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[Razor1911]

Lately I came to know that ERC20 network charges higher fees than TRC 20. I had to send some crypto coins to my friend. Then I discovered that Same USDT can be sent via two different Neworks. One is ERC20 and the other is TRC20.

But I don't understand the reason why it has high fees. Can anyone explain here?

 

[Niftyicon]

From my own simple understanding, erc20 is on the ethereum network and that is one network with some crazy fees while TRC20 is the Tron network which is way cheaper and quite fast.

 

[Razor1911]

From my own simple understanding, erc20 is on the ethereum network and that is one network with some crazy fees while TRC20 is the Tron network which is way cheaper and quite fast.

Yes exactly. ERC for Etherum chain and TRC is for Tron chain. i think the mining proceess in the ERC 20 requires much more power and resources for mining in comparison to TRC 20 due to which such differences of fees.

 

[Niftyicon]

Yes exactly. ERC for Etherum chain and TRC is for Tron chain. i think the mining proceess in the ERC 20 requires much more power and resources for mining in comparison to TRC 20 due to which such differences of fees.

I would rather think about how heavy the traffic on the ethereum network is as compared to the Tron network. There are so many projects on the ethereum network.

 

[LutherKing]

congestion and too much load on the ethereum blockchain has caused this , every new project coming is adding more load , every crypto developed is using it , so its obvious that the resources are getting limited , unless it is increased, the price of transactions with ethereum blockchain will keep getting higher every day

 

[BusyCat]

Tron is very cheap crypto from the beginning , it doesnt cost much to transfer tron or any other trc20 tokens. But ethereum is highly valued , it has even crossed $3000 , hence it and its tokens like USDT ERC20 has higher transaction fees .

 

[SCAMEXPOSER]

Yes exactly. ERC for Etherum chain and TRC is for Tron chain. i think the mining proceess in the ERC 20 requires much more power and resources for mining in comparison to TRC 20 due to which such differences of fees.

Another thing I think is that most of the coins and sent on TRC blockchain and not mined so they come with less transactions fee. I could be wrong .

 

[LutherKing]

It all depends upon congestion of the network and price tag as well , both factors have accounted for high fees for ethereum

 

[SCAMEXPOSER]

It all depends upon congestion of the network and price tag as well , both factors have accounted for high fees for ethereum

I know conjunction is really a big factor which determine transaction fee most times on blockchain be it in etherium or Bitcoin blockchain. O think my earlier point could also be valid.

 

[Wisdom01]

I would likely ask that what was the amount of fees you paid for the tron network ,so that i can prepare for next transaction like that ,but it seems the trc20 is on tronnetwork which carries low traffic with less transaction fee ,while the other is ethereum

 

[Razor1911]

I would likely ask that what was the amount of fees you paid for the tron network ,so that i can prepare for next transaction like that ,but it seems the trc20 is on tronnetwork which carries low traffic with less transaction fee ,while the other is ethereum

For transaction of USDT in tron Neweork, I was charged around 1 USDT for receiving 35 USDT. Where as in ERC20 the fees was around 5 USDT. As you can see it is almost 5 times the fees of TRC20.

 

[microunit]

Answer to this is simply because there are a lot more traffic in the ethereum network (erc-20 tokens) than in the tron network (trc tokens), and as of now ethereum is still proof-of-work so it is dependent on the miners for network power while in tron it is already proof-of-stake

 

[LutherKing]

Yes proof of stake algorithm confirms transactions almost instantly , while ethereum transactions are bound to become more pricey soon

 

[Razor1911]

Answer to this is simply because there are a lot more traffic in the ethereum network (erc-20 tokens) than in the tron network (trc tokens), and as of now ethereum is still proof-of-work so it is dependent on the miners for network power while in tron it is already proof-of-stake

Yes, I also thought the same. The mining cost in ERC20 will be more as compared to the TRC20. Although I think bitcoin charges are the highest in the market, second comes the Eetherum and its own netwrok.

 

[Wisdom01]

For transaction of USDT in tron Neweork, I was charged around 1 USDT for receiving 35 USDT. Where as in ERC20 the fees was around 5 USDT. As you can see it is almost 5 times the fees of TRC20.

Wow with such huge amount ??,but the problem i have with the trc20 network is that the fees are likely fixed at $1 no matter the amount you are transferring ,or am i wrong

 

[LutherKing]

Well , ethereum has highest transaction cost at the moment , congestion and development are both responsible for it , its being overpopulated currency now actually , bitcoin has less far development but prices increased raised its price , if you go for standard its transaction cost is always 0.00015 btc maximum

 

[microunit]

Yes, I also thought the same. The mining cost in ERC20 will be more as compared to the TRC20. Although I think bitcoin charges are the highest in the market, second comes the Eetherum and its own netwrok.

Actually , the current highest when it comes to network transactions is currently ethereum Which is on average 10-20usd, the reason its developers are upgrading the system

 

[Razor1911]

Wow with such huge amount ??,but the problem i have with the trc20 network is that the fees are likely fixed at $1 no matter the amount you are transferring ,or am i wrong

I did not transected much with TRX20 wallets. But the only few times I used them, they never charged more than a dollar. Which is really appreciating. Where as I have done only 1 USDT transcation through ERC network, where the fees was more than 5 usd.

 

[Wisdom01]

I did not transected much with TRX20 wallets. But the only few times I used them, they never charged more than a dollar. Which is really appreciating. Where as I have done only 1 USDT transcation through ERC network, where the fees was more than 5 usd.

I will still make my research ,am just asking if they charge less than a dollar ,because i want to do a transaction ,but am still finding it hard

 

[microunit]

I will still make my research ,am just asking if they charge less than a dollar ,because i want to do a transaction ,but am still finding it hard

Well internet says that tron have less than a dollar to zero transaction fees, because of how scalable its network is and is one of the cheapest out there said internet source with average trx transaction fees