ETH GAS FEE SOLUTION using the Binance Smart Chain:
So gas fees on the BSC (Binance Smart Chain) are as cheap and cheaper than the fees at the time the DeFi 101 course was recorded. It is not the most intuitive process to figure out but it’s also not too difficult either.
https://www.binance.org/en/smartChain
Basically there are two things you need:
A binance.com/en account. NOT binance US account
For US citizens the way around this is to use your VPN and have it tethered to another country so you can use the regular binance.com/en website. I used a Canada IP, choose anywhere not US.
Instructions for adding the binance smart chain network to your Metamask wallet:
https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain follow the steps, they are super clear and you simply type in the info on this page to add the BSC mainnet to your Metamask wallet.
Once you have done this you can DEPOSIT ETH into your binance account using your Metamask wallet on the ETH mainnet. Make sure the ETH is matched to the ERC20 token or you will lose your money forever because the tx will be incorrect. Copy address and go to Metamask wallet. This part will use regular gas fees. Today it was $6.17 for me to deposit $215.00 USD. Not too shabby. Make sure you subtract the fee from the max for the amount you enter if you deposit ALL of your funds into your binance account to cover GAS. If you use max then you won’t have enough to cover your gas, makes sense right…SO I deposited $208.00 to account for the gas fee. I deposited all of the ETH I have in my Metamask wallet using my Metamask address on the ETH mainnet into binance.
When that is complete you can use your Binance account to withdraw that ETH using the BSC mainnet instead of the Ethereum Mainnet.
You can check the transaction on https://bscscan.com/ using your Metamask wallet BSC mainnet address.
When that is complete and you have checked your transaction on bscscan, in bscscan you can click on the Binance-Peg ETH token located to the far right in your transaction. Copy that address and go to your Metamask wallet on the BSC mainnet, click on assets and add the token on the custom token tab. Once you have done that the ETH token is in your Metamask wallet and can be used on exchange platforms. I used PancakeSwap. Connect your wallet and you will see your ETH and the various tokens you can swap for using BSC mainnet for super cheap prices!!
You do pay gas the first time you authorize PancakeSwap and for the first time for PancakeSwap to create each pair but using the BSC it’s a tiny amount!
Best of luck!!! A friend shared this with me when I asked about a way to get around crazy ETH Gas Prices and it works. Take some time to check it out, definitely worth it!
SUMMARY:
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Create a binance.com/en account (use VPN if in US to not be in US).
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Add BSC mainnet to your Metamask network using binance smart chain instructions
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In Binance account, go to wallet dropdown menu, select Fiat and Spot to Deposit ETH
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Select Crypto, select coin, make sure you select correct coin match in Deposit Network!
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Copy ERC20 address in deposit network
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Go to Metamask wallet and send funds on ETH mainnet to binance (don’t forget to account for gas fees if you use max funds)
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Check Tx on Etherscan and await confirmation
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Check Binance to see deposited funds
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Go to Withdraw in binance, select crypto and then coin. USE METAMASK BSC Mainnet ADDRESS in recipient address.
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In Transfer network select BSC Bep20
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Double check everything. Choose amount or select max, and submit!
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Copy Metamask address on BSC mainnet and check Tx on BSCSCAN
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In BSCSCAN tx to far right click on Binance-Peg ETH token and then copy that address
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Go to Metamask wallet on BSC mainnet and click assets. Add token, custom token and paste address
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Your ETH is now in your Metamask on the Binance Smart Chain and can be used/swapped on exhanges like PancakeSwap
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Happy Hacking For Less
Please feel free to share any other options or layer 2 protocols people can use to get around ETH gas fees!