How to lower ETH gas fees by over 1,000x

Ethereum gas fees have grown by 500% since April this year. In August 2020 alone, gas fees almost doubled.

In comparison, Incognito offers a trustless solution to send and receive ERC-20 tokens. It is an Ethereum friendly sidechain, which runs parallel to the Ethereum blockchain, allowing for secure two-way transfers of crypto assets.

Here’s a quick breakdown of transacting on Incognito vs Ethereum:

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Turning on Incognito mode for your transactions takes two easy taps. All you have to do is download the Incognito app to start transacting privately today without huge gas fees.

Incognito mode for Ethereum >
Tutorial: How to shield your coins >

APK

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This would be the kind of message we need everyone to share on other platforms. Although our main focus is providing privacy, the current difference in fees is a nice side-effect to use as a marketing topic to get more exposure, more people interested.

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Yep, we are going to work with ERC-20 project. They are planing to use Incognito until Ethereum figure our the problem with high network fees. :dizzy:

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Please help spread the world <3 As we can improve more in liquidity pool and increase the stability of our pDEX exchange also.

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I spread that post on probably 20 twitter posts or more on gas fees

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Gas fee is most biggest problem on ETH Erc20 tokens :pensive:

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For Gas fee high on eth you are additional cost added on withdraw??

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Hey @Asik.

Not 100% sure what you mean, i believe you are referring to withdraws from incognito back to eth (Which is called unshield). If that is what you were referring to, no there is no additional fee Currently for withdrawing/unshielding.

-Hope that helped!

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Additional fee needs to withdraw Eth?

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I just tweeted it on my twitter …and will follow JoyRaptor’s example and continue to retweet on other twitter posts…for let me tell you…the fees are outrageous right now…I moved like 2 dollars worth of eth from one wallet to another wallet…was testing something…at end of transaction…what did I get … 2 pennies worth of eth at receiving wallet…it basically ate the other 1.98…i was like holy smokes…yea it be bad… :face_with_symbols_over_mouth:

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Thank you elena for this quote for it is why I used on the tweet I tweeted on twitter… :sunglasses:

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Hey Asik,
Nope, additional fee is not required. Basically you just cover ethereum gas fee and Incognito network doesn’t charge you any additional fee for unshileding.

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Sorry if this has already been asked - but I thought that if we were to use Incognito to trade via the pKyber or pUniswap exchanges for example we would have to pay the typical eth gas fee prices. Is this not correct?

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Hi @walkonwayvs
That is correct it shows up when completing the transaction. A way to avoid that is going in and out through PRV if possible.

Ah okay. Just so I understand correctly: I can trade on both pUniswap and pKyber without the crazy high eth gas fees IF I trade with PRV?

An example being: I want to buy some XOR, I only have USDC, I trade my USDC for PRV, I go onto the pDEX, and then I buy XOR with PRV. Would that only cost me PRV transaction fees and not eth gas, is that right?

The same example would go backwards as well - I want DAI and I have KNC, I go into the pDEX and trade KNC for PRV, then I trade PRV for DAI effectively doing the same thing as ‘selling my KNC for DAI but going through PRV in the middle’?

Sorry I’m just trying to understand. And I trade on 1inch exchange quite frequently because of their price aggregation and ability to use a gas token called CHI to save up to 50% on eth gas - which of course can still be like $40 + these days :frowning: So if I could just go straight though the pDEX and make all the same trades, with the added step of trading in and out of PRV to stablecoins while paying much less gas - God damn shut up and take my money! :laughing:

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:joy: I use 1inch also but I’ve pretty much curbed all but extremely necessary trades because of the cost. I use pdex for most of my trades that can be done within incognito. I’ll use Kyber or uniswap only if the coins aren’t available or not enough liquidity on incognito. Going through incognito using Kyber or uniswap there is an additional 21 prv charged for gas. Still cheaper than outside but it works well. Have patience the trades can look like their stuck or slow but they do go through. Gas is crazy right now.

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LOL…now that last part of your post…and I quote…

…now that was rich…Incognito…um…take his money before he changes his mind…lol…only kidding…I am glad that you found what Incognito offers you appealing and well best of luck with all your trades… :sunglasses:

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Hahaha thank you my dude!! Unfortch that 21 PRV gas fee is too much of a hit for me to use the pDex too often. Honestly I’d rather be stacking PRV than ETH because I already have my ETH positions in place but gotta stack that PRV so that my node can 100% do its own thing! :smiley:

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Does this function with erc721 / erc1155 tokens? erc20 transfer fees are generally a sight for sore eyes for us NFT Nerds that mint/transfer nonfungibles multiple times a day lol. I’ll be sharing the everliving crap out of this everywhere i can think to, but as this site will likely be lost in the shuffle rather quickly, and since github’s login api insists on regressing to an email i no longer use or have access to, if someone knows a yes/no please tag me on twitter @xbrucethegoose <3

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Unfortunately, it doesn’t work yet with erc721 / erc1155 tokens yet. Only ERC20.

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