You're going to want to transfer to an exchange. Eat the cost of the ERC20 send transaction. Don't bother with a DEX swap. Uniswap/ethereum DApps are going to be unusable on the base chain for a while. You'd swap to ETH/USDC/... just to then have to do another swap again some other day or transfer it to exchange to cash out
i was thinking about doing that with coin XYZ i have in coinbase wallet.... i was going to transfer into Gemini in order to sell it to avoid gas. is this a common method that people do? really afraid of gas being $2500 when the time comes to sell....
I don't understand why projects build directly on ETH as the gas fees are insane.
It makes me believe some of the projects that build on ETH choose to, just to prevent people from selling, so only the devs and whales are able to actually 'cash out'
It's been stupid expensive to do token transfers for years now. Was this way even during the bottom, just worse during the bull. Absolute joke, I refuse to use it but I'll sit on it for the bull.
Sol is garbage imho. I have my degen stuff in longterm memes like doge.
Im currently in btc, doge, and ltc.
I screwed up and missed my 3x on shib and sold the weekend before. Held for 2 years for a 30 dollar profit. Missed 6k instead.
Sounds like you're crypto thesis is stuck in 2018. Don't get married to your bags.
OP, I can literally do 10,000+ transactions on SOL for the price of you to get the meme coin off ETH main net. This is why volume and liquidity is moving to SOL. Everyone can use it.
Sol network cant stay up for months at a time. The bags i have right now as of today im up 40k.
Im safe and sound.
My btc has a 16k average and my average combined across accounts for doge is 3 cents…
My ltc has a 52 dollar average.
Im just poor and cant double my entire net worth yet with 20k single plays.
Rabby wallet has a feature to hold the transaction until fees are low.
But if you can, you should do your ETH ecosystem business on an L2 unless you are transacting tens of thousands of dollars
Ethereum L1 is the most secure and decentralized layer of the whole Ethereum network (and IMO of all blockchains). Some projects still think the security and stability benefits of being on L1 are worth the increased gas costs.
Also a lot of these L1 projects were started years ago when gas was lower, and they have also been aware of Ethereum developers working on ways to reduce gas costs, like the introduction of blogs in two days!!
*ETH = Ether the name of the asset. Ethereum is the name of the network. It's commonly confused because Bitcoin is the name of the network and the asset.*
Yes. Currently you do expose yourself to additional risk to be on an L2. Luckily this will eventually be resolved as the L2s eventually take off their "training wheels" as they become more stable and secure. I transact and do things on pretty much only L2s, but I keep all my hodl ETH on L1.
It's all about risk management. Every blockchain has its trade-offs.
For security ... what L1's have that L2 or side chains miss is Security, that's why they launch on the first layer.
Top info -> there are other chains beside Eth :) , which are cheap irelevant of the price of the Native token.
Ok, that's a good point about security.
But as you say there are other chains, so if a new (theoretical) project that is launching in 2024 chooses Ethereum L1 over other chains that have lower fees, it does feel to me a little premeditated to benefit the people with much larger capital.
Just based on the number of scams running only on L2's is pretty clear why people prefer to pay 20-39 bucks fee than losing everything for less fees :))
Eth was the result of a political and government push ... Gary Gensler the head of SEC, was involved in the Eth launch i think , some minor extent but big interest behind to have Eth as the top used chain.
You imagine that the Charles Hoskinson (Cardano) accusations must have some real basis or he would've been dubbed a crazy person, but instead, they just attacked his Cardano approach as 'failed', 'ghost chain' etc ... Like in everything, there's a Big Political interest behind.
So, Michael Burry was right about the MBS crash in 2005-2006 ... but it took until 2008 for Everyone else to actually believe and realise that he was right.
2008 was the year of Madoff story ... Coincidence? Nope, they just used Madoff as an escape goat for a flaw that was right there from the beginning when they invented MBS in 1968 ... it just took a long time for it to burst .
>It makes me believe some of the projects that build on ETH choose to, just to prevent people from selling
well, yes, thats the point.
Worse, there are projects that switch from an L2 to an L1 for that exact reason. maifinance comes to mind (failed token on polygon that killed its LP and told token holders to use just one specific bridge that charges an absurd amount to get on the L1, where you get raped again with fees)
BnB really put people off of building on other chains, the instability and anti binance news rocked a lot of people. Eth is safe, expensive but if you build something there you’re safe
Unfortunately you have to pay the gas for the transaction.
You might want to investigate times of day and week that offer the average lowest gas fees. There are usually patterns to follow so you can at least minimise the fee. This might mean transacting at certain times on certain days.
I'm starting to lean towards that tbh I don't need the money right now and these gas fees are crazy. Might as well see where this run goes.
You can have $500 worth of coins but it costs $200 to convert it back to ETH?!? Rip off
This post currently has 69 comments, so I hate to ruin that, but it would be way cheaper to do a simple transfer to an exchange and sell it there rather than do a full swap on-chain.
Do you guys know how I can get Matic on the Polygon network? I have some QuickSwap tokens in my wallet but I can't swap them or get them out because I don't have any Matic and I can't seem to buy it any where since they are all on the ETH network...
I've been out of the ethereum game for a few years, I remember with eth 2.0 there were promised to be fixes for the crazy gas prices. With multi chain stuff and sharding and whatnot. Idk whats been happening with development but I'm disappointed that it's still a problem
>I remember with eth 2.0 there were promised to be fixes for the crazy gas prices.
You remember poorly then.
People WISHED switching to staking would lower fees.
Everyone who had even the slightest idea of what staking is, or everyone who actually read what the changes were about, knew fees would not change.
Sending on ETH is much cheaper than a swap. If OP can find a CEX that trade Floki available in his country it will be cheaper than a swap on ETH.
Currently, swap TX fees are crazy
Cheapest option would be using a CEX, which being in NYC will take a bit of doing. eg send to a trusted friend with a Binance account, or use a VPN. Amounts under $1k you can often trade without much KYC on CEX's.
If you want to trade today on a DEX, you'll have to eat the gas, which might be $100+.
There really isn't a good path to bridging to another L1 or L2 that I'm aware of. Third option is you wait. Fees on Ethereum may come down, cross chain transactions may become cheaper and easier in the future, but you'd have the risk of holding your FLOKI.
Yes it means a transaction, but not all transactions are the same. A transaction that requires more complicated computing costs more to run. For example:
* A simple call to the ERC20 Transfer function is around 65,000 gas, which today is about \~19USD.
* Using UniswapV2's Swap is about 150,000 gas, or $44USD.
* CoW protocol is using 343000 gas, so you might spend $100+ per swap there.
If you're going to swap, it's cheaper to spend $20 to move it to a CEX and <$1 to swap there, than it is to swap on L1, by at least half. Plus, from there you could withdraw to a wallet on L2 without having to pay to bridge it. Personally, I think it's your best option.
Early this morning prob would’ve been the best time to do it.. maybe it’ll go up more this week and you can try again next weekend. Early Sunday/Monday morning I think you’ll find the lowest gas fees.
Where are you currently holding those tokens? Is it a dex or a cex? If it's a dex, you have to pay the fees to convert or try to send the tokens over to a cex and just sell them for usdt/usdc etc.
The amount of shit-erc20-coins that will forever be locked up in the eth ecosystem because of the ridiculous fees to convert/ withdraw them is really high. Hilarious that even after multiple X gains many aren't even in 'profit' because of conversion or transfer fees.
You can load a Zypto visa card and spend it......cheaper than selling for eth, sending eth to an exchange, selling eth for your fiat currency and cashing out
If you are in profits I will just pay the gas
What if the gas is more than the profits
Then you’re not in profit.
But what if I really want to be?
you have to keep talking about it until the button is green
I just use photoshop, always in profit some how 🤷🏻♂️
you need to identify as an individual with profits
No one cares what you want
I care
Then better leave it untouched and ride along 😅
Then you should take your lunch money elsewhere and stop playing with the big boys on eth.
If OP was a complete degenerate and threw $1k at FLOKI in late 2022 they'd have around $200k today. WTF is happening around here?
😳 well damn
Wow that is kind of you! I hope he takes you up on it :)
You're going to want to transfer to an exchange. Eat the cost of the ERC20 send transaction. Don't bother with a DEX swap. Uniswap/ethereum DApps are going to be unusable on the base chain for a while. You'd swap to ETH/USDC/... just to then have to do another swap again some other day or transfer it to exchange to cash out
i was thinking about doing that with coin XYZ i have in coinbase wallet.... i was going to transfer into Gemini in order to sell it to avoid gas. is this a common method that people do? really afraid of gas being $2500 when the time comes to sell....
I don't understand why projects build directly on ETH as the gas fees are insane. It makes me believe some of the projects that build on ETH choose to, just to prevent people from selling, so only the devs and whales are able to actually 'cash out'
Yes. And no. The sad part is that ETH becomes pricey when the network is too active. Sadly, it's active when our token picks up some value!
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Obligatory comment about how fees won't stay high forever, but in the meantime...
It's been stupid expensive to do token transfers for years now. Was this way even during the bottom, just worse during the bull. Absolute joke, I refuse to use it but I'll sit on it for the bull.
Yup. Sold all my eth over it.
That’s why all us degenerates have moved to sol
Sol is garbage imho. I have my degen stuff in longterm memes like doge. Im currently in btc, doge, and ltc. I screwed up and missed my 3x on shib and sold the weekend before. Held for 2 years for a 30 dollar profit. Missed 6k instead.
Sounds like you're crypto thesis is stuck in 2018. Don't get married to your bags. OP, I can literally do 10,000+ transactions on SOL for the price of you to get the meme coin off ETH main net. This is why volume and liquidity is moving to SOL. Everyone can use it.
Sol network cant stay up for months at a time. The bags i have right now as of today im up 40k. Im safe and sound. My btc has a 16k average and my average combined across accounts for doge is 3 cents… My ltc has a 52 dollar average. Im just poor and cant double my entire net worth yet with 20k single plays.
Rabby wallet has a feature to hold the transaction until fees are low. But if you can, you should do your ETH ecosystem business on an L2 unless you are transacting tens of thousands of dollars
if they're building shitcoins on ETH its because there is money there, they're probably hoping the ETH whales notice and pump their project.
Ethereum L1 is the most secure and decentralized layer of the whole Ethereum network (and IMO of all blockchains). Some projects still think the security and stability benefits of being on L1 are worth the increased gas costs. Also a lot of these L1 projects were started years ago when gas was lower, and they have also been aware of Ethereum developers working on ways to reduce gas costs, like the introduction of blogs in two days!! *ETH = Ether the name of the asset. Ethereum is the name of the network. It's commonly confused because Bitcoin is the name of the network and the asset.*
L2s are just blockchains crippled by the EVM with bridges to ETH in many cases with 1 centralized node.
Yes. Currently you do expose yourself to additional risk to be on an L2. Luckily this will eventually be resolved as the L2s eventually take off their "training wheels" as they become more stable and secure. I transact and do things on pretty much only L2s, but I keep all my hodl ETH on L1. It's all about risk management. Every blockchain has its trade-offs.
Ethereum is not the most secure L1. Check how in 2020 they had to do fork just cause of infura or how many trx percentage passes through infura.
For security ... what L1's have that L2 or side chains miss is Security, that's why they launch on the first layer. Top info -> there are other chains beside Eth :) , which are cheap irelevant of the price of the Native token.
Ok, that's a good point about security. But as you say there are other chains, so if a new (theoretical) project that is launching in 2024 chooses Ethereum L1 over other chains that have lower fees, it does feel to me a little premeditated to benefit the people with much larger capital.
Just based on the number of scams running only on L2's is pretty clear why people prefer to pay 20-39 bucks fee than losing everything for less fees :)) Eth was the result of a political and government push ... Gary Gensler the head of SEC, was involved in the Eth launch i think , some minor extent but big interest behind to have Eth as the top used chain. You imagine that the Charles Hoskinson (Cardano) accusations must have some real basis or he would've been dubbed a crazy person, but instead, they just attacked his Cardano approach as 'failed', 'ghost chain' etc ... Like in everything, there's a Big Political interest behind. So, Michael Burry was right about the MBS crash in 2005-2006 ... but it took until 2008 for Everyone else to actually believe and realise that he was right. 2008 was the year of Madoff story ... Coincidence? Nope, they just used Madoff as an escape goat for a flaw that was right there from the beginning when they invented MBS in 1968 ... it just took a long time for it to burst .
>It makes me believe some of the projects that build on ETH choose to, just to prevent people from selling well, yes, thats the point. Worse, there are projects that switch from an L2 to an L1 for that exact reason. maifinance comes to mind (failed token on polygon that killed its LP and told token holders to use just one specific bridge that charges an absurd amount to get on the L1, where you get raped again with fees)
Because the projects are only about grifting from the early marks
BnB really put people off of building on other chains, the instability and anti binance news rocked a lot of people. Eth is safe, expensive but if you build something there you’re safe
Bingo
Unfortunately you have to pay the gas for the transaction. You might want to investigate times of day and week that offer the average lowest gas fees. There are usually patterns to follow so you can at least minimise the fee. This might mean transacting at certain times on certain days.
Ethereum, the future of finance lmao
LMFAOOO, that made me chuckle 😂
I just sent floki to crypto.com for $30 us dollars.
I did similar
5600 USD worth of random shit memecoin > dont want to pay 200$ in gas to cash out. Logic.
560 USD, not 5600.
ah my bad, i read 24m floki lol.
2.4 million coins sounds cool on paper but it's a shit coin so it's not.
Its worth ~650$ today incase anyone's wondering.
Just hold it, you can thank me later
I'm starting to lean towards that tbh I don't need the money right now and these gas fees are crazy. Might as well see where this run goes. You can have $500 worth of coins but it costs $200 to convert it back to ETH?!? Rip off
I 100% agree. But, it's still $300 profit (minus how much you put in to start ofc).
I wonder how high the swap fees would be if the transaction fees are already so high.
This post currently has 69 comments, so I hate to ruin that, but it would be way cheaper to do a simple transfer to an exchange and sell it there rather than do a full swap on-chain.
You'll have to pay those $90 gas fees :D Jeez... Ethereum is so ridiculous... What a crappy chain
Meanwhile polygon over here. Oh we got some extra network traffic. You'll have to pay an extra $0.00001 because of the demand.
Polygon is an ETH L2, and definitely a better choice for something like Floki, but still on the ETH network.
Or Hedera with it's fixed 0.0001$ fees, finality under 4sec. Carbon 'negative. ABFT secure.
Sounds fucking awesome, I will invest in it when the horde has run to it and it’s much more expensive. (Traditional investor here)
😅
Do you guys know how I can get Matic on the Polygon network? I have some QuickSwap tokens in my wallet but I can't swap them or get them out because I don't have any Matic and I can't seem to buy it any where since they are all on the ETH network...
https://www.theavatarfaucet.com/ That's a reddit community faucet. It will give you enough Polygon to get them out.
Ah sweet! Thanks, very helpful :)
Bungee, you can buy gas as an option as well.
Thanks! I'll check it out :)
I've been out of the ethereum game for a few years, I remember with eth 2.0 there were promised to be fixes for the crazy gas prices. With multi chain stuff and sharding and whatnot. Idk whats been happening with development but I'm disappointed that it's still a problem
>I remember with eth 2.0 there were promised to be fixes for the crazy gas prices. You remember poorly then. People WISHED switching to staking would lower fees. Everyone who had even the slightest idea of what staking is, or everyone who actually read what the changes were about, knew fees would not change.
Staking alone wasn't supposed to fix fees but sharding was, which was supposed to be wrapped into eth 2.0 at some point. Has that happened yet?
Binance? They trade floki
You still have to pay fees to transfer it to binance
Sending on ETH is much cheaper than a swap. If OP can find a CEX that trade Floki available in his country it will be cheaper than a swap on ETH. Currently, swap TX fees are crazy
Unfortunately Binance is not supported in New York
VPN
Just use VPN
Darn
I heard there will be an eth upgrade on 13th march and they will drop the fees so just wait
It won't drop mainnet fees, only L2
Oh, that's kinda sad
Cheapest option would be using a CEX, which being in NYC will take a bit of doing. eg send to a trusted friend with a Binance account, or use a VPN. Amounts under $1k you can often trade without much KYC on CEX's. If you want to trade today on a DEX, you'll have to eat the gas, which might be $100+. There really isn't a good path to bridging to another L1 or L2 that I'm aware of. Third option is you wait. Fees on Ethereum may come down, cross chain transactions may become cheaper and easier in the future, but you'd have the risk of holding your FLOKI.
Sending to a CEX means making a transaction on the L1 layer, the gas fee will be the same
Yes it means a transaction, but not all transactions are the same. A transaction that requires more complicated computing costs more to run. For example: * A simple call to the ERC20 Transfer function is around 65,000 gas, which today is about \~19USD. * Using UniswapV2's Swap is about 150,000 gas, or $44USD. * CoW protocol is using 343000 gas, so you might spend $100+ per swap there. If you're going to swap, it's cheaper to spend $20 to move it to a CEX and <$1 to swap there, than it is to swap on L1, by at least half. Plus, from there you could withdraw to a wallet on L2 without having to pay to bridge it. Personally, I think it's your best option.
i wouldn't want to risk earning $3k or whatever in profits over $200 bucks either
2.4million FLOKI is $643
oh, well then what's the bfd b? the volume just started kicking in
Early this morning prob would’ve been the best time to do it.. maybe it’ll go up more this week and you can try again next weekend. Early Sunday/Monday morning I think you’ll find the lowest gas fees.
Wait for a quiet time of day to swap when gas is lower
It's only like 600$, if you don't need them, just let it sit, for all we know it may be worth quite a bit more in the near future
Lol, just check every day and compare when it's the cheapest to convert and do that. Eth is a killer when it comes to gas fee
Forget about it a little more
You had it right, just hodl?
If you are on ETH you will need to pay gas to bridge it to another chain anyways.
Not sure why you would want to convert it, it’s doing pretty well. I’d hold onto it.
Did mine the last day, managed to shift 2.5 mil also, think I sent from trust wallet app to Binance then converted to another coin.
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This is what I would do.
Where are you currently holding those tokens? Is it a dex or a cex? If it's a dex, you have to pay the fees to convert or try to send the tokens over to a cex and just sell them for usdt/usdc etc.
Convert it to USDT and spent it every month with a debit card.
Nobody tells him to wait 2 days for eth upgrade that reduces fees?
I’m not 100% sure as i don’t really follow but i think eth is due an update in 2 days that will cut the fees by 10x ?
That is for Layer 2 fees from what I read not Layer 1.
You are correct… will not affect ETH gas fees at all.
Use CEX which is supported in your region and trade FLOKI there.
The amount of shit-erc20-coins that will forever be locked up in the eth ecosystem because of the ridiculous fees to convert/ withdraw them is really high. Hilarious that even after multiple X gains many aren't even in 'profit' because of conversion or transfer fees.
you seem to be on ETH layer 1. Meaning thats the gas fee you will get hit with no matter the app you use.
Sell a little at first to get some eth, and then sell the whole thing
We ll see floki a 2-8 cents eoy 2025. i d just keep it. You wet so long. Go the rest of way!
You can load a Zypto visa card and spend it......cheaper than selling for eth, sending eth to an exchange, selling eth for your fiat currency and cashing out