Hi team,
I am curious as to why the fees to deposit and withdraw from nash channels are so expensive. I am trying to deposit/withdraw USDC from nash channels and the slowest fees is 58.03 and the fastest fees is 109.
I know it is a one time fee and all the subsequent trades don’t incur this fees. But I am still not able to wrap my head around this fees.
Why so expensive? I am confused.
Sending to Channels isn’t a simple transaction – it’s invoking a smart contract. There is a lot of data being transacted in an invocation, thus higher fees. It’s recommended to wait for gas fees to drop – here’s a source for gas fees. Right now, Ethereum is slammed so it’ll be expensive sending to Channels.
This isn’t unique to Nash – any service invoking a smart contract will be expensive at peak traffic. cough uniswap cough
Personally, I use a Telegram bot to notify me when gas prices dip below a certain amount. I then get busy making any transactions involving smart contracts. It’s the unfortunate reality of Ethereum right now.