Imtoken Gas Fees Rise - Why Are Transaction Costs So High?
Using legacy networks may require paying high transaction fees. To minimize these fees, please ensure the Gas Limit you set is sufficient for your transfer.
The imToken wallet has launched a cutting-edge cross-chain bridge transfer function, allowing users to seamlessly transfer USDT between TRON and Ethereum wallets. This revolutionary function is based on innovative smart contract technology to ensure the security of transferred assets.
1. Transaction fees
Every time you send cryptocurrency to another wallet, you pay a transaction fee. These fees are typically paid in the currency that the blockchain you’re sending to accepts. For example, Bitcoin transactions incur Bitcoin transaction fees; Ethereum transactions incur Ethereum transaction fees.
In an effort to reduce transaction costs, imToken is introducing Tron Bridge. This cross-chain transfer function enables users to one-click transfer USDT from the TRON network to the Ethereum mainnet. This eliminates cumbersome exchange deposit/withdraw procedures and makes the process smoother and more efficient.
On the TRON wallet homepage, users can access the “Bridge” function by sliding the top navigation bar left for ’Bridge’ and click to open. Users need to prepare for the transfer by copying the ETH receiving address in advance (unless it’s already saved in their address book) and ensuring that they have enough energy to cover the required amount of miner fees, which is set at 30-50 non-staked TRX + 4000 staked.
In addition, imToken also optimizes the way BTC miner fees are displayed to users: now, when a user conducts a BTC transfer, they’ll see an estimate of the actual gas fees spent based on the estimated amount of gas consumed and the price of gas they’re willing to pay. This feature should greatly reduce the number of times that transfers are rejected due to low miner fees, and it will also save a significant amount of gas in the long run.
2. Mining fees
As a cryptocurrency user, you’ll need to pay ‘miner fees’ during a token transfer. This fee is charged by miners to encourage them to pack your transaction into blocks and maintain the security of the network. The fees depend on the size of your transaction and the network conditions at the time. During a congestion, the higher your fee amount, the better chance your transaction will be included in a block. However, if your transaction is too low, it will stay in the mempool for a long period of time and might never be included in a block due to competing high-fee transactions.
The new cross-chain bridge transfers enable users to easily transfer assets between different blockchains without having to manage multiple wallets. This feature is a long-awaited addition to the cryptocurrency community as it will reduce the hassle of transferring assets between different chains.
With a single step, you can now move USDT between Tron and Ethereum wallets using our new cross-chain bridge transfer function in imToken. This streamlined process allows you to enjoy the best of both ecosystems and eliminates the need to manually handle multiple wallets.
3. Gas fees
During the recent gas fees hike, we have seen many users struggle to understand what caused their transaction costs to skyrocket. Gas fees are the price you pay when sending a transaction or executing a smart contract on Ethereum, for example, when playing CryptoKitties, minting an NFT, or participating in a crowdsale.
Each time you conduct a transaction, the blockchain will allocate a certain amount of “Gas Price” for your transfer to be verified by miners. The amount of Gas Price you need can vary widely at any time,How to withdraw money from TP Wallet to bank card? , depending on the demand of network traffic. When demand is low, a unit of gas can cost just a few gwei; however, if demand suddenly spikes, a single unit of gas can easily exceed 300 gwei.
In order to address this problem, we have made several improvements in imToken 2.12.2. For one, we now support multiple national currency units so you can quickly and intuitively assess your miner fee and set it according to your preferences. We have also improved the way we estimate BTC default miner fees for ETH and ERC20 token transfers, thus significantly reducing the number of transfer failures due to “out of gas/insufficient miner fee” problems.
We have also introduced the cross-chain bridge function for smoother and cost-effective asset transfer between different ecosystems. To use it, simply log in to your imToken Tron wallet and tap the “Bridge” button on the quick access bar.
4. Storage fees
As more and more DeFi projects join the TRON ecosystem, demand for higher speed transfers has been increasing. However, due to the lack of serious scalability solutions, it takes time for transactions to get confirmed on the blockchain.
As a result, miner fees have risen significantly over the past few months. This has caused some users to worry about the effect on their wallet balance.
Fortunately, most wallets allow users to adjust the fee levels for their transfers. This way, you can choose the level that suits your needs best without compromising your security.
We have implemented several experience enhancements that will make transferring tokens more convenient. For example, you can now display your wallet addresses in the quick selection address list facilitating faster transfers. In addition, we have also improved the search function for active users with multiple wallets, making it easy to find an address you need.
You can also customize your gas fees by modifying the Gas Price and PriorityFee through our Customize feature. For your reference, the default gas fees are set by imToken based on the type of transaction you’re trying to send to ensure its success.
imToken is committed to providing a safe and secure environment for all our users. To achieve this goal, we have put in place various effective security measures such as the multi-character password, offline transaction signing, third-party security audits and a recovery seed.