Bitcoin Forum

hi Guys

I need your help Im a newbie with using eth using metamask currently.

And I wanna buy some YFI coins and store them in the pool liquidity.

but for each transaction on metamask requiring those coins it asks me to pay 40-50% Fees.

That means 50$ transaction 30$ fees


How can that be possible ? Im pretty sure some settings or something is wrong pls help. !

Nothing is wrong on your side.
ETH is facing an all time usage high, and fee's have skyrocketed. Even when you send from wallet to wallet, fee's are around $5. ASnd when you consider interacting with a smart contract, it goes up tenfold

Is not really wrong, you can see the gas fee of the transaction on Ethereum was around 300-500 Gwei.

Most of decentralized exchange one of them "Uniswap" have a default set up for the Gas Fee & Gas Limit you need to pay each transaction. Let's take an example of IDEX/Etherdelta, they have a default set up for the gas limit "200.000"/Tx. If you change it or make it lower not using a default gas transaction from them, your transaction could be fail. Go to Centralized Exchange if you don't have money to pay using Decentralized Exchange.

How to calculated the fee transaction : (Gas Limit * Gas Gwei = Your Fee Transaction)

Since DeFi make the gass fee always increase, so for a small trader with small transaction not a good option trade on DEX.

If you are buying using uniswap or any other decentralized swap exchange then you would have to gas fees which is extremely high right now. I would suggest you rather buy YFI token from any centralized exchange that way you will have to pay little as a fee.

I bought the token from centralized exchange but  I want to add pool liquidity on uniswap.

Someone said even for 100,000$ transaction the fees will only be 30$ ? and for 5$ too ?

Don't use Uniswap for at least a few days. People have gone crazy paying 600 GWEI or so for a damn transaction. I don't really know why they would do this except to case for the DeFi hype, so let's wait for it to burst and people finally realized how stupid their decision making is.

Whoa! It's like they made it the flat rate? Hmm.
Miners are having fun now.  ;D So does whales.

For OP. It is congested so that is normal.
It's either you wait or your risk it thinking you can have it back with profit from all this hype.

Whatever how much your tx fees and it will be required the same fees. You must see this before try to generate a transaction https://ethgasstation.info/

It has called as a standard transaction fees. That doesn't matter a lot how much your funds that must be sent to the another wallet and when the standard fees to get the fast confirmation from the block was around $30 and when you are sending a small amount of money to another wallet and you must also need to pay the same amount to make your transactions to be confirmed in a short time but when you wanna pay less than it and you must wait until the standard tx fees in the network will go down or your tx will be stuck in the network.

Whatever $100,000 or $5 when the standard fees was $35 and both should pay the same fees ($35)

It is for real and even happened last few weeks ago, there's a $35-M worth of Ethereum transfer and the fee was that pretty low. If you're being asked to pay for a high fee of gas, go with the recommended or it's simple that don't pursue the transaction if it's okay.
(https://nairametrics.com/2020/08/17/unknown-eth-whale-moves-35-million-dollars-worth-of-ethereum/)
TXID: https://etherscan.io/tx/0x4917c418c73ff208d3811168239447298378d13a5bbe532f6af68393527bf320

Dude unless you are moving millions right now it is not the best time to use the Ethereum blockchain for transfers. If you planning on purchasing YFI, use a safe CEX like Binance or Huobi or whatever other exchange that you think is safe to use for your area.     

Unfortunately you cannot get any help in this regard. You have to accept the fact that the transaction fee is sky high these days so if it is affordable to you go ahead with the transaction or wait for reduction of fee.
We are all in the same boat and facing similar situation which is really annoying.

The ethereum network has been experiencing a huge surge in transaction fees and that explains why you could be charged for transactions even more than the value of what is being transacted. We really can't do anything about it and the best you can do is wait for the transaction fee to reduce.

Oh well, that's the nature when crypto space is on the hype, gas fees are exorbitant high. So no one can really help you out, except that you monitor the gas price and see if it will go down. And unless we've seen negative news to pull down the price of the altcoin market again, I don't see the gas price normalising again, sad but true.

Or at least Eth2.0 is release to help ease out the scaling issues that Ethereum network is experiencing.

The current TRX fees are really high, surprising isn't it? But it probably only a few didn't know it just like you and we have no choice as well.

The best option for you now is to used Bitcoin instead of using ETH to buy FYI if you want to save bucks. If you already have an account in Binance and you already have deposits, well, it is not a problem and could be easier for you to trade directly. I think others do the same but if you don't have, that is a big problem otherwise...

If that fee really matters to you, then you have no choice but not to buy it. Could be that sorry.

that's how ethereum platform ask for fee today. You need to pay that fee if you want to continue buying that currency or transferring your tokens and that's normal thing now since ethereum platform is again congested its happen every time that wth is congested and that's also the reasons why many wth tokens increase its price because its hard for low budget traders to pay that fees.




bitcoin is also have high fees but much lower compared to ETH asked for every transactions.

Due to the load on the Ethereum network caused by hype around DeFi, such a commission is now standard. I do not know if it is possible to replenish my liquidity pool by transferring coins directly from the exchange, but I made a transfer from Binanca ETH today and the commission was only 0.01300000 ETH.

now it's just crazy because defi projects have become popular and people are ready to pay $ 100 commissions. I believe that all users just should to stop supporting such projects. Therefore, I expect that there will soon be a strong wave of popularity of defi projects that are based on other blockchains.