I’m very new to this and could do with a little help, I’ve staked a small amount of LINK and BNT in the LINK/BNT pool. When I try to stake my rewards the gas fees are $242.
Why is the gas price so high for such a small amount to be staked?
I’ve encountered the same thing and from what I’ve heard in the Bancor telegram the reward staking operation is complex and that makes it rather costly due to the nature of the way gas fees are set up. I also have a relatively small amount staked, and consequently, I’ve taken the view that I will wait to stake my rewards until it makes economic sense to justify the fees. Also, I have noticed that by waiting until gas fees are low network-wide, you can get this operation done for $~150 in gas, so I will check throughout the week to see if the fees are lower than not. I guess it comes down to an opportunity cost of the expected returns over time from the additional stake vs the immediate outlay. Fundamentally, this is an Ethereum problem, and why I believe blockchains like EOS will ultimately provide more user benefit, provided the liquidity is there.
I would be curious to hear from the Bancor devs if they have any insights as to if and when this operation could be made less costly, or if it’s just a fact of reality.
correct, it has to do with the complexity of the contract in order to achieve IL protection. the team however has been working hard on a Matic L2 solution which will essentially make all fees negligable.
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Matic? I thought the team has been working on Arbitrum for L2 scaling and expanding the DEX over to the Polkadot ecosystem.
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my bad yes arbitrum, got my names mixed up. i think theres something going on with matic aswell tho i forget. and polkadot is also being worked.
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Gas is too high but the UI needs to change for better adoption.
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the good thing is all of these things are actively being worked on. i highly reccomend to take a look at the github to see the giga chad devs at work
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