Ethereum network is unforgiving
Got news of an NFT that is gaining traction and decided to jump on it. This NFT can be purchased with staking reward for another ERC-20 coin staking. Here’s the absolutely ridiculous journey.
I hold my ETH in Coinbase Wallet. To obtain a small cap stakeable token, I went to Uniswap, connected my wallet and swapped some ETH for XXX euros worth of tokens. Paid around 46 euros for the swap, fine.
Went to the staking center for that token, but it requires Metamask wallet for connection to the dApp. Cool, metamask ready, now to send some of these coins. Transaction fee from CB wallet to Metamask – 9 euros, no big deal.
I proceed to stake, but staking requires ETH for fees, specifically around 9 euros with of ETH from the same wallet (Metamask). Naturally, the MM wallet has no ETH, and I go to Deposit ETH from another wallet. And the fee to transfer around 9 euros worth of ETH from CB to MM wallet is… 600 to 900 fing EUROS. With 600 euro one taking around 2 hours to process. Not great at all.
Okay, I won’t stake, won’t use Metamask, let’s bring back the tokens to my CB Wallet. Transaction fee – 7 euros, but I need to add them to MM wallet first!
I go to Coinbase exchange app (not wallet), luckily converting one erc-20 token to ETH seemingly has mild fees or they are hidden, send this eth amount to MM, pay 6 euros of fees to then pay 7 euros again to finally transfer from MM to Coinbase Wallet.