High percentage fees for a small investor
I never liked ETH because of the gas prices, when they were about $20 for an order. But this also meant missing out on a lot of projects because they are simply only available on the ETH chain. I've been postponing getting into ETH tokens for quite a while and this weekend was the moment I changed this. Realizing there was some ETH left in a Metamask wallet was the reason to check out Uniswap.
A friend of ours is always saying the fees don't matter, but hey, easy talking for him as he can spend a fortune trading. And yeah, he's been a smaller fish as well, but right now he seemed to have forgotten that buying $100 of a token, while paying another 25% on fees is just hurting and will take a long time (if you're unlucky) to earn back your investment before even making a profit.
It also made me ignore the tips he gave, while we have now seen that he actually is doing something right because he won't ever have to worry about money again so it seems. He's a very big fish now and he always seems to step in early so taking the max profit when a project hits off.
Wise token
The reason I moved ETH to the wallet in the first place, was because I gave it some thinking during the weekend and decided we should step into this project as well in the early days and make sure we can get the higher profits as well rather than waiting weeks or months and regretting it.
This post was actually going to be a post about Wise Token, until I found our order was canceled overnight. So first things first, but if you want to check out $WISE, here's the site.
WISE TokenBack to the gas fees on ETH
More about that later, let's get back to the gas fees that made me write this post. I never mess with recommended gas prices if not needed, but seeing $30 fees while just going to bed made me put in the slightly lower gas fee. I now regret it, because if I didn't do so, this order may have gone through, but we'll never know for sure.
Usually, when I move funds to trade, I want the coins asap, in this case, the coins were bought to stake, not to trade, so the decision of adjusting the few slightly seemed fine.
The price of WISE grew $ 0,02 since putting in the order
So the first thing coming to mind was, thankfully we didn't wait until the morning. And then I opened Etherscan seeing the transaction was canceled. F*CK!! Damn it, but ok, let's do it again, it is what it is.
I put in the order again, knowing I'd have to cut the number of tokens because of the price that went up, I filled in the amounts and clicked swap. What I saw was shocking!
$ 102,41 average recommended fee! Freaking $ 70 more than the recommended fee when I put in the order last night. My gosh, what's happening!
I went to ETH Gas Station and saw this:
I will keep an eye on this during the day, but at this point, I just hope it will drop and this is not an ongoing thing. I'm not willing to pay this fee, but seriously not hoping it's staying this high.
At least the total portfolio value went up
Even without these $Wise tokens that went up overnight, I saw that profits were made overnight with other tokens, so waking up wasn't all that bad, lol.
Even the ETH moved to Metamask went up with $40.
What are your thoughts on these fees? As I'm so new to ETH any input is actually welcome :)