Metamask Swap Clarification | Bitcointalksearch.org

cryptoaddictchie

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Quote from: Maus0728 on November 11, 2020, 06:50:31 AM

So basically, If I am going to exchange token into ETH, I would probably use the default slippage of 2% to 3% and a higher a GAS Price to execute the swapping smoothly considering that you also have a good amount of ETH in your wallet which is used for paying the tx fee and as well as reducing the risk of having a failed swapping. This is my first swapping though, I hope that it'll execute smoothly LOL.

No problem mate. Yes you are right, you can always set recommended gas for your transaction. It may sound exaggerated on my part cause I usually trade tokens that are too busy with buy and sell and a lot of activity on uniswap. Congrats by the way, it maybe your first time using it but as time goes on you can get used to it and later on you will normally find paying gas of $5 to 10$ or more be normal as you execute transactions.

Actually I am bit surprise with this, imagine some fees rendered on the eth network, I know its expensive already but cant stop using it. Hope one day, they can be solved.

Maus0728

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Thanks everyone for the reminders.

So basically, If I am going to exchange token into ETH, I would probably use the default slippage of 2% to 3% and a higher a GAS Price to execute the swapping smoothly considering that you also have a good amount of ETH in your wallet which is used for paying the tx fee and as well as reducing the risk of having a failed swapping. This is my first swapping though, I hope that it'll execute smoothly LOL.

cryptoaddictchie

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Quote from: Yogee on November 10, 2020, 03:06:25 AM

It's supposed to be Metamask's job to pick the best price for you even if you pick low slippage. They check top exchanges once you set the rate and give you quotes to choose from. If they cannot execute once you've picked a price, then there is no point in charging users a service fee. More importantly, they shouldn't offer a swap service.

Based on experience this is not the case especially if the token you purchased only listed on one exchange.

For example uniswap. The token you bought at a low slippage and a normal recommended gas used can eventually be cancelled if the rate of buy and sell is fast. Using a low slippage can make your transaction to be executed late resulting to cancellation. Now how come they cant charge when I always trade and once a transaction was failed the charges were deducted? Same goes for the metamask new swap. I know its should be like that but the case is different once a lot of orders were being executed during the time you set your order. Im talking about buy option.

Almost believe that but the other way arounds happening. If Im to compute my donations on transactions, I guess the uniswap airdrop isnt worth compared to my transactions paid including both completed/cancelled. Hope metamask can also trigger a good system for that anyway.

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Quote from: SFR10 on November 10, 2020, 02:27:01 AM

Quote from: Yogee on November 10, 2020, 02:15:05 AM

Choose lower rates if you want your expected rate to be as close to your actual trade.

But that also means it'll have a lower chance of going through, am I right?
^{- As stated by @cryptoaddictchie.}

It's supposed to be Metamask's job to pick the best price for you even if you pick low slippage. They check top exchanges once you set the rate and give you quotes to choose from. If they cannot execute once you've picked a price, then there is no point in charging users a service fee. More importantly, they shouldn't offer a swap service.

Quote from: Maus0728 on November 10, 2020, 02:35:25 AM

Quote from: Yogee on November 10, 2020, 02:15:05 AM

Metamask is simply allowing you to choose since its integrated with multiple "DEXs". Choose lower rates if you want your expected rate to be as close to your actual trade. Metamask will spread your order to exchanges with higher liquidity.

What if the token is listed to only 1 DEXs like UNISWAP? Do you recommended to still use Metamask or UNISWAP itself?

Compare the fees of both platform, the rates offered by Metamask, and the current rate in Uniswap. Choose where you'll incur lesser fees and better rate.

cryptoaddictchie

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Quote from: Maus0728 on November 10, 2020, 02:35:25 AM

What is your recommended percentage of "slippage" if I were going to use the custom button in Metamask? Does it affect the amount of ETH you will going to receive? Based on my findings, the higher the amount of slippage the lesser the quantity of the coin/token you are swapping to.

This is depend. When you are gonna trading your tokens into eth, I suggest used lower slippage that is likely to be accepted but will not trigger cancelled cause its also affect the eth you will received exchanging your tokens. Remember they have fees and thats where liquidity provider earned. Ive used higher slippage when I am insisting to buy a token that is hype so my transaction would pushed through. There is a thing called front end and these sucks the trading cause everyone wanted to go in they increasing their slippage making lower slippage figures cancelled.

Maus0728

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Quote from: tranthidung on November 10, 2020, 02:05:03 AM

If you get a failed transaction, you still lose Gas fee. It is important and economical if you remember to check network condition, and make sure your transaction will be confirmed, not failed with relevant Gas price and Gas limit.

I am well aware of the the relationship between the status of the network condition and the amount of GAS Price to determine how fast the transaction will be. But then I'll still be looking for a more in depth explanation of the links you have provided below. Sorry for the basic question since I am new to swapping field of tokens. Thank you so much @tranthidung

Quote from: cryptoaddictchie on November 10, 2020, 02:11:44 AM

Always make sure that you used higher slippage than the one popping on the dapp to be able to swap properly. Using a low than the recommended resulting to cancelled transaction, and eth gas fee will still be deducted even it got cancelled.

What is your recommended percentage of "slippage" if I were going to use the custom button in Metamask? Does it affect the amount of ETH you will going to receive? Based on my findings, the higher the amount of slippage the lesser the quantity of the coin/token you are swapping to.

Quote from: Yogee on November 10, 2020, 02:15:05 AM

Metamask is simply allowing you to choose since its integrated with multiple "DEXs". Choose lower rates if you want your expected rate to be as close to your actual trade. Metamask will spread your order to exchanges with higher liquidity.

What if the token is listed to only 1 DEXs like UNISWAP? Do you recommended to still use Metamask or UNISWAP itself?

SFR10

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Quote from: Maus0728 on November 10, 2020, 01:00:12 AM

Let's say for example that I wanted to swap 100 UNI token to ETH. Does that mean the "Estimated Network Fee" will be deducted from your ETH balance?

I'm not one of its regular users but did some digging and it appears, they always charge in "ETH for gas".

Quote from: Maus0728 on November 10, 2020, 01:00:12 AM

Another thing is, when swapping, what is the preferred percentage of "slippage"?

AFAIK, that depends on the amount you'll be swapping + certain periods.
^{- I believe "this video" explains the slippage percentage perfectly.}

Quote from: Yogee on November 10, 2020, 02:15:05 AM

Choose lower rates if you want your expected rate to be as close to your actual trade.

But that also means it'll have a lower chance of going through, am I right?
^{- As stated by @cryptoaddictchie.}

Yogee

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Quote from: Maus0728 on November 10, 2020, 01:00:12 AM

...Let's say for example that I wanted to swap 100 UNI token to ETH. Does that mean the "Estimated Network Fee" will be deducted from your ETH balance?

Are you asking if gas fees will be deducted to the Eth you will receive from swapping Uni? That's not how it works. Gas will be deducted to your own wallet upon swapping.

What will be deducted is the Metamask's service fee of 0.875%. It's factored into each quote that you'll choose from.

Quote

Another thing is, when swapping, what is the preferred percentage of "slippage"?

Metamask is simply allowing you to choose since its integrated with multiple "DEXs". Choose lower rates if you want your expected rate to be as close to your actual trade. Metamask will spread your order to exchanges with higher liquidity.

Quote

....I don't know which board to post since most of Altcoin Discusssion were full megathreads.

It's a web wallet for altcoins so Service Discussion (Altcoins). You can move it there once you're satisfied with the answers.

cryptoaddictchie

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I dont yet used metamask swap function but if its work like uniswap then clearly the estimate network fee will be deducted on your balance holding in your wallet and not on the eth equivalent when you did the swapped.

Quote from: Maus0728 on November 10, 2020, 01:00:12 AM

Another thing is, when swapping, what is the preferred percentage of "slippage"?

Always make sure that you used higher slippage than the one popping on the dapp to be able to swap properly. Using a low than the recommended resulting to cancelled transaction, and eth gas fee will still be deducted even it got cancelled.

Quote from: Maus0728 on November 10, 2020, 01:00:12 AM

I don't know which board to post since most of Altcoin Discusssion were full megathreads.

This is a nice topic. But the section this must be posted is on Altcoin discussion board. If you dont want it to be mega thread then you should made this topic, self moderated so you could see repetitive answers and deleted it to avoid spam.

tranthidung

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The total amount of ETH you get by swap from UNI will be deducted by swap fee. It is estimated fee and you should know your swap can be succeeded or failed depends on the fee you use.

Gas price and gas limit. If you use gas limit is too low and if the ETH network is in a crazy mode, you will fail with low gas limit. Gas limit can be small or big depends upon the simplicity or complexity of smart contracts.

If you get a failed transaction, you still lose Gas fee. It is important and economical if you remember to check network condition, and make sure your transaction will be confirmed, not failed with relevant Gas price and Gas limit.

Some documents and topics:

How to adjust Gas price and Gas limit
[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)
Gas_used and Gas limit (19/8/2020 - 19/9/2020) on ETH network (see the difference of Gas limit between success and failed transactions)
What are the Reasons for Failed Transactions?

Maus0728

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Hey everyone,

I just want to clarify some concept regarding the Swap function of Metamask browser extension. I am currently exploring this wallet in order for me to at least have an idea about how these functions works in general and to be able to utilize the latest update. Let's say for example that I wanted to swap 100 UNI token to ETH. Does that mean the "Estimated Network Fee" will be deducted from your ETH balance? Another thing is, when swapping, what is the preferred percentage of "slippage"?

I don't know which board to post since most of Altcoin Discusssion were full megathreads.

Topic: Metamask Swap Clarification (Read 153 times)