Altcoins Talks - Cryptocurrency Forum

Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on April 25, 2021, 12:09:18 AM

Title: Swap & Swap - the pain of token holders
Post by: MrSpasybo on April 25, 2021, 12:09:18 AM
There are too many projects on Ethereum platform swapping to BSC because transaction fees on Ethereum are too high, or they have updates to change from old tokens to new tokens. This will create huge inconvenience for token holders because:

+ Not all holders are watching project development, sometimes they miss swap token and lose all their assets, even worth thousands of USD;
+ The swap cost is significant for the holders.

Today, I had a problem with KING token swapping: swap OLD ERC-20 KING to NEW ERC-20 KING (https://defi-kingswap.medium.com/kingswaps-king-token-swap-layer-2-implementation-stage-1-7ecdae12af4c) (?), and costs up to about 50 USD per swap. I swap my KING when average gas = 60 gwei, which is very low. I don't know how much the fee will be charged by others at other times, maybe up to hundreds of USD.

(https://miro.medium.com/max/2964/0*AIG-iHp0xr8ed9Ee)

I paid 6 + 10 = 16 USD to swap, but in the final step, KingSwap asked for an additional 32 USD, and I don't have enough ETH to do it. Maybe I have to give up 1664 KING ~ 137 USD, actually I am very dissatisfied with this.

If the project really wants to swap, it can wait until layer-2 is released to proceed, or at a more affordable cost. And now holders need to pay 3 times instead of one :(

What do you think about this issue? Will the projects take place swapping in the future and require users to pay about 50 USD for each token that holders have? If that happens, I think Ethereum ecosystem will go crazy.
Title: Re: Swap & Swap - the pain of token holders
Post by: TomPluz on April 25, 2021, 06:04:48 AM
In the past, there were tokens and coins I lost because I was not updated about the swapping decision the projects made. This can be a lot more painful when you bought your coins or tokens but getting them from the bounty can as well be discouraging because of the time and effort we put forth...and it is not so easy to get updated with the projects we participated.

I think there should be a specific portion of this forum that should deal with project updates especially those that can affect us bounty hunters...that would have been of great service to many.

Yes, the problem of gas fees can really be excruciating most especially if you happen to just have some few coins or tokens from the project, yet you are still required to pay the incredibly high fees.

And that is why maybe we can request those recent projects that made their bounty promotions to pay the hunters direct into BSC and not anymore though the Ethereum network, this can be saving us a lot of money and headaches.

Title: Re: Swap & Swap - the pain of token holders
Post by: Senin on April 25, 2021, 09:02:54 AM
For me, this is also a big problem, since I do not always have the ability and desire to track news for each project, the tokens of which I have. Due to these exchanges, I have already lost a lot of tokens as well.
It is necessary to provide for the possibility of exchanging tokens at any time or, if possible, automatic exchange, if you do not need to create new wallets with the provision of other addresses. Nothing is stable in cryptocurrency. Due to these constant changes, cryptocurrency is quite problematic to use.
Also on this forum, it may be necessary to create a special section with notifications about the exchange of tokens, their order and timing.
Title: Re: Swap & Swap - the pain of token holders
Post by: yurez on April 25, 2021, 10:16:13 AM
Over the past year, I have missed a few swaps due to the fact that it was not financially feasible. Hope for the upcoming London hard fork, I don't want to lose my money due to high fees.
Title: Re: Swap & Swap - the pain of token holders
Post by: Ferki on April 25, 2021, 04:06:36 PM
This can become a problem if you work on too many bounty huntings projects. That was one of the reasons I stopped doing it 2 years ago. You just can't keep track of everything. And when the cost of swaps or the like becomes greater than the actual earnings, it is very annoying.
I fully understand bounty hunters problems.
Title: Re: Swap & Swap - the pain of token holders
Post by: Vladok on April 25, 2021, 04:12:21 PM
Oh these swaps tokens old to new, I do not like the projects that do not do themselves swap, and offer to do it to us, we have to spend their money to pay for the transaction, which is not cool at all
Title: Re: Swap & Swap - the pain of token holders
Post by: Doctor on April 25, 2021, 05:09:33 PM
Quote from: Vladok on April 25, 2021, 04:12:21 PM
Oh these swaps tokens old to new, I do not like the projects that do not do themselves swap, and offer to do it to us, we have to spend their money to pay for the transaction, which is not cool at all

Of course, to swap we must spend our money to pay gas.. I think It's pain. But We must do it. Because I see several coins have been swapt, if you want to do transaction or trading, you have to swap.
Title: Re: Swap & Swap - the pain of token holders
Post by: Malam90 on April 25, 2021, 05:13:22 PM
Swap is now a matter of sorrow for the bounty hunters. They have to pay gas fees than their tokens value. I had 965 tokens from bounty. Their minimum rules for swap was 1000 KING. I have to purchase more (12000 old) tokens from uniswap and then abled to swap from old to new but totoally i have pay more than $130 (gas fees was higher then) as gas fees. My token value is now $130 and i paid $130 fees. What is the profit and my work for bounty? I have to wait to to get my tokens after 27th July. Now a days, bounty means a waste of time in most of the cases.  :'(
Title: Re: Swap & Swap - the pain of token holders
Post by: Freemind on April 25, 2021, 05:18:32 PM
Uniswap, Pancakeswap, Titswap... There are swaps for anything, they look like banks, charging commissions even for greeting you. I try to avoid them whenever I can, but unfortunately sometimes I have no choice but to use and pay. I understand that they have to charge commissions, but with the volume they have, the commissions could be lower.
Title: Re: Swap & Swap - the pain of token holders
Post by: Malam90 on April 25, 2021, 05:30:57 PM
Quote from: Freemind on April 25, 2021, 05:18:32 PM
Uniswap, Pancakeswap, Titswap... There are swaps for anything, they look like banks, charging commissions even for greeting you. I try to avoid them whenever I can, but unfortunately sometimes I have no choice but to use and pay. I understand that they have to charge commissions, but with the volume they have, the commissions could be lower.

Pancakeswap, Juldswap, Bakery Swap or other BSC based swap doesn't matter for lower fees but most of the problems that we have faced till now are from Ethereum based swap like Uniswap, Kingswap and otherswap. Users had to pay huge fees that is sometimes equals to their payment values.
Title: Re: Swap & Swap - the pain of token holders
Post by: Freemind on April 25, 2021, 05:37:40 PM
Quote from: Malam90 on April 25, 2021, 05:30:57 PM
Pancakeswap, Juldswap, Bakery Swap or other BSC based swap doesn't matter for lower fees but most of the problems that we have faced till now are from Ethereum based swap like Uniswap, Kingswap and otherswap. Users had to pay huge fees that is sometimes equals to their payment values.

I know, for the same reason I have tokens that I do not move from my wallet. I hate losing opportunities, but if the economic capacity does not exist we are not going to go crazy, but it is frustrating. I have even sometimes considered the idea of ​​stopping participating in the bounties, but then I see some projects that I would like to have some tokens of (and I have my funds in other things) and I participate.
Title: Re: Swap & Swap - the pain of token holders
Post by: Paha87 on April 25, 2021, 05:55:11 PM
The situation with the price of gas in the Ethereum blockchain exceeds all unthinkable limits. Someone told me that this is just the beginning and the gas will cost a lot of money!! What is happening now, for us, crypto users who paid tiny commissions, is a state of shock. But maybe you should get used to it and take it for granted? I am against it and I am happy to use it BSC )
Title: Re: Swap & Swap - the pain of token holders
Post by: robert20 on April 25, 2021, 06:26:20 PM
I have about 180$ of tokens but this high fee is very annoying almost 50$ is going to trnsaction and swapping fee only which is putting me in loss. I am hoping to be able to use the ETH V2.0 as soon as possible. This high eth is making many holders crazy they neither can sell them or hold because the price is now dropping what an annoying situation.
Title: Re: Swap & Swap - the pain of token holders
Post by: Fivestar4everMVP on April 25, 2021, 10:13:40 PM
I can totally relate with you to be sincere, ive had this bad experience ones with Fuse network, though they didnt swap tokens, i was trying to buy the token on uniswap and for three times, the transactions failed, the crazy miners keep collecting my fee and still didnt confirm my transaction for some reason i dont know, and each of those transactions cost about 42 usd, this is how i ended up loosing over 125 usd on transaction fees on a token i didnt later successfully buy, it was like hell for me that day, was so angry and since that day, i decided to limit my transactions on the ethereum network at least until some thing positive is done about the high fees.

Concerning swap, this is why i like what student coin did, they wanted to upgrade their token to a more secure and lesser fee one which means swapping from their current smart contract to another, the team provided 10 eth as fee to pay every one thats swapping , really amazing team.
Title: Re: Swap & Swap - the pain of token holders
Post by: Master107 on April 25, 2021, 10:35:05 PM
Quote from: Ferki on April 25, 2021, 04:06:36 PM
This can become a problem if you work on too many bounty huntings projects. That was one of the reasons I stopped doing it 2 years ago. You just can't keep track of everything. And when the cost of swaps or the like becomes greater than the actual earnings, it is very annoying.
I fully understand bounty hunters problems.

It make sense. The token of hunters are vulnerable to less priority once there is a must swap or sometimes known as new token. The project always prioritize the investors with tons of freebies (this is my actual observation from migration of old tokens to new one). Though in other hands, this matter might be a cause of saving the project from uncertainty and sooner come up to dead coin. With this, there could have a serious sacrifices from both sides in order to save the hard works and community. I think I'm not in context... Haha
Title: Re: Swap & Swap - the pain of token holders
Post by: fallenangel1789 on April 29, 2021, 03:07:13 PM
What makes those swaps painful, is not only the fee, but also not knowing there is a swap and after the deadline, you lose your tokens. I lost some tokens at the bear market because did not follow announcement channels lol.
Title: Re: Swap & Swap - the pain of token holders
Post by: Zed0X on April 29, 2021, 04:30:57 PM
I missed a lot of token swaps in the past because I thought they were already dead but I was actually lucky enough that one project still allowed me despite being months past the deadline. I did spent a few bucks on the gas fee but it's nothing compared to the value of the tokens now.
Title: Re: Swap & Swap - the pain of token holders
Post by: Evgenklm on April 29, 2021, 04:42:31 PM
This is a huge inconvenience for the ETH network, because the author really has $ 137 worth of tokens, and you need to pay about $ 50 for a transaction. This is simply unacceptable, perhaps this way the project wants to earn commission, but this action will have a bad effect on the development of the project and reputation.
Title: Re: Swap & Swap - the pain of token holders
Post by: Arkann on April 29, 2021, 05:37:36 PM
the author forgot to mention that swap requires a minimum of 1000 old king coins. Thus, if we are talking about bounty hunters, then not a single person has 1000 coins and you have to buy old King on uniswap. and this purchase further increases the cost of old SWAP for new coins, only taking into account all transactions and their cost, then a fairly round amount will come out. but nevertheless there is hope that these coins will rise in price at less than half the price of UNI.
Title: Re: Swap & Swap - the pain of token holders
Post by: Willitivity1 on April 29, 2021, 06:47:50 PM
I agree to this, not all tokens holders normally check for updates most of them just buy and hodl without looking at their portfolio for a long time, probably because they are busy with everyday work I guess, but honestly this token swapping is a huge inconvenience for everyone at large, I really hate it when I have to swap my eth tokens to get the BSC's token, also most times they require alot of tokens in order to make the swap work, sometimes they ask for 1k to 10k worth of the tokens to initiate any swap and it's really unfair and inconveniencing.
Title: Re: Swap & Swap - the pain of token holders
Post by: David0 on April 29, 2021, 08:06:42 PM
The situation with the price of gas in the Ethereum blockchain exceeds all unthinkable limits.The situation with the price of gas in the Ethereum blockchain exceeds all unthinkable limits. Someone told me that this is just the beginning and the gas will cost a lot of money!! What is happening now, for us, crypto users who paid tiny commissions, is a state of shock. But maybe you should get used to it and take it for granted? I am against it and I am happy to use it BSC wallet.
Title: Re: Swap & Swap - the pain of token holders
Post by: Jaephoenix on April 29, 2021, 11:53:15 PM
 I have 2 projects that swapped without my knowledge, Cocos and Cyclops. The former has a difficult procedure.  I don't think the project team think through these swaps because in the end the users spend more on gas
Title: Re: Swap & Swap - the pain of token holders
Post by: Cutter Cute on April 30, 2021, 12:06:46 AM
Quote from: MrSpasybo on April 25, 2021, 12:09:18 AM
If the project really wants to swap, it can wait until layer-2 is released to proceed, or at a more affordable cost. And now holders need to pay 3 times instead of one :(

What do you think about this issue? Will the projects take place swapping in the future and require users to pay about 50 USD for each token that holders have? If that happens, I think Ethereum ecosystem will go crazy.
I understand the problem you are experiencing, I will also be confused if in your position, between selling KING tokens or holding them, therefore I am currently not trading on DEX exchanges that are on the Ethereum network, because I think fee gas will still go up as long as ethereum developers don't fix this problem.
but if the token price increases 5x the transaction fee, then I will sell it and switch to another network to get a lower transaction fee.
Title: Re: Swap & Swap - the pain of token holders
Post by: piqulhdt28 on April 30, 2021, 06:19:49 AM
Ethereum gas costs are currently unreasonable due to the high transaction or swap fees, I myself have experienced the high cost of ethereum gas at Uniswap with one swap charged 50-80 $.
I think this is a very crazy fee and makes us lose a lot of money just for the fee
Title: Re: Swap & Swap - the pain of token holders
Post by: gurunanakji777 on April 30, 2021, 03:30:58 PM
Swapping the tokens for bounty hunters is a real pain if the cost of the coins is not worth to swap then they leave it but they get frustrated when the value of the coin increases. But some managers are very shrewd they give a very short time to swap the old token some might miss the swap and lost their coins. The swap process should be automatic for the holder and should not be for a limited time frame so they don't lose their hard work in terms of reward. Swapping costs a gas fee and every hunter does not have enough eth to pay the fee.
Title: Re: Swap & Swap - the pain of token holders
Post by: legend45 on April 30, 2021, 08:29:35 PM
Swap coin is pain, but we must do it.  We must pay fee for swap .
and we cannot do transaction with old coin.
So, I think swap will reduce your profit. I see several coin need to swap, I have done it at pancake. It's really expensive if we do that. I agree with you, It is pain.
Title: Re: Swap & Swap - the pain of token holders
Post by: trauchot on May 01, 2021, 09:31:22 AM
Recently, a lot of cryptocurrency companies either switch to other blockchains where cryptocurrency transactions are cheaper, or simply make token swap for various reasons and all these token swaps are a headache, because you need to monitor all cryptocurrency companies constantly so as not to miss the token swap, because if you miss the token swap, your tokens that will not be swapped will just turn into a void.