Transfer fee

After using nash for a few times , i realized that the way nash showing transfer fee ( Max fee ) is make me scare and feel nervous to use nash .
Example: send usdt 40$ with a chance to pay max fee 4$ .

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Agree, I don’t like it too.

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I hope they will have a option for user to choose fee and give us estimate time to recieve fund

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I’ve noticed this too when trying to send BTC it gives a maximum fee of - .00073008 right now, which is about 4x higher than what I’m paying on other wallets. Okay but that’s the maximum fee right? I just tested there and no that is the fee that you actually pay. I think letting us chose our own fee or at least a slow, medium and fast option should be a high priority right now. Another problem I can see with this large maximum fee is when inputting your amount it always takes off that maximum fee, meaning that even if you don’t end up paying the maximum fee it means that you are left with small dust amounts since you can’t input anything more than (amount you are sending) - (predicted max fee). This isn’t really an issue right now since it seems that the maximum fee is really just the actual fee you pay, but would also be solved by a slow, medium, fast structure which also doesn’t let people accidentally send a low sat per byte amount and get their transaction stuck.

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I have to agree. The max fee right now is a big reason I don’t like to use Nash as a daily crypto wallet (For coins with high fees like BTC or ETH right now), the fees for sends are just so much higher than other wallets.

Right now through the Nash web app it costs me:
~$9.9535 USD to send 0.001 BTC ($11.68 USD) to an external wallet
~$7.0844 USD to send 0.001 BTC ($11.68 USD) to the trading contract

~$0.481 USD to send 0.03 ETH ($11.63 USD) to an external wallet
~$4.5813 USD to send 0.03 ETH ($11.63 USD) to the trading contract

  • To send 0.03 ETH from my Ledger wallet it costs: $0.72 USD
    image

After looking at this they seem to estimate well for ETH as you are not paying high (except for trading contract which is a bit more understandable since it is a state channel), but BTC transaction fees are just too high for smaller sends.

For these reasons, with high transaction fee coins, I don’t use the Nash wallet for daily transactions (like buying something off a store or sending money to a friend or donating). I think the best solution for Nash is to just let the user decide whether they want a slow, normal, or fast transaction. It seems right now Nash’s fee estimator always opts for the fastest possible transaction (which means the highest fees). Also is it possible for Nash to move to Bech32 wallets for lower fees, or what is the reason they are not using them (is it that some places still don’t allow sends to Bech32 wallets)?

EDIT: I have noticed also that sending ETH tokens like stable coins or tokens like BAT is more expensive than other wallets.

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@team Nash,
I am very curious to this answer. This is truly a legit concern.

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I totally agree. Just as there is the option to choose between the speed of execution and the cost of execution in trading (i.e. market vs limit order), you should be able to choose between the speed of the transfer and the cost of the transfer to the trading contract and back.

As was mentioned in the telegram group, nash pivoted from the new entrants to crypto/blockchain and focuses now more on current crypto users. I think this is an important feature for the current set of crypto users.

For me personally, I would like to see a slider between maximum and minimum fee, which would choose the transaction fees. The slider would then affect the estimated time that it would take to transfer the funds. The estimated time would also be shown while initiating the transfer. The important thing is the trade-off between time and cost, which has to be shown clearly.

One last remark, if a user chooses high fee and the funds will get stuck “pending”, it will get more users angry. Therefore, the transactions have to be working flawlessly.

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For new users in the blockchain ecosystem, I think choosing fees can be confusing.
A possibility would be to keep the actual system in place, and add a clickable text under the estimated fee, roughly like that :


The click on this text would then let the user the possibility to choose the fee, or choose slow/medium/fast.

And for new blockchain users, another idea is to add a link (maybe in the interrogation point icon) to an educational post explaining why are there fees on blockchains, so that everybodies grandma can understand why they pay fees.

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Hi @songkong, yes - since about a month ago with the busy blockchains the max fee computation on the block has been too big. So we are refactoring how this will be displayed to users.

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I too, think this is a great idea. Especially if you just want to send your coins to somewhere where the time isn´t the most important factor like a cold wallet.

Maybe even add an info with an estimated time “if its possible and not to much work for a convenience feature” like "Slow~1h/Medium~30min/Fast~10min"