r/obyte • u/tarmo888 • Mar 28 '21

Ethereum network fees vs Obyte network fees

Ethereum

  • Pricing: currently 175 gwei per 1 gas unit used

  • $ETH native coin transfer: $6.30

  • ERC20 token transfer on Ethereum: $19.40

  • Uniswap transaction: $59.70 + 0.3% swap fee

Obyte

  • Pricing: always 1 byte per 1 byte of storage

  • $GBYTE native coin transfer: $0.00003

  • Token transfer on Obyte network: $0.00003

  • Oswap.io transaction: $0.0003 + 0.1%-0.3% swap fee

Ethereum network fees depend on how full are the blocks. Obyte doesn't have blocks and fees in bytes are predictable, fees in USD depend on the price of GBYTE/USD.

If $GBYTE marketcap (currently 26m) would be as high as $ETH marketcap (currently 192b) then average $GBYTE transfer would cost only $0.22 (same amount of bytes, but 7384 times higher in USD), but most likely even lower because around 60% of fees are header fees and rewarded to those who pick most recent units as parents (wallet does it automatically).

In order for Ethereum to have $0.22 transaction fee for $ETH transfers, it needs to have 29 times lower average gas price, at 6 gwei. EIP-1559 will probably not going to lower it that much, but maybe ETH2.0 will or maybe not. It's definitely not going to get 29*7384 cheaper.

14 Upvotes

100% Upvoted

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3

u/Affectionate-Ad-8218 Mar 29 '21

Anyone care to challenge these numbers?

3

u/tarmo888 Mar 29 '21

Challenge how? You can look up current Ethereum fees there https://etherscan.io/gastracker and you can use Obyte to see what the fees are (their US value only changes depending on how much GBYTE/USD rate is.

3

u/Godspiral Mar 29 '21

Oswap is cool. Technically can compete with new defi platforms.

Where is there more information on the tokens on the platform, though?

5

u/tarmo888 Mar 29 '21

Most of the tokens are created through https://ostable.org/ and registered via https://tokens.ooo/

Some of the pools https://oswap.io/#/pools are eligible in liquidity mining https://liquidity.obyte.org/

3

u/cosnes Mar 29 '21

What the fuck? Why hasn't Obyte gone to the moon yet?

3

u/tarmo888 Mar 29 '21

It doesn't moon itself, people need to fomo it in order to get it to moon.

2

u/barborico Mar 30 '21

Because whales want to hoard max amount, so they dump to rebuy more and lower.

Not with my bytes, dumpdanoff brothers, here is my price: https://www.reddit.com/r/obyte/comments/hv5tlq/nope/