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5 years ago in LeoFinance by bitcoinflood (79)
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Yeah, I have a bunch of funds stuck right now in Ethereum hell. I'm trying to convert USDC to WLEO and I don't have enough ETH to pay the gas fees. So I go to convert USDC to ETH so I have some gas, but I don't have enough ETH to convert USDC to ETH to pay to convert USDC to ETH to convert USDC to WLEO ...
What insanity!
Such a mess, for sure these fees are holding up a lot of projects and adoption so hopefully we get there soon!
!ENGAGE 10
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ENGAGEtokens.I would like to believe that with the implementation of ETH 2.0, transaction prices will drop significantly.
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It really is crazy to see the mess that can happen on ETH with such high fees.
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Well, I've learned my lesson. Always up the gas fees to the "fast" recommendation, because if a transaction gets 'stuck' there's no way to move forward with a new transaction until that one either succeeds, fails, or is cancelled, and you have to pay gas to cancel it (and if the gas you pay to cancel is too low, the cancel can literally take days).
So, just bite the bullet and pay the premium to make sure your transactions don't get stuck in Ethereum hell. (Also, if you're using UniSwap, if the transaction takes longer than the timeout interval, which is 20 minutes by default, then you still end up paying the ETH gas fees, but the transaction gets rejected by UniSwap -- so it's gas paid literally for nothing).
Yes it is really complicated, when I started in CUB I also had to wait to save some gas.
But, how much approximately do you need to do the conversions you require?
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Thanks for asking.
I finally got everything 'unstuck'. I had to send USD fiat to CashApp, buy BTC on CashApp, send the BTC to Bittrex, convert BTC to ETH, send ETH to metamask, then use the ETH on metamask to free up the transactions on UniSwap (or something like that -- it was a convoluted mess!).
Totally crazy that I had to jump through so many hoops when I had ERC-20 tokens in my wallet with plenty of value, but no actual ETH to pay the gas fees.
The other thing I learned through this process was that you cannot easily 'cancel' a slow transaction on the Ethereum network and you cannot initiate a new transaction without the first transaction either succeeding or failing.
So there are actually two ways to end up in Ethereum hell:
Without realizing the existence of the sequential-queuing limitation, I ended up with 5 or so time-sensitive transactions in the queue, all stuck behind my initial low-gas transaction, with those transactions destined to 'fail' for exceeding UniSwap's time limit.
I had used the 'cancel' option to try to clear out earlier 'pending' transactions, but then eventually (a day later) discovered that those cancels were also going to take days to process as 'canceled', and that I could not conduct additional transactions until they cleared the queue. So, I had to add a bunch more gas to those 'cancel' orders to get them finally canceled and 'out of the way' so I could place new transactions.
What a ROYAL PAIN! I have been so spoiled by Hive's 3-second block validation and fee-less transactions. This is one more reason why I am so bullish on Hive and LeoFinance.
The takeaway (for me):
This sounds like a complete disaster.
I also have some BCH in a wallet and I have to send double what I have in there to get it out, so it's not worth it.
And I can see why this leofinance bridge will be a new tool for many, because I know the same problem you have, many have.
And of course I will stay away from ethereum, I am not yet a millionaire to operate there, I still have to grow my crpto.
Thank you very much for the detailed answer.
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Wow I'm glad I got into crypto later in a way so I didn't have to deal with getting into Eth and that ecosystem XD
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lol, Ethereum has done a lot for adoption and use cases but they just fail to fix the scalability issue. They are doing things right though. As long as they can continue to develop and move in that direction they should come out on top.
!ENGAGE 10
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ENGAGEtokens.Been stacking leo and cub, staking them for le future.
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That's the way to do it. You'll be in a good spot when new projects continue to be launched
Perfect solution! I recently liquidated my CUB-BNB pool and left only liquidity in CUB-BUSD, which allows me to use fewer gas commissions.
Hahahhahahahahahhahhahahah
Link to vote for @cranium as a witness
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The gas prices are brutal. I recently minted a NFT for like $63 lol
Thank you! Be sure to pay attention to this resource.
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I doing the same buy as much CUB I can and adding LP tokens to the CUB-BUSD pool,
I got lucky as well with buying some more CUB under 3 $ after purchasing over 3$ last week :(
Good luck! And let the CUBS roll!
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Just HODL and that over $3 will be looking nice!
I'm looking forward to all the things the LEO team are bringing. LEO seems to be pretty cheap at the moment.
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There hasn't been much HYPE/ announcements out of them for a good month or two which is making people start looking at other projects. Perfect time to scoop a lot up for a discount.
I have been moving some funds over to the bleo side of things in anticipation of the LeoBridge announcement (and then the project blank announcement).
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I'm curious if we will see a bump in the bleo-BNB pool from 12x once it goes live or shortly after since it will play a big part in it.
Ya, it would sweeten the deal, but I see a lot of FOMO on the horizon with bridges and airdrops. The whole CUB ecosystem is a ticking moon bomb.
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Just wondering, what is the general is the general gas fee limit you set? I think setting it to 5 would be the best for fees but you are not guaranteed for it to process. How do you process things to lower the fees as much as possible while compounding and harvesting?
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Set to 5 and transactions are quick haven't had any issues. Fees are MUCH lower than what they where before.
I pretty much leave it for a month right now before harvesting and rebuilding. Depending on the price. If CUB falls under $3 I pick up more. To me if things get running smoothly with demand we should be looking at about $10 per CUB.
Thanks. I was just wondering about it just incase.
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!ENGAGE 10
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ENGAGEtokens.I agree with your opinion, although $ 10 still looks almost unrealistic.
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Yay! 🤗
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very good
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Hey, what's the delay?
I have also noticed some failures in the BSC platform, but I didn't know why, I thought it was the fault of the Chinese government, or hackers but I really don't know.
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Nice play, and congratulations on your double!
Your good fortune regarding price is a double, good stroke of luck, don’t forget to thank whoever delayed the release of your funds. LOL 😂😅
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