Just to add in something I came across today. I know I have said before I do not do Defi,,, but one of the main reasons has always been that the fees are ridiculously high to pay making impermanent loss rather permanent;)
But I am reading now there are new products that allow you to batch all transactions. Like do a group of 5/6 swaps and stake together as 1 from a single fee. Has anyone tried something like this?
Topic: How to deal with high fees defi? (Read 125 times)
https://www.youtube.com/watch?v=6CdD9ucSvTc
I just watched this video where the guy just taught youtube how to save when dealing with fees on swapping platform. One of this technique is to use looping. I have not tried any of what he said here but one thing I did recently just sent my tokens to exchange instead of going to UNI. This way I don't have to do a complex transaction.
I just watched this video where the guy just taught youtube how to save when dealing with fees on swapping platform. One of this technique is to use looping. I have not tried any of what he said here but one thing I did recently just sent my tokens to exchange instead of going to UNI. This way I don't have to do a complex transaction.
There's a way to trade on swap service with low fees but that will need you to convert your ethereum into the WETH to be used as gas fees on the swap service. This is working only for the ethereum transaction and i have been seeing this will make you can reduce 20% from the total fees when you are swapping native ethereum coin to the another coin through the swap service.
I think that it's not worth to try consider that doesn't make you to get small fees.
I have never heard of such but how long you've been doing this and that's really effective for you. I think that it's not worth to try consider that doesn't make you to get small fees.
But I don't think that others who find the fees to be expensive can also do this swap. It requires to do another transaction and will take another fee to do so.
But just in case that I have transactions, I'll try to do this and if I find it effective for me, I'll share and tell it to others too.
For now it is not right to convert on the Ethereum network because it is constrained by too expensive gas due to the current soaring prices, so for the OP if you want to convert under $100 it is better not to do it or better to hold the token until the atmosphere It was under normal control, I didn't know it would be normal again but it is currently being used in a cheap network is the Binance chain.
Decentralized finance platform like 1inch, uniswap, sushiswap, etc. are offering an instant way to convert our tokens. But in the same way it kills us on its high fees, to unlock the tokens or approval. Sadly ethereum gas fees adding more pain.
For now, we don't have any choice. As the ETH price goes up, fees were calculated in USD.
And I agree with you that if the transaction involved is less than or just around $100, better not do the transaction. We might end up paying more fees compared to the initial amount we are transacting especially if fees got eaten thru the process.
Decentralized finance platform like 1inch, uniswap, sushiswap, etc. are offering an instant way to convert our tokens. But in the same way it kills us on its high fees, to unlock the tokens or approval. Sadly ethereum gas fees adding more pain.
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
I would have thought all these AMMs would have moved on to Layer 2 by now. Or are they all really just waiting patiently for ETH 2.0 to come and fix their problems?
Maybe it's also a case of miners happily raking in all the ETH fees. Anyway, yeah, even I would say below $1000 isn't worth it and hasn't been for months now.
There's a way to trade on swap service with low fees but that will need you to convert your ethereum into the WETH to be used as gas fees on the swap service. This is working only for the ethereum transaction and i have been seeing this will make you can reduce 20% from the total fees when you are swapping native ethereum coin to the another coin through the swap service.
I think that it's not worth to try consider that doesn't make you to get small fees.
I think that it's not worth to try consider that doesn't make you to get small fees.
Small tokens holders will feel more pain of Ethereum reach 2000$, I'm sure that the gas fee to send tokens to exchange will be so huge that what we are seeing presently, I wish there is a way or solution around all this but unfortunately there isn't
The only solution to fix all of the problems in ethereum through EIP. as long as there are parties who didn't like ethereum to fix its problem and the fees will always high. There are lots of solutions already proposed and you can even find that on various github. You can also check it out on the ethereum foundation's site. The ethereum founders were also actively tweeting about that.
Decentralized finance platform like 1inch, uniswap, sushiswap, etc. are offering an instant way to convert our tokens. But in the same way it kills us on its high fees, to unlock the tokens or approval. Sadly ethereum gas fees adding more pain.
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
If you try to convert assets worth 100$, you will get nothing because all will be detected in the fees. But there is nothing you can do at the moment. You can do do things.
1- if the token is available on any centralized exchange as well as dex, it better to convert it using centralized exchange.
2- if its only available in uniswap, then do not convert back and forth unless absolutely necessary
Small tokens holders will feel more pain of Ethereum reach 2000$, I'm sure that the gas fee to send tokens to exchange will be so huge that what we are seeing presently, I wish there is a way or solution around all this but unfortunately there isn't
The only solution to fix all of the problems in ethereum through EIP. as long as there are parties who didn't like ethereum to fix its problem and the fees will always high. There are lots of solutions already proposed and you can even find that on various github. You can also check it out on the ethereum foundation's site. The ethereum founders were also actively tweeting about that.
Conclusion: swapping asset under $100 is not worth it.
It seems literally they are making their actual business here; Why we need to pay for approval and then for processing in a decentralized environment. These things are honestly making me thinking like we are into a dictatorship. They fix some unnecessary steps with insane fees. Really ridiculous. I am sure like ICO boom, this defi hype also will bite dust in near future as they are not finding their success by solving the real problem but doing business by sucking people's money in different names.Due to high fees, I have already decided not to go for encashing as of now as I got few of them through airdrop and bounty rewards. They expect me to add more tokens before encashing, but I take another routine which costs nothing to me.
If those people do find out that fees arent worth then they do just simply skip out this moment and wait up for the fees to subside.
There's nothing we can do yet because finding up alternative ways are still on ending up on high fees.
You have no other choice but to postpone your transaction or wait until the fees becomes lower. That's all what you have to do, there's no current solution for that as the fees are really high.
Until the time Eth fees gets lower, it's all on you how you'll cope up with the fees or if you're willing to transact. Another one is to transact with higher amounts, in that case, you won't feel the fees if you're transacting huge amounts and you'll think that the fee you'll pay are worth it.
Until the time Eth fees gets lower, it's all on you how you'll cope up with the fees or if you're willing to transact. Another one is to transact with higher amounts, in that case, you won't feel the fees if you're transacting huge amounts and you'll think that the fee you'll pay are worth it.
There is no way you reduce the gas and fees eaten by these ethereum smart contracts. It's either you wait for lesser network congestion or you stop using them and send your erc-20 tokens to centralized exchanges. Uniswap and the other ethereum Dexes became the playground of whales. Smaller traders like me have already moved on to BSC. You can swap as many as you like there with just 10 gwei fees.
Small tokens holders will feel more pain of Ethereum reach 2000$, I'm sure that the gas fee to send tokens to exchange will be so huge that what we are seeing presently, I wish there is a way or solution around all this but unfortunately there isn't
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
I have the same problem as you. I went to trade $40 usd token at Uniswap. It deducted $10 for approval. Then another $30-70 is required for the Swap. If so, how do we trade in these exchanges. Does anyone know any solution?Conclusion: swapping asset under $100 is not worth it.
If there is no solution then we should avoid decentralized exchange.
Conclusion: swapping asset under $100 is not worth it.
It seems literally they are making their actual business here; Why we need to pay for approval and then for processing in a decentralized environment. These things are honestly making me thinking like we are into a dictatorship. They fix some unnecessary steps with insane fees. Really ridiculous. I am sure like ICO boom, this defi hype also will bite dust in near future as they are not finding their success by solving the real problem but doing business by sucking people's money in different names.Due to high fees, I have already decided not to go for encashing as of now as I got few of them through airdrop and bounty rewards. They expect me to add more tokens before encashing, but I take another routine which costs nothing to me.
Converting small amount of token is not worth anymore dude. That's why people have no choice than move to the scalable chain to avoid the non sense fees. Almost all of small traders are moving to the BSC and DOT now.
I know that they have no choice because the fees were killing them all. It's not only you but me too. Swap transaction needs several transaction to be done at once and that's why the fees is very high.
Avoid to deal with dapps anymore. It will never worth anything right now. When your token listed on cex and just use cex.
I have not been using dapps again since last year. This garbage ethereum chain will always get congested as long as miners are still exists.
I know that they have no choice because the fees were killing them all. It's not only you but me too. Swap transaction needs several transaction to be done at once and that's why the fees is very high.
Avoid to deal with dapps anymore. It will never worth anything right now. When your token listed on cex and just use cex.
I have not been using dapps again since last year. This garbage ethereum chain will always get congested as long as miners are still exists.
Stop using it then.
Or switch with another ecosystem or network. There are already a lot of alternatives with Ethereum these days, just like Solana Network using Bonfida DEX or Binance Smart Chain.
I can say that using Ethereum's platform on DEX especially Uniswap/1Inch is kinda not advisable for small traders or with small trading sizes because you are correct, you will lose on the GAS fee. But if you have a huge amount of account size, then those 2 digits GAS fees are very small to you and just a cents.
Or switch with another ecosystem or network. There are already a lot of alternatives with Ethereum these days, just like Solana Network using Bonfida DEX or Binance Smart Chain.
I can say that using Ethereum's platform on DEX especially Uniswap/1Inch is kinda not advisable for small traders or with small trading sizes because you are correct, you will lose on the GAS fee. But if you have a huge amount of account size, then those 2 digits GAS fees are very small to you and just a cents.
Decentralized finance platform like 1inch, uniswap, sushiswap, etc. are offering an instant way to convert our tokens. But in the same way it kills us on its high fees, to unlock the tokens or approval. Sadly ethereum gas fees adding more pain.
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
For example, when I trying to convert a $22 token to eth, it cost me about $9 for approval, and $85 to process the swap.
Conclusion: swapping asset under $100 is not worth it.
Jump to: