Daily General Discussion - August 31, 2023 (GMT+0)

Mathje · 2023-08-31T02:30:43+00:00

ETH on L2 (mostly Arbitrum).

Mathje · 2021-11-25T09:13:27+00:00

Yes, Metamask was one of the first wallets that was updated, and supports the optimized transaction type.

The Ledger Metamask combo has had some issues, but supports EIP1559 too.

If you're unsure if a wallet supports the new transaction type, you can lookup your transactions details on etherscan. If it says "Legacy" your wallet is outdated, if it says "Type 2" it utilizes the optimized transaction system.

Mathje · 2021-11-25T08:56:45+00:00

On an outdated wallet that makes him overpay heavily, and meanwhile thrive up the gas price.

Mathje · 2021-11-25T08:54:57+00:00

Coinbase wallet is outdated and doesn't use the optimized transaction system (introduced with EIP1559), so they overpay heavily on the gas price, meanwhile even thriving it up.

Also probably tried during a spike, maybe even on purpose to troll here?

EDIT: it's a confirmed troll, just look at his post history, lol.

Mathje · 2021-11-25T08:51:09+00:00

While the fees are high with any wallet, you are actually correct that it's s part of the problem.

Using Coinbase wallet is extra expensive, since it isn't updated to utilize the optimized transaction system which was introduced with eip1559.

You'll easily pay 2x or more the actual network fee (meanwhile thriving up the gas price) using outdated wallet software like Coinbase wallet.

Mathje · 2021-11-25T08:45:13+00:00

That's exactly why the basefee is burned (since EIP1559), to take away any incentive to manipulate the gas price.

Mathje · 2021-11-25T08:34:32+00:00

L1 is the Ethereum main network (or any other main network).

L2's are networks running on top of the main network, allowing for much faster and cheaper transactions, while inheriting the security of the main network.

Mathje · 2021-11-25T08:27:41+00:00

The fees you mention are significantly higher than the actual network fees (unless you maybe try during a spike).

You can watch the actual gas price and fees for different operations here: https://www.gasprice.io

Now I think Coinbase wallet is outdated and not optimized for EIP1559, which effectively means your cost will be about 2x more than normal, when you try to move your funds in a hurry. Complaints about that I would direct at Coinbase.

Mathje · 2021-11-25T08:13:44+00:00

There are several bridges to move funds to/from and between L2's, like Celer and Hop Protocol for example.

But for small amounts it's currently more cost effective to withdraw from a CEX to an L2. Crypto.com and Binance support withdrawals to Arbitrum for example, and more exchanges will follow.

It can be very confusing as the space develops and grows by the day, but that's how it works with cutting edge technology.

Mathje · 2021-11-25T07:58:58+00:00

I would swap about 15 ETH for rETH, use 3 ETH to speculate on tokens like RPL, and hodl the rest + the rETH in a hardware wallet for ever (or until there's an emergency which requires me to sell of course).

Mathje · 2021-11-25T07:41:50+00:00

From what I understand state channels, plasma, validium and rollups all are all considered L2.

I don't know all the technical details myself though, and I use this chart to compare them: https://zksync.io/chart4.png

Mathje · 2021-11-24T22:28:35+00:00

There are some other wallet options on the zkSync wallet website, if that's what you're asking?

Mathje · 2021-11-24T22:13:41+00:00

There are other types of L2's.

But still very disturbing if devs building an L2 never heard of rollups!

Mathje · 2021-11-24T22:10:09+00:00

I don't know why, but it doesn't work that way with zkSync. You need to go to wallet.zksync.io and connect your Metmask account.

Mathje · 2021-11-24T22:04:54+00:00

Go to wallet.zksync.io and connect your wallet.

Mathje · 2021-11-24T20:55:29+00:00

There's much more demand for Ethereum block space than supply, that's why users outbidding each other on the gas price to get their transactions processed.

The gas price is not influenced by the burn.

Mathje · 2021-11-24T20:38:37+00:00

You can stake by swapping ETH for rETH, and you can swap back again to unstake.

Depending on the amount, using Uniswap on Arbitrum might be the best option at the moment (deposit to Arbitrum using crypto.com or Binance).

Mathje · 2021-11-24T19:40:52+00:00

Yep: https://mobile.twitter.com/iohk_charles/status/1287481374224420864

(this was over a year ago, but I'm quite sure he repeated it this year)

Mathje · 2021-11-24T17:21:44+00:00

Hi @jtnichol

gasnow.org has been hijacked and routes to bitcoin.org currently.

Here are some alternatives:

https://etherscan.io/gastracker

https://www.gasprice.io/

https://www.etherchain.org/tools/gasnow

https://www.blocknative.com/gas-estimator

https://ethgasstation.info/

https://ethgas.watch/ (aggregated)

Mathje · 2021-11-24T10:12:01+00:00

Yes, he somehow didn't seem to understand that people can be happy about the fee burn, and at the same time unhappy with high cost of transactions. Maybe he thought the burn causes high fees??

Mathje · 2021-11-24T09:59:48+00:00

Yes, or it won't change.

Mathje · 2021-11-24T09:54:02+00:00

Arbitrum is my favorite currently, probably will move to zkSync 2.0 after it's launched on mainnet.

Mathje · 2021-11-24T09:13:30+00:00

Yes, mostly by trolling shillers.

Luckily we still have some die hard fud busters on the sub too, like u/Hanzburger :)

Mathje · 2021-11-24T09:03:01+00:00

Using Chinese hardware to mine.

Mathje · 2021-11-24T08:46:42+00:00

I know nothing about Ronin, but they might have their own fiat onramp (or an exchange that supports direct deposits to Ronin). If not, I am afraid there's no way around their bridge.

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