Defi is financial Lego - Gas fee $20 to supply 11 DAI to Compund

kryptomagpie · August 3, 2020, 5:53pm

Hi,

I’m following the instructor for Defi 101 course, Financial Lego after lots of fiddling about I have linked my Metamask to Compound wallet, and allowed Compund to access my 11 DAI.

So now I am trying to supply my 11 DAI, and expecting my Metamask Wallet to ask my permission, and let me know there will be a small GAS fee.

However, it is telling me the fee will be $20! And its not taking it from my DAI, but from ‘MINT’.
The transaction its asking me to confirm is for 0 mint and a $20 fee.

Can anyone advise whats going on? I’m sure it will be just a noobie mistake but any help would be appreciated.

cheers

Thaddeus19 · August 4, 2020, 12:06am

You could try editing the gas price, and setting it to 30 Gwei. That if it would take you approximately 2.8 hours to execute the transaction.

kryptomagpie · August 4, 2020, 6:27pm

@Thaddeus19 thanks for the tip, its helped me learn.
However, even after tweaking its is going to cost me $6.21 to transact $8 worth of DAI

This is a lot more than I would expect… are prices really high at the moment because of market forces or something? Or is this just a me thing

kryptomagpie · August 4, 2020, 6:54pm

Don’t know how reliable / up to date this site is… but it says I should pay $0.24

Predictions: Gas Used = 21000; Gas Price = 30 gwei

Outcome
% of last 200 blocks accpeting this gas price	8.0459770115
Transactions At or Above in Current Txpool	271
Mean Time to Confirm (Blocks)	1068.8
Mean Time to Confirm (Seconds)	16437
Transaction fee (ETH)	0.00063
Transaction fee (Fiat)	$0.24444

Thaddeus19 · August 4, 2020, 7:06pm

The price I update in Metamask for a real time data, and in the calculator I see the Mean Time to Confirm (Seconds) to see how many minutes or hours it would take to confirm the transaction.

16437 seconds would be 4.5 hours, which would take approximately to confirm.

kryptomagpie · August 4, 2020, 11:21pm

I just bit the bullet and transferred some funds ($70) to dydx, but it still cost me $4.50 (32 GWEI gas price). Maybe this is small amount if you’re transferring big sums but for me to have a play it seems like an awful lot.
Now I’ve just realised dydx is prob not for me as I don’t have minimum stake (10 ETH!), so I’m gonna have to pay $4 to take my funds out!

I really thought I was going to be able to dip in and out to try out some different projects but not at that price! Is anyone else having the same issue?

Thaddeus19 · August 5, 2020, 4:00am

If the gas is high, as you say for large quantities it is not a problem, but it is for minimum amounts. Therefore it is best to check the rules before transferring the funds or check if you have testnet like uniswap, compound or AAve to test it before

looperdave · August 6, 2020, 6:33pm

bingo.same issue. cost me 1.72 usd to import 41 zrx from the wallet to the compound ap, then to mint the CZRX was requesting another 8.72 usd, now I bailed on the homework, and by god I need to pay another 1.85 just to send my funds back to coinbase. Ethereum better hope the testnet goes well.if not, Cosmos Cardano etc will be getting a lot of traffic when smart contrct ecosystem is rocking, as they both plan to be interoperable with EVM

kryptomagpie · August 6, 2020, 7:03pm

I’m finding the world of deFi all a bit overwhelming right now, so many coins, projects, new terminology, new way of thinking. .

I think if I could dip in and out of a few projects and have a go it would help a lot, but gas fees too high…
@Thaddeus19 provided an answer

…however I am not really sure I understand what you mean, or what I need to do…

any ideas are welcome

kryptomagpie · August 6, 2020, 7:14pm

Having a go on AAVE, depositing 11 DAI, gas fee is $0.80, so not too bad so far…

Thaddeus19 · August 6, 2020, 7:23pm

If you want to test the platform or protocol before depositing your tokens, some projects have trial versions on the ethereum testnets that work as in production.
In my case Aave, uniswap, compound use them in Kovan testnet first to see its functionality, its flow, if it was the protocol or platform that I expected, then I already made the decision to use it on the mainnet with the premise that the cost of gas would be higher by saturation at this time

kryptomagpie · August 7, 2020, 10:07am

Ok, so I tried to deposit 10 DAI in AAVE, my wallet balance was 11 DAI and I hit the deposit button in screenshot below…

I accepted the transaction fee of around $3 after setting gas to 30 GWEI and went to bed…

This morning I logged on, and see the 10 DAI has left my wallet, however I was expecting it to appear in ‘My balance in AAVE’, however as you can see it is still 0!

Here is the record in Etherscan, can someone please explain what has happened here?
Mainly where has my 10 DAI gone?!?

Thanks
Rich

kryptomagpie · August 7, 2020, 3:00pm

Ok ignore, I had changed the market (bottom right of AAve site) from Uniswap
newbie error lol

Changed it back and all good

petra · August 10, 2020, 4:46pm

I’m just getting into defi.
I’m on Oasis. Not sure if it’s better or worse. I may hit Compound next.
The moving coin into the vault (I assume the vs apps work similarly) and the generating DAI are fees for executing the contracts and not dependent on value being transacted, is how it appears to me.

Also, the fee can depend on network traffic. Right now crypto is super popular.
more trafic == higher fees.

***Edited to add:

I’ll follow up with the suggestion to test protocols on a testnet.

Regarding Oasis, right now I am accumulating WBTC to add to my vault to minimize the relative fee.

Tbh bank fees are ridiculous too,
and they’re just stupid fees not actual network costs.

Thaddeus19 · August 8, 2020, 7:48pm

In addition, the popularity of DeFi projects has generated more congestion on the network.

kryptomagpie · August 8, 2020, 10:37pm

I requested 3 KETH be sent to my Kovan wallet here… https://gitter.im/kovan-testnet/faucet#
was really quick and easy, now just gotta work out how to play with it… tomorrow.
Appreciate all the help, I am itching to move on to Javascript programming, but want to get a handle on this DeFi business first.

I’m also setting all accounts up on twitter, discord, telegram, github etc
Before all I ever did was watch endless youtube videos about it, now its time to get involved

patricks · August 12, 2020, 2:04pm

Transaction fees on DEXs definitely seem to be going up lately. To the point that buying small amounts is starting to make less sense. Has anyone had success trading on 1inch.exchange with smaller transaction fee than if going straight to the DEX?

Estimated gas cost $44 USD!!

Went straight to Uniswap v2 and the transaction fee ended up being about $12 so that didn’t match the $9.04 advertised in the first screenshot on 1inch.exchange.

Thaddeus19 · August 12, 2020, 5:55pm

In 1inch.exchange enable chitoken?

I just saw a video from DeFi Dad where he explains how to swap tokens through the Dharma app and doesn’t generate gas costs.

Check and count with Ampl and Ren tokens

kryptomagpie · August 12, 2020, 9:45pm

Awesome, thanks for this info! almost too good to be true… all my funds a bit tied up at the moment but had a few DAI leftover so gave it a try… but minimum transaction $75 I’ll have to sort something out, for 0 gas fees! Think we should not tell too many people about this

Its cool that its a phone app though. I do binance and coinbase on my phone (and now dharma) everything else on PC.
Would be interested to know how much people doing swaps on mobile compared to pc

patricks · August 13, 2020, 1:39am

Thanks @Thaddeus19, that’s awesome! I will try the Dharma app.

It was my first time using 1inch.exchange, so I’m still a noob Thought I would need to have some chi tokens to make use of the reduced gas fees but haven’t researched it yet.