Need Advice for Cheap Swapping on ETH

BABY SHOES

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Quote from: adaseb on April 23, 2024, 10:59:35 PM

Another option for you, if you don’t want to use a CEX. Is to bridge to an L2 network like Arbitrium or Polygon or ZkSync. Right now the bridge fees are $3.50 according to etherscan.

Bridge there and do your swap, it will be crazy cheap. And then just bridge back if you want. No idea how much it costs to bridge back however. You will need to do your research.

Still, changing from ETH to L2 network requires high fees but after that OP will be comfortable when the asset is already on L2 where he will not be charged high fees especially for Arbitrum network.

Right now actually ETH gwei is cheap 10 just checked, but don't know exactly for $60K worth of swap it requires how much like it won't be more than $100 that OP mentioned.

Now many new DEXs provide cross features to bridge to various L2 networks.

lixer

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Quote from: Bureau on April 20, 2024, 11:31:41 PM

Why don't you compare swap fees and liquidity across different DEX. Apart from Uniswap there are others like 1inch, Sushiawap or Matcha all of them aggregate liquidity from various sources. They offer better rates and lower fees than onchain DEX like Uniswap. If that is a problem for you then use layer 2 solution as mentioned in the first reply.

I'm not sure if there is a site that displays all the fees for exchanges and maybe he is too lazy to do that, so he is here depending only on the experience of the users in the forum. Other DEX'es that you mentioned there are I think still ETH-based and I've tried a couple them before. Their fees are still high but maybe not as high as Uniswap? So indeed the OP can try them as well.

Saving something is better than nothing at all anyway. Layer 2 is a new solution to reduce fees but the only downside about them is that they can be a little complicated, especially for a beginner in crypto. Oh well, if we badly want a thing, we will do anything to get them. So, the OP might still learn them.

adaseb

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Another option for you, if you don’t want to use a CEX. Is to bridge to an L2 network like Arbitrium or Polygon or ZkSync. Right now the bridge fees are $3.50 according to etherscan.

Bridge there and do your swap, it will be crazy cheap. And then just bridge back if you want. No idea how much it costs to bridge back however. You will need to do your research.

GreatArkansas

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check this one, this is some layer-2 networks that you can use to trade Ethereum, and here are some of their estimated fees. As you can see every layer-2 network has different transaction fees.
So if your goal is to have cheap transaction fees while trading Ethereum, select any cheap transaction fees network here. You can also other layer-1 networks like Solana to trade, there are already a lot of decentralized exchange out there.

alani123

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First of all, don't trade on Uniswap through the OG chain. Now there are a myriad of rollups and whatever other layer2 tech solutions that allow you to also trade in a decentralized manner without having to worry about huge fees on Ethereum. You can try OP, Arbitrum, Polygon among others... Or just even stick with a centralized exchange and pay very minuscule fees for instant order matching.

On-chain trading is more expensive because you usually have to pay a minimum 0.5% fee and also tx fees on top whereas with binance you just pay a 0.2% for each trade or even less with BNB deposited. And also on-chain because everything is visible there's always the chance of getting front-run or sandwich attacked.

poodle63

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the fee high because the process of swapping and all the code need to be executed are requiring high gas and the price of gas which is in gwei is also high considering the price of ethereum alone in its own is already high.
if you don't want to have that high of a fee for swapping since you are just trying to buy eth at low and then sell at high anyway, you should use L2, there are so many L2 out there that you can try they are specifically created as an alternative for ethereum where the transaction processed outside ethereum blockchain and then getting validated in ethereum blockchain by submitting it in the ethereum blockchain in bulks to save fee at least thats what I understand from these L2, the ethereum they used for fee are the same like ethereum in blockchain there's literally no differences here but you're spared of the need to pay tremendous amount of money just to swap your ETH to USDT. that alone is already such a great alternative for your case I presume.

LogitechMouse

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Quote from: karusell22 on April 20, 2024, 09:05:13 AM

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is there any other alternative which is cheaper, as i dont want to use any CEX

Make a transaction during the weekends.

I did made an experiment last week. I tried to make a transaction using the Ethereum network on weekdays and at that time, the gas fees is around 50$ minimum. Obviously, I rejected the transaction. I did try again during the weekends (I think it was last Sunday) and the gas fees at that time is way lesser - around 12$-13$. If you're an average investor, you will find it expensive still. I still find it expensive even though it's pretty low already compared to what it was during weekdays.

I don't know if this is always the case but that's what I saw last week (correct me if I'm wrong with my experiment

). Transaction fees are way lesser during weekend, and TBH I don't know the reason for it. Bots maybe is a factor towards this one but overall, transaction fees on ETH network are very expensive. I really thought that the Dencun upgrade will at least lessen the gas fees of Ethereum to a reasonable price. It turns out that the most affected ones by the upgrade are the ETH L2 blockchains like Polygon, Arbitrum, Optimism, etc.

My advice? Use other chains.

Mate2237

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For now and all what you can do is to buy Tron or any other cheap coin in any exchange and convert it to Ethereum if not it will be hard for you to buy directly from Ethereum because the transaction fee is too high and the Ethereum network is congested. What I did last week to move my Ethereum from MEW was to convert my Ethereum to Tron and send to exchange and from the exchange, I reconverted it to Ethereum and sell it there.

Because the transaction fee for Ethereum is very high.

Pandu Geddon

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Quote from: karusell22 on April 20, 2024, 09:05:13 AM

is there any other alternative which is cheaper, as i dont want to use any CEX

layer 2 is a better choice to overcome the annoying transaction fee problem of the Ethereum network. but some time ago Ethereum transaction fees decreased quite a lot. If you don't like Uniswap, have you tried 1Inch?
I personally rarely use DEX. but many of my colleagues also recommend using 1 inch if you don't really like Uniswap. I know some people don't like CEX for whatever reason, but some people may be comfortable using CEX.

Hamza2424

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Hmm, bro to be honest I would first recommend the CEX, just buy and withdraw to your Metamsk wallet, this most the cheapest way to buy ETH, how? let me explain you don't need to pay the swap fees which is a big deal now these days but bro, to swap as well you need ETH in your wallet first, if you want to save more take the withdrawal of ETH on any low-cost L2.

If you want to directly buy ETH on your meta mask you can find a P2P seller, or metamask allows card buying as far as I know you can directly buy through a card. If you want to save on the network fees only the best way is to use the L2.

slaman29

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You have $60k in ETH and you are only payins 0.2% for fees? Consider that very cheap Wink

Why not just set gas fee of half what Uniswap recommends? Like manually change the gas fees. It'll take 10 minutes more max, this my experience.

1inch is slightly cheaper, IMO, btw. Not sure why, but I think it's just because the algo chooses better markets and does auto switch networks for you. Not really technical expert but 1inch saves you a few dollars every swap. Not marketing just sharing

boyptc

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You just have to check it from time to time if the fees have dropped a lot or they're still stupidly high. Don't do a transaction when you can't bear the fee.

This is an inborn sickness of Ethereum that will never get solved. Especially, if the transactions will be done on DEXes, you expect to have some additional fees within it.

Mpamaegbu

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Quote from: karusell22 on April 20, 2024, 09:05:13 AM

The only thing is that the fees through uniswap are really high, which are like 150-170$ on a 60k swap from eth to usdt on both ways.

It's not a Uniswap thing. It's a general ETH issue. It doesn't matter where you're buying or swapping from, the fees are really crazy. This is the bane of ETH and I believe it's what's keeping it this low in price. Otherwise, ETH is supposed to be in strong contention with Bitcoin for market share. Sadly, it's not. Bitcoin still controls around 50.5% of the market share while ETH still battles with 15%.

Anyway, the trick I've used to get lower gas fees during swaps is to do it at midnight. Fees often drop during such time where I stay and that can be because of less traffic at such time.

Bureau

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Quote from: karusell22 on April 20, 2024, 09:05:13 AM

Hey

i want to make some profit by buying ETH cheap and selling whenever it goes up through metamask and swap it into usdt/usdc to safe my profits.

The only thing is that the fees through uniswap are really high, which are like 150-170$ on a 60k swap from eth to usdt on both ways.

is there any other alternative which is cheaper, as i dont want to use any CEX

Why don't you compare swap fees and liquidity across different DEX. Apart from Uniswap there are others like 1inch, Sushiawap or Matcha all of them aggregate liquidity from various sources. They offer better rates and lower fees than onchain DEX like Uniswap. If that is a problem for you then use layer 2 solution as mentioned in the first reply.

adaseb

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Ethereum fees now are low. The price for swapping isn’t as high as before. Do it on a weekend like now and the fees are like 10 gwei.

I used Uniswap before and agree the fees are way too high. Maybe try 1inch they have that no gas swap method which I used in the past and didn’t have any issues.

tranthidung

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Quote from: karusell22 on April 20, 2024, 09:05:13 AM

The only thing is that the fees through uniswap are really high, which are like 150-170$ on a 60k swap from eth to usdt on both ways.

You only can wait for cheaper transaction fee.

Read these insightful articles and make your plans for on-chain transactions and swaps on DEX with Ethereum blockchain.

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Yeah, that one of the reason swapping on chain on Ethereum sucks.

I suggest you use Layer 2 instead like Polygon, arbitrum or optimism. The swapping and transaction fees are much cheaper there. So what you are going to do is probably use a CEX or bridge. Send your ETH there and swap it for USDT and then withdraw USDT on a layer 2 and then use it to buy and sell ETH on a layer 2 via Uniswap.

karusell22

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Hey

i want to make some profit by buying ETH cheap and selling whenever it goes up through metamask and swap it into usdt/usdc to safe my profits.

The only thing is that the fees through uniswap are really high, which are like 150-170$ on a 60k swap from eth to usdt on both ways.

is there any other alternative which is cheaper, as i dont want to use any CEX

Topic: Need Advice for Cheap Swapping on ETH (Read 163 times)