Gas costs for even a simple contract deployment on Ethereum mainnet are astronomical. If I spin up my own node and connect directly to it can I deploy on that node and avoid/minimize the gas fees?
Gas – Can Gas Fees be Avoided or Minimized by Running an Ethereum Node?
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Related Solutions
- How can I minimize the gas fees when using metamask?
It is possible to set custom gas fees when sending a transaction with Metamask (see here : https://metamask.zendesk.com/hc/en-us/articles/360015488771-How-to-Adjust-Gas-Price-and-Gas-Limit-). The Ethereum network is currently overloaded and the consequence is a higher gas cost. You can see the average gas price here : https://ethgasstation.info/.
- And is it true that if I set the gas fee too low, I would lose my ETH on a failed USDC transaction?
No, your transaction, in the worst case, will not be mined and get stucked. In this situation you have to send a new transaction with the same nonce and a significantly higher gas price (or just wait). Metamask does it for you with the "Speed Up" option. Note that you can't lose funds involved in a failed transaction as the transaction will be reverted by the network. However you will lose the gas paid to process the transaction.
- How come nothing was revamped to foresee a potential gas fee issue all these years on layer 1? What solutions are there for layer 1?
Gas fees are a real challenge and some solutions are under reviewed for the Ethereum 1.0 chain. One of them is the EIP-1559. This EIP has the objective to change the transaction pricing model by implementing a base fee per gas managed by the network. For more informations you can check the github page : https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1559.md. Other solutions include sidechains which are a "layer 2" scaling solution enabling to lighten the main network.
I have no deep understanding of NFT's but I want to share my guesses.
They are probably using classical off-chain methods (using a database) to hold your created NFT until someone pays for transferring it. I think there's no meaning in paying entrance price. They also take commissions for every transfer that is around %2.5
Ethereum network is super expensive. Solution for that using sidechains or layer2 solutions.
IDK anything about Cargo.
The solution that I can offer is this:
- Deploy all of your NFT's to xdaichain. That side chain has super low fees. (I'have deployed an NFT for 0.01XDAI which is 0.01$).
- List them on https://xdai.unique.one/ and wait until some sales happen.
- When you see which of your NFT's are being sold you can bridge them to the main net. (But I don't know how :)
Notes:
- Go check nifty.ink draw something and mint to see what it costs. (It's really deploying your NFT to the chain.
Best Answer
No you won't. If you were to spin up your own miner you could wait to mine your own transaction. However given the current hash rate of Ethereum you would be very unlikely to find the next hash with just a consumer-grade machine. Not impossible, but would certainly take a while. Having a full node will possibly speed up propagation as you aren't competing with everyone else hitting a public endpoint.
You can think of the difference between a miner and a node, is that nodes will talk to each other about the current state of the blockchain, but miners will actually change the state of the blockchain, which other nodes then update each other on. This is an oversimplification, but I think it should do for the question you're asking.