Why is ≈$100 of ckETH needed to dissolve back to ETH? Is ICP or ETH making this a necessity? Just wondering. I wanted to ICP>ckETH>ETH to get an NFT mint but couldn’t cuz I didn’t have $100 to spare for this and potentially have my funds stuck on ETH. Just need to know for future reference.
You can check the cost of all ckETH transactions here.
A minimum amount of 0.03 ckETH is needed to withdraw ckETH to ETH. It is used to pay for the Ethereum gas fee to send ETH to you.
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Is Ethereum really that expensive that I need $100 to send $12? Because that’s all I was trying to send. Genuinely curious. I knew the network gas fees could be expensive but that just makes me more bullish on ICP lol
$100 USD in ETH is about 0.029 ETH.
21,000 is the base fee.
The gas fee fluctuates through the day - however, it has been ranging from 14 to 28 per this tracker.
Well it must’ve been.
I was trying to send ≈$12.50 of ETH to a Metamask wallet. But in order to do that I received a message that dissolving requires 0.03 or ≈$100 ETH to dissolve back to ETH.
Tbh, I’m not familiar with approximating Wei to ETH like I am Satoshi’s to BTC but yeah. I could send $12 because I didn’t have $100 essentially.
The thing that minimum amount of ckETH to convert to ETH is 0.03, does not mean that 0.03 is actually the FEE,
That may not be the actual fee that is calculated on ETH but that still doesn’t stop me from needing $100 to send $12.
That’s correct, the fee is typically much lower.
The explanation for the relatively high minimum retrieval amount is provided here.
In short, the amount must be high enough so that any transaction can still be processed (eventually) even if several retransmissions of the transaction are required and fees are increasing rapidly on Ethereum.
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Got it. Makes more sense now.
It seems that withdrawing ck ERC-20 tokens such as ckUSDC or ckUSDT requires no minimum amount. Why is it different for withdrawing ckETH?
I think it is best to differentiate the amount reserved for gas usage from the amount be converted. Any room for improvements here?
with onesec.to, you don’t need to worry about gas, it’s automatically deducted from the amount you’re transferring
Does onesec.to offer a programmable (or canister) interface?
Also onesec.to doesn’t seem to support ckETH to ETH at the moment. Do you plan to?
Yes, it does! You even have a npm package: onesec-bridge.
Onesec, doesn’t support ETH right now.
Why not just migrate all of this to the base chain? We don’t need ICP.
Hey Adam,
I fully understand your concern.
Base offers a lot of visibility for ICP assets. We have a strong ecosystem of protocols which lack visibility at the moment. By enabling high volume on Base, part of the crowd might come to ICP and see how reverse gas model, canister speed, and threshold crypto deliver an all around enjoyable experience that they might stay.
I think once Dragginz come out, it can be an effective way to attract more players and bring more value to the DKP community.
Best,
Enzo
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Thanks for your replies, but I want to stay on the right track of the original request.
Can we completely remove the minimal amount required in ckETH → ETH?
Reserving a separate amount of ckETH for transaction fee is not a problem, and to be able to specify the target amount of ETH to be received will be a much appreciated feature. What do you think? @THLO
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I agree that it would be a nice feature to be able to specify the exact amount that is received, which, as you said, would require a certain amount set aside for the (variable) fee.
We’ve discussed this in the cross-chain team before. I can’t promise anything (yet) but this feature is on our radar.
WETH can be added to onesec.to, ETH is another game as it’s not an ERC-20. Do you want ETH for gas purpose?
Yes, exactly. ERC-20 by itself would be stuck if there were no ETH in the same address.