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117$ fee to send 1$ usdt?!?!?

#1

Trying to send some usdt out of incognito and it’s asking a 117$ fee. What the hell is going on? This is extremely concerning!Screenshot_2021-02-21-03-14-53-449_com.incognito.wallet Screenshot_2021-02-21-03-14-49-041_com.incognito.wallet

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#2

This has already been discussed here on the forum before.

Some coins have high network fees. Look over the previous decisions for how best to withdraw your funds.

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#3

$117!!!..$117!!!..damn now that is just plain ridiculous…something does not sound right about that attempted transaction… :confounded: :sunglasses:

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#4

This is true unfortunately. Thanks for posting this so hopefully the team can understand.

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#5

Hey, @marko I assume that “the team can understand” concern you address to Vitalik and his team :slight_smile:

If to be serious

  • the fee occurs on the Ethereum network, not on the Incognito network, and paid to Ethereum validators, not Incognito validators
  • our devs work on optimizing smart-contract gas fees. It will make it more efficient but it will not solve the problem completely

Quick solution

  • try to unshield by using another network
  • monitor ethereum gas fee and try again when it is lower
  • send this 1$ usdt within the Incognito network, it’s cheaper than other blockchain networks
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So what's going on with PROVIDE???
#6

Ok @andrey all that you just stated being true my question is what other network should we use or consider using when it comes to unshielding. Now, of course, I have heard of Cardano ADA and other so-called ethereum killers, and its supposedly low fees but I take that bridges need to be built to them to be able to take advantage of them. If I may ask is there any progress on other networks you advise us to unshield with at this time and if there is once again what are they?.. :sunglasses:.

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#8

@jtmh…Bite ME!!!.. :sunglasses:

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#10

I think this is a good idea. Why don’t we use TRC20, OMNI or BEP instead?

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#11

Now there is a proper response…thank you @Semaj…so then we can indeed see if said networks are available for us to use…if not then we have to wait for bridges to be built I guess to other networks… :sunglasses:

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#12

Thanks for the clarification. Still strange as fees are much lower off the incognito app…

If anyone can link to other topics regarding instructions on how to exit incognito with normal fees I’d appreciate it… (I’m only removing some funds to exchange to coins which are not on Pdex, most of my funds are still on provide (: )

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#13

Could you link to that?

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#14

$117 fee to send $1,670,000???

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#15

Just swap it to LTC and unshield, then swap back to usdt if you want. It’s like a few cents to unshield LTC.

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#16

I belive i read somewhere you can use pusdt and send to myconstant to avoid a fee right?

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#17

That is correct…did it myself a few days ago…:sunglasses:

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#18

no matter how high are fees should not be higher than original amount. anything else is a scam

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#19

Then, Ethereum chain is scam :joy:

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#20

I don’t know that it’s a scam but inefficient design. Ethereum has gotten so popular that fees are basically unusable except for high values. That’s why there has been a surge in Binance Smart Chain and even Tron for USDT. I doubt there is going to be much improvement until after the bull market is over. On the last call they said BSC integration will be 6 months out. I was thinking this would be by the end of the month but I guess not.

#21

Frack the GAS…grrrr… :face_with_symbols_over_mouth: :sunglasses:

#22

Could you elaborate on that?