Hi all,
I’ve staked some coins and noticed that the cost to have transactions with the smart contract are fairly expensive.
Is this a product of the ERC20 design and there’s nothing to be done?
Or is there a potential growth area to reduce to cost to interact?
Hello,
unfortunately the gas costs to interact with the ethereum blockchain are high. It’s a situation that has been going on for some months already and it’s due to the increased demand in defi protocols and services. Some of the solutions that the community and the aave genesis team is exploring involve layer 2 solutions and further optimizing the code (this works up to a certain point anyway).
For now i would recommend you follow the gas costs on ethereum by using websites like gasnow.org and wait for moments of lower usage to submit the transactions, or submit the transactions with lower gas prices that will reduce the final transaction cost (you will need to wait more anyway).
One thing Aave could do is provide periodic batched deposits, like Idle does:
Batched deposits would be great, we could also time them to hit whenever gas is <100 or there’s $Xk waiting to move or something like that.