Bitcoin Forum

I am sending my AXIS tokens but getting this error again and again....gas required exeeds allowance...what does that mean...how can i solve this problem

It sounds like your "max Gas" value might not be high enough for the Gas required to execute the transaction you're attempting.

What wallet are you using? ??? If the wallet you're using is something like MyCrypto, they have some reasons for this error listed here: https://support.mycrypto.com/troubleshooting/sending/gas-required-exceeds-allowance-or-always-failing-transaction

Right now the gas prices are too high. I saw another thread where you are asking for a loan of 0.003 ETH. The gas needed to send that transaction itself would be more than this.

This is a common phenomena with crypto. The small fish just cannot move their few 10s or hundred dollars worth of value as the gas itself would cost you around 40-50 USD worth of ETH at current prices of >100 Gwei.

If you are familiar with Metamask, I'd suggest you to use other chains which have projects on which you can speculate after of course, doing your own research. Moving your tokens wouldn't be so costly on chains like Polygon or RSK. If you have bitcoin, I'd highly recommend to check the project Sovryn which uses BTC on the Rootstock network. It is not yet as crazy as some of these Ethereum chains but its a good community to engage with.

Well, I have some bad news (https://crypto.com/defi/dashboard/gas-fees) for you. Apparently, right now, the confirmation of one transaction is 71 gwei and that's just for the slow one which may take more than 30 minutes. This means that on average you'll need to pay around $40-60 for your transaction to just be included into a block by a miner.

If you consider it too expensive to transact at the moment, just wait until Ethereum's mempool empties.

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Question, but isn't this a Bitcoin's subforum? Shouldn't this belong to the altcoin discussion?

It only means that you lack gas fee(ETH). You have to check how much the fees are right now, the gwei. This website can help you out to determine how much is the recommended fee in three categories that includes the almost instant, moderate, and standard fee.
https://www.ethgasstation.info/
Most ERC20 token transfers are needing to have that much ETH to shoulder the high gas fee.

....gas required exeeds allowance...
This means that the minimum fee required to cover your transaction with the amount of ETH in your wallet is not enough. So the solution is very simple and that is to deposit some $ ETH in your wallet. Or wait until the gas fee is reduced.

If you were sending on ethereum network,  you will definitely need to up your ether balance which at this time is costly to do so. You will need to wait for less traffic on the network. If you are sending on other network like bsc,  avax,  Matic,  you just need to get more of these coin to execute your transaction, this shouldn't cost you an arm and leg!

You need to adjust the gas fee reasonably because currently the gas fee is very high if you don't adjust the reasonable level , There will definitely be an error when the transaction , Need to review the gas fee before sending and see the confirmation. see if it's confirmed , These are very common phenomena in crypto and we all need to learn how to handle such situations.

Thank you guys for all the replies i got my problem sorted out...was really stuck in that the whole day as i wanted to sell my axis token and was not able to arrange ether for the transaction..now it is solved thank you