08-25-2021, 11:29 AM
Why using the ETH network is worse than a punch in the guts
<!-- SC_OFF --><div class="md"><p>So today I decided that I wanted to buy an ERC20 token and add it to a liquidity pool today. What a HUGE mistake that was.</p> <p>To purchase the coins, I had to withdraw my USDC from Binance to my wallet.</p> <p>$15USD gas fee</p> <p>I then had to send a setup transaction on Uniswap.</p> <p>$12USD gas fee</p> <p>Next up is the token conversion on Uniswap</p> <p>$56USD gas fee</p> <p>Liquidity pool set up transaction on Uniswap</p> <p>$12USD gas fee</p> <p>Now to add the coins to the pool via Uniswap</p> <p>$54USD gas fee</p> <p>Ooops I don't have enough ETH in the wallet to make the transaction. Back to Binance, withdraw some ETH to top up the wallet.</p> <p>$11USD gas fee</p> <p>THAT'S $160USD IN FEES. Not to mention that all this has had an hour of transaction times. Wow, the future of money at work here folks, time to invest. Why are so many people obsessed with this network. There are SO MANY better options out there that settle instantly with next to zero fees.</p> <p>Vitalik, give me my $$ back please. End rant.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Definitely-Not-Kanye"> /u/Definitely-Not-Kanye </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pb35rd/why_using_the_eth_network_is_worse_than_a_punch/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pb35rd/why_using_the_eth_network_is_worse_than_a_punch/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>So today I decided that I wanted to buy an ERC20 token and add it to a liquidity pool today. What a HUGE mistake that was.</p> <p>To purchase the coins, I had to withdraw my USDC from Binance to my wallet.</p> <p>$15USD gas fee</p> <p>I then had to send a setup transaction on Uniswap.</p> <p>$12USD gas fee</p> <p>Next up is the token conversion on Uniswap</p> <p>$56USD gas fee</p> <p>Liquidity pool set up transaction on Uniswap</p> <p>$12USD gas fee</p> <p>Now to add the coins to the pool via Uniswap</p> <p>$54USD gas fee</p> <p>Ooops I don't have enough ETH in the wallet to make the transaction. Back to Binance, withdraw some ETH to top up the wallet.</p> <p>$11USD gas fee</p> <p>THAT'S $160USD IN FEES. Not to mention that all this has had an hour of transaction times. Wow, the future of money at work here folks, time to invest. Why are so many people obsessed with this network. There are SO MANY better options out there that settle instantly with next to zero fees.</p> <p>Vitalik, give me my $$ back please. End rant.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Definitely-Not-Kanye"> /u/Definitely-Not-Kanye </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pb35rd/why_using_the_eth_network_is_worse_than_a_punch/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pb35rd/why_using_the_eth_network_is_worse_than_a_punch/">[comments]</a></span>Kind Regards R