High fees on the Ethereum network, sometimes reaching 0.05 ETH for sending 0.1 ETH, cause some problems for market participants. Such competing networks as Polkadot, EOS, Avalanche, trick Ethereum holders and talk about their near-zero transaction fees.
If you send 1-2 ETH every day, then you can close this article, since commissions are often minimal for large transactions. But the vast majority send 0.05-0.1 ETH and pay record 0.005 ETH commissions. For such Ethereum users, we will tell you how to reduce fees in the cryptocurrency network by 99%.
How to reduce Ethereum fees?
To do this, you do not need to transfer ETH to any exchanges or other services. The secret lies in the solutions of the second level of Ethereum, with the help of which transactions are carried out with literally zero fees. Let’s take a look at the Loopring Exchange app and aim to save as much as possible on fees on the Ethereum network.
How do I use Loopring Exchange?
We go to the decentralized exchange https://exchange.loopring.io/ and connect the MetaMask browser wallet, which implements WalletConnect support.
First, you need to move from the main Ethereum network to the second layer (L2) network. Click on Deposit to Activate Layer-2.
We select which asset you want to transfer to Loopring, however, before sending, we strongly recommend that you check the price for GAZ on the service gasnow.org… If the size of the gas is very large, then it is better to wait until it has decreased (for example, to 50 gwei).
Also, don’t forget to set the correct gas price in your MetaMask wallet.
After sending, expect about 18 confirmations on the Ethereum network, after which your L2 balance will be replenished. When the deposit is completed, click on the Unlock button in Loopring.
This is necessary in order for the wallet to start interacting with assets.
All! Now you can make exchanges with near-zero commission. For example, change DAI stablecoins to ETH with a commission of only $ 0.09, and not $ 1, as in the main Ethereum network.
How to change? Set the volume and click on Swap. The exchange is carried out in a matter of seconds!
If you need to return ETH to the main network, go to the Account tab, then Withdraw.
Attention!! Loopring Exchange is in beta testing and may experience lags.
By the way, Loopring has a mobile application with which you can make instant transfers. But we’ll talk about it a little later.