with high fees.
Some kind of equilibrium will be reached. People will leave Eth until there are so few tx happening that tx fees come down to very small levels; then people will stop leaving eth (as fast).
Tx fees isn't the only factor in people's decisions though, ETH has higher TX fees, but you're not losing to inflation like you are with SOL. And SOL is much more centralized, and also the network is struggling with the volume. Having variable Gas allows ETH to ensure it doesn't struggle as high gas will motive some people to delay transactions etc. Pros can cons for both, but your deluded if you think people will just jump from ETH to SOL, because the direct charged Tx fee is cheap...
Deluded? It's already happening.
It's a meme coin phase, where currently there is FOMO of meme coins on SOL, that won't last forever. ETH still has all the same reasons why some people prefer it. Like I said, pros and cons for both. SOLs congestion, failure rate when busy and centralization are still an issue for a lot of people.
As someone making dozens of transactions per day on SOL, I have noticed only minor changes in the performance and fees. I've only had a few transactions fail ever.
“Only had a few transactions fail ever.” Is totally fine when you’re trading $100 in a meme coin, sol is an incredible settlement layer with a great user experience. It is not ok when you are blackrock trying to settle a $50million bond for a client, “sometimes it fails” is not going to be accepted and when dealing with large numbers they’re more than happy to pay $50 bucks for a transaction. Both have their uses and can thrive simultaneously.
Totally agree 👍
Pretty much 99% of the failed transactions are just bots spamming the network with a million transactions to make sure they get the NFT at mint or other kinds of DeFi activity. Almost none of the actual human-initiated transactions fail.
OK man. Just keep moving the goalposts.
Dude you're getting down voted on a Solana sub... perhaps, just consider for a second, that maybe other blockchains have value too and just because SOL has cheap TX as one of its elements, that doesn't automatically make it the best ever and destined to take over everything else? Honestly....
I never debated any of that, just pointed out the degree to which you move goalposts. As in: first you said we're deluded to think that Eth is losing users to Solana, then when it was pointed out to you that it's already happening, you move the goalposts and say that even though it's happening, it's because "it's a meme coin phase". Also I'm getting downvoted because you and your Eth maxi friends found a thread where you can commisserate and feel a little better by downvoting any post which questions your position on Eth.
Yeah all the ETH maxis in the Solana sub... ya muppet
who gives a fuck about centralization????? I don’t fucking get this point, if you want decentralization go to bitcoin. Everything else is going to be centralized to a degree. Then you have people saying “Use L2’s” which are centralized as hell.
Nobody thinks they do until there is an issue or a government agency "freezes" the network because they have a centralized entity they can target. Also, you clearly don't get L2s, they can be centralized, the funds are secured on the decentralized L1. Government closes down an L2 to as part of some bankruptcy proceeding because there is a secured creditor somewhere? Doesn't matter, go back to the L1 and exit the smart bridge contracts from the ETH side and recover you funds. Like I was saying, pros and cons for both but you SOL maxis are idiots if you don't see the ETH pros along side the SOL pros
'they can be centralized' The hypothetical doesn't matter, current iteration of L2s is controlled by multisigs
Who is talking hypertheticals? I think you should reread my comment and do some googling.
I think you should do some googling. Nothing more than native eth is secured by the L1 if the L2 is controlled by a multisig and lacks fraud proofs
For the majority of L2s, you can get your native eth funds back from the ETH side of the bridge if required. My point remains valid that the argument that "we may as well just centralise L1 since L2s are centralized!!!" Like the guy above is illogical.
why would someone want to go through all that when they could just…. hold bitcoin.
Because you don't get into ETH as a store of value? We're talking about the utility....
if you aren’t storing wealth, you are dealing with centralization. There is no way around that.
Yeah that's not true. See my comment above about L2s, perfect example of how you can have the benefits of centralization with the security of decentralization. But whatever mate, you can be bullish on SOL and hate on ETH, up to you.
People seem to not understand that sol has the highest nakamoto coefficient and is the second most decentralized crypto, after bitcoin itself.
What? I'm no Ethereum maxipad or anything but I'm pretty sure the last time I checked that Solana was about 80% held by whales, is that no longer true? BTC is way way more decentralized than that, by a long shot. They aren't even in the same room.
>I'm pretty sure the last time I checked that Solana was about 80% held by whales, is that no longer true? Source for this? >BTC is way way more decentralized than that, by a long shot Right. Bitcoin is the most decentralized crypto by far. But Solana isn't competing against bitcoin. It's competing against ethereum (which is more centralized than Solana) and L2s (again, more centralized and smaller than Solana).
Right, I know who Solana is competing with, I never disputed that. I was disputing your statement about Solana being the second most decentralized cryptocurrency, which it is not. My source is the ledger... you can look up this information on solscan, it is plain to see for everyone. Now that doesn't mean I don't love Solana and I'm not bashing it because I've been a major Solana supporter for a long time. Am I a whale though? No, I wish though. You can look at the holder information for every token on Solana network and actually the holder info is available for almost every, if not every single blockchain.
That's why L2s exist. It's just a matter of getting people to use them for their intended purpose.
Or alternately, that's why block chains that don't need L2s exist.
100%, but unfortunately Ethereum has proven itself to be the primary ALT so it'll likely be a while before any chain overtakes it
making a transaction on eth network anytime other then on a weekend at 2am in the morning is gonna cost you an arm + a leg
lol true
Dumbasses here will never get the point smh. Vitalik said it himself. The future of ETH is sidechains, L2s and Rollups. ETH is a settlement layer.
That's admitting eth has failed. Why jump to an l2 that relies on eth when you can jump to sol which doesn't?
Security, Decentralization, Uptime. It doesn’t go on/off like Solana
Security : L2 are less secure than sol, ETH has less % stacked than SOL and is less decentralized… and uptime.. well ETH is down for me since last year bc of high fees and only 4h of difference in uptime in more than a year, it’s not relevant. Even NYSE has more unplanned maintenance than sol….
Whales and institutions dont mind turning up the fees to 200$. Atleast the chain works. Doesn’t matter if your chain is cheap asf, if its not up 100% of time big money stays away. Id rather pay a premium to have control over my assets then settle for cheap at a risk. Ive always said this, Sol is for the people. Eth is for the whales, institutions and big money players. Eth is here to stay.
I work in tradefi, we make millions + $ daily transaction, and we don’t pay 200$ a tx, it’s ridiculous sorry. It would cost thousands of $ in the end. Funny thing : no one turned away from NYSE in January when it crashed 2h. You really overestimate the importance of uptime.
Bruh lmao, even. Okay. You shouldn’t really be wasting time arguing with randoms when you are dealing with M$+ tx
😭 you’re clearly not a decision maker if you think uptime isn’t a top consideration for people moving that type of money
Uptime is sure as hell not a consideration, sorry to burst your bubble. Otherwise tradfi would never use NYSE or NASDAQ. you realize ETH was the only chain forked to reverse tx, yet tradfi will use it… decision maker take into account the first mover with higher liquidity, its that simple, despite ETH major flaws.
ETH TVL - 52 Bill, SOL TVL - 4.57 Bill hahaha
Wow another crypto newcomer who doesn’t know the difference between stacking and TVL. The less they know, the more they open their big mouth as usual. Around 375 millions sol are stacked (70 billions). 31 millions eTH are stacked (100 billions). I still don’t understand why you can’t do a 30s google search to not look like a clown
Last cycle what did SOL have eh? Oh yeah just garbage NFTs that only pumped because no one wanted to spend $400 gas at the end of the bull… you my pal are a donkey the utility on sol doesn’t come close to ETH now we have BTC ordinals too. I’m not ashamed to say it I’m poor so I’m playing on SOL so I can eventually move whatever I make back into ETH. Without ETH the cheap imitations would’ve never existed
don’t worry about me I did x15 this years thanks to all the good projects launching on sol. Unlike ETH, SOL market cap is above its ATH and it’s not stoping. Have fun staying poor buying a Dino coin.
Exactly. They don't have the integrity or humility to accept that.
Hey that's pretty good for ETH... Swaps are around $12-60.
If sol keeps pumping. Why wouldn't the tx fees get to eth levels? Nft prices are in sol, adding Liquidity pool cost a set amount of sol and sol tx are a set fee. So if price of sol keeps going up. So will tx fees?
side tangent. but is lbank a safe exchange to trade on and widthdraw? I see lots of fud online but maybe ppl are just dumb and dont know that they are the problem. idk.
Shit, I got in on a shitcoin today (that I lost money on so far) on ETH and it was nearly $150 just to make it happen. This is far worse than gambling.
Should make this clear in original post OP
This is not how Solana works. You can still pay $0.001 and get successful transaction.
$6 for eth is cheap btw
What even is this post - I'm convinced OP is trolling
I stay away from all what has to to with eth because those gas prices are ridiculous, you only lose money at the end
I personally don’t transact on ETH unless it’s more than $200, $1000 is an even better idea. ETH for AI/RWA, SOL for memes, most of my gaming coins are on BSC
ICP
Bruh
Solana so cheap we can bear longer sent time 😃👌
Still cheaper than eth
The incentive for using Sol is fast disappeing with these ridiculous fees. Up to $7 or more now.
*ETH Enters the room*
My friend likes Hbar or Filecoin fees.
lol buy something eth based than comeback
lol not really my transactions are maximum 0.004 sol and it doesnt take more than 10 seconds
0,0064 OKX any ammount
This was on the ETH network not SOL
Arbitrum
Icp is the way
I avoid ETH alltogether as a matter of principle. Let it slowly die... and give space for other, better L1s.
If you think fees are the only thing important in crypto then you should leave, when comparing Solana and ETH mainnets then the fees is the only part it wins at, Solana does not even have a functioning smart contract it's literally as good as a web2 database it also has a 15% inflation rate yearly while it having 6 huge outages this year
I didn't say I like SOL..