Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: EnergyFather on May 09, 2024, 10:37:57 PM
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Here are current USDT transaction fees on several different blockchains:
Tron – 1.6-3.35 USD (or 0.32-0.67 if you buy energy)
Etherium – 0.69 USD
Binance – 0.12 USD
Ton (telegram) – 0.083 USD
Solana – 0.003-0.005 USD
Polygon - 0.001 USD
It's interesting, that most people I know send USDT via TRON blockchain, despite that its fees are relatively high.
And what blockchain do you mainly use for USDT?
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And what blockchain do you mainly use for USDT?
USDT on Liquid network built on top of Bitcoin is better, fees are cheaper than most you posted above, and they can be confidential transactions.
It's also much easier to swap L-USDT to L-BTC and get back into Bitcoin mainchain when transaction fees are lower.
Supported wallets are Aqua, Green wallet, Jade hardware wallet, ledger wallet, etc.
https://liquid.network
https://liquid.net/wallets
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Honestly, first time hearing about USDT on Liquid. Sounds cool, but can you please provide some metrics? What are the commissions on USDT transfers, exactly, what is an average transaction speed? And, most importantly, how popular is it? Are there many merchants and exchanges that work with USDT on Liquid? Looking at Binance, their commissions page does not list Liquid USDT at all.
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Honestly, first time hearing about USDT on Liquid. Sounds cool, but can you please provide some metrics?
Can't you read the links I already posted above for more information about that? ::)
Not all centralized exchanges support L-USDT, but there are enough decentralized services and exchanges (Peach Bitcoin, Aqua wallet...) doing that.
Some centralized exchanges are part of Liquid Federation so they should support it, like Bitfinex, Huobi, BTSE and others.
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Honestly, first time hearing about USDT on Liquid. Sounds cool, but can you please provide some metrics?
Can't you read the links I already posted above for more information about that? ::)
The links you provided may be informative for you, because you are familiar with the Liquid network well, but it may be it's not so easy to find relative information for someone who is not. I attempted to find USDT transactions using the linked site but it does not seem to be easy.
I created this thread on fee comparisons across different networks for easy reference and comparison. It would be convenient for people to see numbers right in this thread, without having to spend time trying to figure out links. It would be very nice of you if you posted the numbers here.
Not all centralized exchanges support L-USDT, but there are enough decentralized services and exchanges (Peach Bitcoin, Aqua wallet...) doing that.
Some centralized exchanges are part of Liquid Federation so they should support it, like Bitfinex, Huobi, BTSE and others.
I'm asking questions not to stir up controversy, but to understand its current adoption and practical use cases.
From what I can understand, L-USDT is gaining traction but isn't widely supported yet on centralized exchanges. For instance, USDT on Tron or Ethereum is widely accepted across various services for payments. And Liquid looks promising in the long run, but at the moment, practical applications seem somewhat limited.
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It would be very nice of you if you posted the numbers here.
Here is a number for you - 0 aka zero.
This is how much is transaction fees on Liquid network, like I already posted before:
https://liquid.network
From what I can understand, L-USDT is gaining traction but isn't widely supported yet on centralized exchanges. For instance, USDT on Tron or Ethereum is widely accepted across various services for payments. And Liquid looks promising in the long run, but at the moment, practical applications seem somewhat limited.
You can easily swap L-USDT to Tron or Ethereum addresses from inside Aqua wallet, so they don't need to have all centralized exchanges with L-USDT listed directly.
And I wouldn't even hold USDT on any blockchains long term, there is always risk with them losing peg because of potential ban or regulation change.
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Here are current USDT transaction fees on several different blockchains:
Tron – 1.6-3.35 USD (or 0.32-0.67 if you buy energy)
Etherium – 0.69 USD
Binance – 0.12 USD
Ton (telegram) – 0.083 USD
Solana – 0.003-0.005 USD
Polygon - 0.001 USD
It's interesting, that most people I know send USDT via TRON blockchain, despite that its fees are relatively high.
And what blockchain do you mainly use for USDT?
USDT transaction fees on Tron are quite high compared to other blockchains, unless users stake TRX to get Bandwidth & Energy. When other blockchains offer cheaper fees, such as Ton, Solana, and Polygon or Layer-2 solutions with fees under $0.1, I think users will tend to abandon Tron. After all, Tron is not a blockchain with a truly vibrant ecosystem, all I know about Tron is TRC-20 USDT with quite cheap withdrawal fees from CEXs ~ 1 USDT. Honestly, I'm still surprised that half of USDT's market cap is still in TRC-20 USDT and TRC-20 USDT weekly trading volume is still at about $100B 8)
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You can easily swap L-USDT to Tron or Ethereum addresses from inside Aqua wallet, so they don't need to have all centralized exchanges with L-USDT listed directly.
And I wouldn't even hold USDT on any blockchains long term, there is always risk with them losing peg because of potential ban or regulation change.
That is convenient, sure. Some may find it practical. By the way, what are the commissions of such swaps? I'm not very familiar with Aqua wallet, but as far as I understand they use Boltz exchange for those swaps. So they sure got to cost something.
But overall, can we say that USDT on Liquid is successful? They minted first USDTs on Liquid in 2019, almost 5 years ago, and yet the volumes, according to the official Tether site, are still quite low:
Total Authorized $36,561,000.00
Net Circulation $17,211,849.00
While for example on TRON USDT was introduced only at the end of 2021 and the volumes are totally different, 1000 times bigger:
Total Authorized $58,816,920,368.94
Net Circulation $57,940,630,837.05
In comparison to Tron, USDT on Liquid does not look like a success at all.
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In comparison to Tron, USDT on Liquid does not look like a success at all.
Tron on Liquid looks much better to me with cheaper fees and confidential transactions, but Tether is Tether on all blockchains and networks.
Most of the volume on Tron chain is artificial and fake, and you can't really compare it with something that is build on bitcoin with only few available tokens.
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TRC-20 USDT with quite cheap withdrawal fees from CEXs ~ 1 USDT
Well, high liquidity, i.e. ease of withdrawal can be very serious motivator to keep using TRON for USDT.
Honestly, I'm still surprised that half of USDT's market cap is still in TRC-20 USDT and TRC-20 USDT weekly trading volume is still at about $100B 8)
TRON had a head start. In the past, it had the lowest fees compared to other networks and fast confirmation times. Today, this may not be the case, but it already has inertia. Sometimes that's all that is needed. For example, Facebook is problematic, but people keep using it just because there are so many users. I'm not saying TRON is bad or good, just saying that it has built momentum, and people are not going to abandon it quickly, even if there are better alternatives now.
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TRON had a head start. In the past, it had the lowest fees compared to other networks and fast confirmation times. Today, this may not be the case, but it already has inertia. Sometimes that's all that is needed. For example, Facebook is problematic, but people keep using it just because there are so many users. I'm not saying TRON is bad or good, just saying that it has built momentum, and people are not going to abandon it quickly, even if there are better alternatives now.
It's enough that something happens with Justin Sun and people will move from Tron easier to other alternatives.
I don't know about better solutions, especially with new regulations for stable coins that is going t make things more difficult.
But I see Ton blockchain making a big push, they recently added USDT token support, and they have millions of users ready to join from Telegram app.
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Well, high liquidity, i.e. ease of withdrawal can be very serious motivator to keep using TRON for USDT.
TRON had a head start. In the past, it had the lowest fees compared to other networks and fast confirmation times. Today, this may not be the case, but it already has inertia. Sometimes that's all that is needed. For example, Facebook is problematic, but people keep using it just because there are so many users. I'm not saying TRON is bad or good, just saying that it has built momentum, and people are not going to abandon it quickly, even if there are better alternatives now.
I think the withdrawal fee for TRC20 from CEXs is cheap because they stake TRX and have a lot of energy for free transactions on Tron. So, CEXs will receive 1 USDT in revenue from each user's TRC20 USDT withdrawal transaction. This may not be directly related to liquidity.
I rarely use the Tron blockchain, I usually store USDT on CEs or on Polygon and BNB chain, where transaction fees are still low. I also hope that with the development of the market, USDT on many other blockchains will become popular and have a larger marketcap, promoting the development of DeFi and the entire their ecosystem. Tron ecosystem is really poor, it's a waste to have so much USDT held in the TRC20 standard ^^
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It's enough that something happens with Justin Sun and people will move from Tron easier to other alternatives.
I don't know about better solutions, especially with new regulations for stable coins that is going t make things more difficult.
But I see Ton blockchain making a big push, they recently added USDT token support, and they have millions of users ready to join from Telegram app.
Honestly, if there was a competition who is more suspicious and less transparent - Justin Sun or founders of the Telegram, I'm not sure who would win. So, the future of USDT on TON is not so certain too. But you are right, things can change quickly and no one knows the future for sure.
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Honestly, if there was a competition who is more suspicious and less transparent - Justin Sun or founders of the Telegram, I'm not sure who would win. So, the future of USDT on TON is not so certain too. But you are right, things can change quickly and no one knows the future for sure.
Main difference here is that Telegram founder Pavel Durov didn't create Ton blockchain, community did, so there is no direct connection with him.
And for bad of for worse he is arguably still offering usable app for communication, but I would not trust him for privacy.
Much better alternative for privacy app is Simplex chat, but that means no blockchain and no tokens ;)
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Tron – 1.6-3.35 USD (or 0.32-0.67 if you buy energy)
Etherium – 0.69 USD
Binance – 0.12 USD
Ton (telegram) – 0.083 USD
Solana – 0.003-0.005 USD
Polygon - 0.001 USD
And what blockchain do you mainly use for USDT?
I used to mostly use TRON chain for USDT transactions but it has become too expensive now so I'm skipping it and moving to TON. Because TON's network fee is very low. Even though polygon's fees are very low, I don't use it because polygon deposit is not available everywhere. As TRON chain is available everywhere, it is comfortable to use. I also have done transactions on SOL network but very rare.
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I think the withdrawal fee for TRC20 from CEXs is cheap because they stake TRX and have a lot of energy for free transactions on Tron. So, CEXs will receive 1 USDT in revenue from each user's TRC20 USDT withdrawal transaction. This may not be directly related to liquidity.
This could be the most logical reason why people using Tron network despite knowing that gas fees are relatively higher and others are availability of the trading pairs cause exchanges usually have USDT on ETH more than any other networks so this stands out why USDT on ETH volume is way higher and probably on network it will be the second highest.
But I still don't know how OP came to a conclusion that tron is mostly used because it's ETH as far as I know.
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This could be the most logical reason why people using Tron network despite knowing that gas fees are relatively higher and others are availability of the trading pairs cause exchanges usually have USDT on ETH more than any other networks so this stands out why USDT on ETH volume is way higher and probably on network it will be the second highest.
But I still don't know how OP came to a conclusion that tron is mostly used because it's ETH as far as I know.
That's just my speculation, and I'm not entirely sure why CEXs charge such a low fee for TRC-20 USDT withdrawals, around 1 USDT. Some CEXs charge higher fees, perhaps 2 USDT (Probit, GateIO) or 5 USDT (Liquid) [1]. Maybe they're greedier or they don't stake much TRX on the Tron network.
There are many reasons why TRC-20 USDT has become so popular, such as its high speed and lower fees compared to ERC-20 [2]. According to DefiLlama, currently we have around 61B TRC-20 USDT and 52B ERC-20 USDT [3], meaning USDT on Tron is more popular than USDT on Ethereum.
[1] USDT fees (https://coinmarketfees.com/tether)
[2] Why TRC20 Is The Most Popular USDT Network (https://breetapp.com/blog/trc20-most-popular-usdt-network)
[3] Stablecoins (https://defillama.com/stablecoins/chains)
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Currently, the most widely used seems to be USDT from BSC, because of the fairly expensive fees from Ethereum and TRON, all communities seem to use USDT from BSC for cheaper and more efficient transactions. TRON also now has a fairly expensive USDT fee, while USDT from BSC is widely used on every exchange. Maybe because USDT from BSC is owned by Binance, so it has more users.
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Currently, the most widely used seems to be USDT from BSC, because of the fairly expensive fees from Ethereum and TRON, all communities seem to use USDT from BSC for cheaper and more efficient transactions.
I don't know where did you get this info but i still use USDT on TRON lately and in TON blockchain just recently. I also saw bunch of users uses USDT on TRON as well on bitcointalk forum, so you saying "all communities" uses BSC is quite false. Maybe because of these users use exchanges for holding USDT same like me. Well, you can't actually call it "hold" since i will just trade BTC/USDT anytime i want to withdraw or send to someone.
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Currently, the most widely used seems to be USDT from BSC, because of the fairly expensive fees from Ethereum and TRON, all communities seem to use USDT from BSC for cheaper and more efficient transactions. TRON also now has a fairly expensive USDT fee, while USDT from BSC is widely used on every exchange. Maybe because USDT from BSC is owned by Binance, so it has more users.
Some days ago, usdt transaction on Tron became expensive, the community has to complain before Justin Sun later made team reduce the the transaction fee which they claim was as a result of some bugs that was asking for more gas/energy for transaction fees but after the update was release everything went down but I guess ethereum has also gone down a little compare to then.
I don't know why transaction on layer 2 projects that are not having the hype they used to have back then but they used to be the coolest place to make transaction. Seems, the bridge insecurities and yhe hacks that was making people loss money has made people to run away from this layer 2 projects.
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Currently, the most widely used seems to be USDT from BSC, because of the fairly expensive fees from Ethereum and TRON, all communities seem to use USDT from BSC for cheaper and more efficient transactions.
I don't know where did you get this info but i still use USDT on TRON lately and in TON blockchain just recently. I also saw bunch of users uses USDT on TRON as well on bitcointalk forum, so you saying "all communities" uses BSC is quite false.
~snip~
I mean, the community on Binance exchange that has a Binance exchange account "on average" uses USDT from BSC, including myself. Because I have experienced expensive fees in the software wallet for USDT from TRON, I have to use more than 1 TRX coin of TRON fees. Please Try checking sending USDT on the TRON blockchain on Trustwallet, how much TRX do you need to send USDT?
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Please Try checking sending USDT on the TRON blockchain on Trustwallet, how much TRX do you need to send USDT?
When sending USDT in reins network you’ll have to spend up to ~$2 in gas fee while for BSC network you spend ~$0.02 as gas fee which is actually very low.
I have also used bsc network when I’m transacting with USDT most especially when I’m withdrawing from my exchange account (since that’s what I mostly do with the ones I owe) instead of spend $1 for withdrawal fee on trx you can cut off 90% of it and just use bsc and then spend $0.1 on withdrawal fee.
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I mean, the community on Binance exchange that has a Binance exchange account "on average" uses USDT from BSC, including myself.
That's pretty normal, even in any exchange platform that has their own chain of tokens offer small or even zero fees if you will use them. In Kucoin has this offers too for USDT in KCS chain, but since its not a bit popular so i can't use it unlike in Binance.
Please Try checking sending USDT on the TRON blockchain on Trustwallet, how much TRX do you need to send USDT?
Just like i said, i don't hold USDT especially on wallets so i won't know the fees since trustwallet needs to have balance before you can check the fees on sending page.
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Please Try checking sending USDT on the TRON blockchain on Trustwallet, how much TRX do you need to send USDT?
When sending USDT in reins network you’ll have to spend up to ~$2 in gas fee while for BSC network you spend ~$0.02 as gas fee which is actually very low.
Reins Network? This is a new coin in crypto? Because i've never heard Reins Network before , can explain tos me with detail informations about Reins Network?
I mean, the community on Binance exchange that has a Binance exchange account "on average" uses USDT from BSC, including myself.
~snip~
Just like i said, i don't hold USDT especially on wallets so i won't know the fees since trustwallet needs to have balance before you can check the fees on sending page.
No problem you don't have USDT in Trustwallet, I will tell you just a little this information=
Binance Withdrawl USDT Chain TRX costs 1 USDT
Binance Withdrawl USDT Chain BSC requires a fee of 0.1 USDT
Trustwallet Withdrawl USDT Chain TRX requires more than 10 TRX (more than 1 USD)
Trustwallet Withdrawl USDT Chain BSC requires more than 0,0005 Arround BSC (under 0.1 USD)
This comparison fee is BSC lower better than fee of TRX . Cmiiw
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Please Try checking sending USDT on the TRON blockchain on Trustwallet, how much TRX do you need to send USDT?
When sending USDT in reins network you’ll have to spend up to ~$2 in gas fee while for BSC network you spend ~$0.02 as gas fee which is actually very low.
Reins Network? This is a new coin in crypto? Because i've never heard Reins Network before , can explain tos me with detail informations about Reins Network?
It was supposed to be trons network not Reins.
It was the work of my keyboard autocorrect feature.
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Please Try checking sending USDT on the TRON blockchain on Trustwallet, how much TRX do you need to send USDT?
When sending USDT in reins network you’ll have to spend up to ~$2 in gas fee while for BSC network you spend ~$0.02 as gas fee which is actually very low.
Reins Network? This is a new coin in crypto? Because i've never heard Reins Network before , can explain tos me with detail informations about Reins Network?
It was supposed to be trons network not Reins.
No Problem, I thought there was indeed a Reins blockchain but it turned out to be just a typo from the keyboard. Thanks for the clarification, friend.
It was the work of my keyboard autocorrect feature.
Btw, may I know what keyboard you use? As far as I know, I use a regular keyboard and there is no such thing as autocorrect.
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Currently, the most widely used seems to be USDT from BSC, because of the fairly expensive fees from Ethereum and TRON, all communities seem to use USDT from BSC for cheaper and more efficient transactions. TRON also now has a fairly expensive USDT fee, while USDT from BSC is widely used on every exchange. Maybe because USDT from BSC is owned by Binance, so it has more users.
The good news for the BSC network is that the current sending fee is 0, there are no fees at all for personal wallets to exchange or interent , but for exchanges it is still the same 0.1 with a minimum withdrawal of 5-10 USDT
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The good news for the BSC network is that the current sending fee is 0, there are no fees at all for personal wallets to exchange or interent , but for exchanges it is still the same 0.1 with a minimum withdrawal of 5-10 USDT
What the heck is sending to internet?! :o
It is not zero fee on BSC blockchain, current fee is around 0.085 USDT.
That is higher than sending USDT transactions on Liquid Netowrk, Ton, Polygon, Solana, and maybe others.
https://gasfeesnow.com/