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Exchange A to Exchange B. Each exchange has a withdrawal fee, a deposit fee and sometimes a minimum amount that can be withdrawn.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.
You received or bridged some tokens to zksync Lite network and you need to activate your account to be able to use it. We will walk you through the steps.
Let’s first recap the purpose of zksync and the different confusing terminologies.
ZKSync Lite (v1) is an Ethereum layer 2 scaling solution that leverages zero-knowledge proofs to provide faster and more affordable transactions while upholding a high degree of security. It enables users to transfer a portion of their Ethereum mainnet transactions to a sidechain, which lowers transaction fees and congestion.
Zksync era (v2) is the next generation of zksync Lite that is a full zkEVM similar to Polygon zkEVM but with different and more advanced features. It will allow the execution of compatible Ethereum smart contracts to run on top of it. These contracts can communicate with other contracts on the Ethereum network.
Back to zkSync Lite and how to activate the account upon receiving funds. Usually, if the account has not been activated yet, any transaction initiation should ask for the activation transaction to run beforehand. However, some integrated platform do not support this feature, so we have to do it with the native tools.
Once your wallet connected on the ethereum chain, you can see your balance on the Layer2.
Before activation, it is a requirement to have already received an amount via a bridge or a transfer. zkSync Lite needs to acivate the account to get our public key.
The price of activation is variable, so it’s important that you pick a time when it is low. You can view the real time price here: https://zkscan.io/
There is no button to simply activate the account, it has to be done with a transaction. One way to launch the activation is to send a small amount of ETH back to yourseIf, it will prompt you to activate your account by signing the transaction in your wallet. Verify the details, including the activation fee and gas fee.
Once this is completed, your account is active and you can use it on any platform.
Now you are set to use your account. Ready to bridge your assets? You could use Owlto finance
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