Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Findingnemo on September 28, 2024, 02:35:12 PM
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I knew the question kind of didn't make sense, how is it possible to transfer a token without paying gas fees let's say USDT on ethereum need ETH for GAS but I am curious is it possible to make one like cross chain bridge or something like that and we can pay gas fee with one coin instead of needing to keep all the native coins of the blockchain.
I am just throwing a wild shot and see if someone ever tried to find a way or is there even one exists of that kind?
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Use USDT on Ton network. Some exchanges like Bybit, Mexc and others also have zero fee transfer for USDT on Ton blockchain.
This is because the transaction is free. Do not be confused because if fee is required, it can not be deducted from the USDT but from Ton.
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We'd all just be sending stable coins in all transaction if this feat is present in all Layer1 platform. Sadly, this may be the cause for transaction to be frozen if they find something worth freezing and price of ETH or Sol or TRON may likely rise slow. This will not bring new investors on board.
But it would be nice to just be sending the right amount and only pay a few USDT for transaction fee.
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I knew the question kind of didn't make sense, how is it possible to transfer a token without paying gas fees let's say USDT on ethereum need ETH for GAS but I am curious is it possible to make one like cross chain bridge or something like that and we can pay gas fee with one coin instead of needing to keep all the native coins of the blockchain.
I am just throwing a wild shot and see if someone ever tried to find a way or is there even one exists of that kind?
It all depends on the network in consideration for making such transaction, if you're sending from a networks that allows for free transfer, then you may not have to worry on that, another reason why you may have this as an opportunity is during their promo, some platforms like exchanges make such offers for free transactions to an extent, while some exchanges charges but takes small amount as transaction fees which we barely noticed because its too small.
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I knew the question kind of didn't make sense, how is it possible to transfer a token without paying gas fees let's say USDT on ethereum need ETH for GAS but I am curious is it possible to make one like cross chain bridge or something like that and we can pay gas fee with one coin instead of needing to keep all the native coins of the blockchain.
I am just throwing a wild shot and see if someone ever tried to find a way or is there even one exists of that kind?
The simplest way is to send USDT to CEXs and then withdraw it to another blockchain. The fees we will pay are only the token transfer fee on the first blockchain and the withdrawal fee from the CEXs, with no cross-chain fees.
The idea of moving tokens without needing the native coin is also very interesting and has been implemented on Tomochain, however, it is not really popular or adopted on many other blockchains, possibly because it could negatively affect the value of the native coin. We will wait for some Layer-0 projects to solve this problem in the future to create a seamless and easy way to move USDT across multiple chains.
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The simplest way is to send USDT to CEXs and then withdraw it to another blockchain. The fees we will pay are only the token transfer fee on the first blockchain and the withdrawal fee from the CEXs, with no cross-chain fees.
This is more expensive, TX fee and then withdrawal fee so it's just better if we have the native coins if we hold USDT on multiple chains but this is known way and I am not suggesting we should convert it one to another it will be better if it's possible to transfer from one to another with one native coins for all. As I said it's not something that no one attempted to solve but if there's a developer then may try to solve this which will make enormous amount of money.
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As I said it's not something that no one attempted to solve but if there's a developer then may try to solve this which will make enormous amount of money.
How is he going to make a lot of money when the service would have to be cheaper than what people now spend on it? ;D
And no you can't avoid the fee on your native chain, in this case, ETH because those coins need to be moved, whatever cross-chain transactions you think of somebody must take those coins from you to give you the equivalent on Tron for example, so the fee must be paid.
Solutions for cross-chain payments exist but not ones that are non-custodial and free.
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I am just throwing a wild shot and see if someone ever tried to find a way or is there even one exists of that kind?
You can do that with Tether on bitcoin Liquid Network with using L-USDT.
There is no need to have any altcoins and small fee amount is deducted from L-USDT when you are making transactions.
When using Aqua wallet you can even send L-USDT to other blockchains like tron and ethereum, but fees can be higher than.
Fees on Liquid Network are minimal compared to other blockchains.
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I knew the question kind of didn't make sense, how is it possible to transfer a token without paying gas fees let's say USDT on ethereum need ETH for GAS but I am curious is it possible to make one like cross chain bridge or something like that and we can pay gas fee with one coin instead of needing to keep all the native coins of the blockchain.
I am just throwing a wild shot and see if someone ever tried to find a way or is there even one exists of that kind?
Various exchanges used to allow withdrawing USDT without any transaction fee on TRON chain but now that is no longer possible. But currently you can withdraw USDT from Binance to BSC Chain without any fees. And few exchanges other than Binance will allow you to withdraw USDT on the TON chain without any fees. So according to your opportunity, when you use the exchange, go to the withdrawal option of the exchange and check which chain you can use with zero fee. Not everything is specific because each exchange changes their rules from time to time
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Use USDT on Ton network. Some exchanges like Bybit, Mexc and others also have zero fee transfer for USDT on Ton blockchain.
This is because the transaction is free. Do not be confused because if fee is required, it can not be deducted from the USDT but from Ton.
Do you mean by TON is The Open Network (TON)? https://coinmarketcap.com/currencies/toncoin/
If what you said is true, maybe I will try it later. But your post has not been replied to in this thread so I also want to discuss with you first to convince myself personally.
As far as I know, every time you send USDT coins that are not native coins of a blockchain, it usually requires a transaction fee, such as USDT on Ethereum also requires GAS fees from Ethereum which may be around 0.0001 ETH for each transaction fee.
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(https://i.ibb.co/hDKmSV9/imgda1988b61d1640ff0c91b8ae6ac2d82e.jpg)
I just confirmed that you can use Tether on Liquid Network and you can choose to send it from Aqua wallet with paying tiny USDT fee.
That means that you don't have to spend Liquid Bitcoin for fees if you don't want to do it.
You can also swap between coins inside wallet and back to Bitcoin mainnet.
https://aquawallet.io
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Use USDT on Ton network. Some exchanges like Bybit, Mexc and others also have zero fee transfer for USDT on Ton blockchain.
This is because the transaction is free. Do not be confused because if fee is required, it can not be deducted from the USDT but from Ton.
Do you mean by TON is The Open Network (TON)? https://coinmarketcap.com/currencies/toncoin/
If what you said is true, maybe I will try it later. But your post has not been replied to in this thread so I also want to discuss with you first to convince myself personally.
As far as I know, every time you send USDT coins that are not native coins of a blockchain, it usually requires a transaction fee, such as USDT on Ethereum also requires GAS fees from Ethereum which may be around 0.0001 ETH for each transaction fee.
That is how it has always been. The times you may not be paying for the transaction fees is when you’re transferring through their blockchain to another exchange using their network. That of TON transaction was at a time running a free transfer of USDT to some of the exchanges, many exchanges were doing it for free at that time, it just got introduced and wanted more people to use their network to see how viable it is also. That has stopped long time ago, you have to pay for fees when transacting through another blockchain that is not the native network of the exchange you’re transferring from.