In this article we will go over the fees for bridging your assets from one L2 chain to another. We will use the owlto bridge, which is offering a discount for now.
We will transfer some USDC from Mantle to Scroll networks. Using owlto is straightforward, you select the asset you want to transfer and choose the source and destination chain:
On the next step you can verify the details:
We can see that the bridge fee if free for now, but there’s a destination cost of 1.5 USDC.
Once we Confirm and send, we have to pay the gas fees on the Mantle network in MNT:
Don’t rely on the values shown in metamask for now because the final gas fee will be much higher. Probably there’s a UI error or the real price of MNT in metamask is not accurate. Also, metamask shows the gas price on L2, but does not show the actual transaction fee.
Once the transaction is complete, owlto provides us with the transaction links on the mantle scanner and scroll scanner. We can check the details over there to get the exact fees:
On Mantle:
On Scroll:
So in total here’s how much it costs:
0.1287 MNT
1.5 USDC
0.0001437 ETH
At today’s price it’s around 1.99 $ in total fees. It’s acceptable for the amount transferred, but if we want to transfer a smaller amount, the fee is roughly the same, so you will have to see if it’s worth it. In the future, the platform will start charging a bridging fee so that’s something to consider too. Also we have to take notice that these fees will vary depending on each network’s congestion.
MerchantMoe is developed by the same team as TraderJoe, the popular dex on Avalanche. It has a similar UI and gives us many options between swapping, staking and farming:
It’s very straightforward to SWAP on the platform, here’s an example of swapping USDC to JOE, the utility token of traderJOE:
Don’t rely on the transaction fees that appear in metamask:
The fees were higher once completed. Almost 0.18 to Approve Spend and 0.18 to swap.
Moe also offers you the possibility of farming with many available pools.
There’s also a bridge to transfer your JOE tokens between the different chains (Arbitrum, Mantle, Avalanche and BNB). However it should be expensive to use.
You can check Butter, another leading platform on Mantle.
Butter.xyz is a new decentralized exchange built on the mantle network. It offers many defi features and is currently offering points and rewards for users (for a limited time). It has an interesting and interactive way of distributing rewards such as a fishing simulation.
Swapping on the platform is straightforward and besides earning points, you can earn a fishing attempt:
When you click on the fishing attempt, you get redirected to the animation where you can initiate the fishing attempt:
The first crate was empty but we got 1$MNT staked with the second attempt. The more swapping you do, the more fishing attempts you might obtain.
The catch is that you need at least 10 MNT to be able to unstake:
Fees
The fees of the platform are relatively low, however we noticed that the fees in the final transaction was much higher than what’s indicated in the dapp or in metamask.
Here’s an example, we swap from USDT to USDC, our balance is 15.39 MNT and we have 4 points. In all the screens and in metamask, it shows very low fees:
However after completion, we have 11 points and our balance is 15.15 MNT, so we used 0.24 MNT in fees. Even in metamask in the transaction history, the values are wrong.
In mantle explorer it takes a lot of time for the transaction to appear, so we used another explorer where we can see that the transaction fee was in fact 0.24 . So we just believe there’s a display error somewhere or that the transaction fee estimation is not working properly.
So keep this is mind while interacting with the mantle network.
Fee optimization is a very important part of your crypto journey. Before doing a transaction, it is important to explore all possible ways and choose the strategy that minimizes the fees. This applies to on chain and off chain transactions.
Let’s say for example you want to transfer a given asset from Exchange A to Exchange B. Each exchange has a withdrawal fee, a deposit fee and sometimes a minimum amount that can be withdrawn. In some cases it could be cheaper to sell the token in one exchange for USD and buy it on the other exchange so you don’t lose your position. While this might be tempting, if there’s any capital gain, you will be imposed and pay taxes on it. So you have to be extremely careful and consult with your tax advisor before doing any alienation of assets.
Example
For the following example we suppose it’s cheaper to buy USDC on Coinbase centralized exchange than buying it on MEXC. You need your liquidity on MEXC because it offers a wider variety of coins. In this scenario, it is better to buy USDC on Coinbase and send it to MEXC. We will walk through the steps.
Receiving wallet
First, in your MEXC wallet, navigate to deposit and choose USDC. Then select a network that has low network fees, For example Polygon(MATIC), Once your address is ready, copy it.
Sending wallet
In your Coinbase application, navigate to your USDC account, click on send. You will be prompted to choose a network. Ethereum has the highest fee, and the rest usually have a very low fee, but as of today it is free. It’s probably a promotion from Coinbase because they encourage the usage of USDC since they are early backers of the Circle project.
Make sure you choose the same network that you selected in MEXC, double check that you are sending USDC using MATIC and enter your MEXC address.
You will receive your funds in a few minutes. In MEXC, since most crypto are paired with USDT, you can convert your USDC to USDT for a negligible fee.
Don’t forget, It is always wise to send a small amount first to make sure you receive it correctly before sending the desired amount.
Fluxbot is a new Telegram trading bot for the Solana ecosystem. It is a self custodial wallet.
The private key can be imported in another wallet. We successfully imported it to phantom wallet.
It uses Jupiter for DCA and other dex for swapping (Raydium, fluxbeam, etc…)
We can’t modfiy slippage for every transaction.
We can’t see a readable transaction history, we have to go to https://solscan.io/
FLUXB token usage:
The native token is not used for transaction fees, so there is no real demand for the token. However, holders of at least 1000 FLUXB token get “reflections”. In short, they get rewarded with a part of the fees generated by the platform. The more there are accounts above 1000, the less your balance becomes compared to the total number of FluxB pool so the less rewards you get. This will incentivize people to hold more tokens,
Reflections depend on the success of the platform, so marketing and adoption are a must. What distinguishes Fluxbot is the copy trader and sniper feature. However as more platforms start offering the same features for the Solana ecosystem, the fees will have to be lowered to stay competitive which will decrease the reflections as well.
What sets apart fluxb is the AI chatbot part. If the chatbot becomes more interactive and personal, users will become more attached to using it, so this is one path towards success.
We went on to test the AI assistant.
In the first example, we asked the assistant to convert 1$ worth of solana to fluxb token:
It replied insufficient balance although we have 1$ worth of solana in the balance. Probably it though we meant 1 SOLANA, so we rephrased it with the amount in solana:
This time it understood and prepared the right transaction. The next step is to test wether the AI bot remembers our discussion, so let’s ask him to buy FLYXB using PYTH, but let’s do it a bit vaguely to see the level of interaction:
We see that the bot assumed we wanted to buy pyth instead of fluxb, not buy pyth instead of fluxb. Our statement was vague and confusing and we expected the bot to ask which option it should choose. However we were a bit more specific:
We can see that the bot is following closely the conversion and was able to correct the transaction.
Overall, the assistant is satisfactory for a first version and some more improvements should be on the way.
We tried to take it a step further and ask the bot to modify the slippage on the fly:
But it still used the predefined slippage from the settings.
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