{"id":165032,"date":"2021-01-28T14:42:26","date_gmt":"2021-01-28T11:42:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27\/"},"modified":"2021-01-28T14:42:26","modified_gmt":"2021-01-28T11:42:26","slug":"finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27\/","title":{"rendered":"# Finance Redefined: What can you do about those gas fees? Jan. 20\u201327"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e214dca565\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e214dca565\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27\/#Kyber_announces_30_upgrade\" >Kyber announces 3.0 upgrade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27\/#Central_bank_of_DSD_fails_to_revive_the_project\" >Central bank of DSD fails to revive the project<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27\/#In_other_news\" >In other news:<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Finance Redefined: What can you do about those gas fees? Jan. 20\u201327 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a><em>This is a repost of Finance Redefined&#8217;s latest installment, where Cointelegraph unpacks the latest developments in DeFi. The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter is delivered to subscribers every Wednesday.<\/em><\/p>\n<p>DeFi was reasonably quiet in terms of major fundamental developments, instead letting prices do the talking. Many tokens rallied, both the popular and the almost forgotten. Save for a few hiccups due to Bitcoin\u2019s shaky price action, we are still well into DeFi season.<\/p>\n<p>This price action, unfortunately, means that using DeFi is pretty much impossible. Ethereum gas fees steadily hovered above 100 Gwei, which to any veteran will seem like an impossibly large number. While we\u2019re not quite at the 300 Gwei seen in the summer of DeFi, it\u2019s worth remembering that Ether is also worth about 3-4 times as much.<\/p>\n<p>For a fun exercise, try inputting your wallet address in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/fees.wtf\/\">fees.wtf<\/a> and marvel at just how much money you threw to miners.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/eec8ca16-814b-45df-889b-df74aefdc724.png\"><figcaption style=\"text-align: center;\"><em>Average gas prices in 2021, source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/chart\/gasprice\"><em>Etherscan<\/em><\/a><em>.<\/em><\/figcaption><\/figure>\n<p>The good old days when you could confidently send a transaction for 2 Gwei seem so far away now. Until we get back to that point, fees will remain a serious deal-breaker for mere mortals who can\u2019t transact with tens of thousands of dollars at a time.<\/p>\n<p>With DeFi, you also can\u2019t really afford to be stingy. A transaction sent to Uniswap or another decentralized exchange has to be confirmed pretty quickly, or it\u2019s likely to fail due to slippage protection or other limits. A failed transaction stings twice: Not only does it not do what you want, it also consumes the gas fee anyway.<\/p>\n<p>Unfortunately, there isn\u2019t much that you can really do about this. I did, however, write a piece this week on how to find the right time to send a transaction. <\/p>\n<p>Picking the right time is probably the most accessible trick. Fixing the problem entirely, on the other hand, requires ditching Ethereum and its liquidity. I suggest you still explore the various non-Ethereum options available, including layer-two chains and external blockchains. Chances are you\u2019ll find what you need, assuming you\u2019re not a sophisticated ape tracking Andre Cronje\u2019s wallet for his latest unreleased project.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Kyber_announces_30_upgrade\"><\/span>Kyber announces 3.0 upgrade<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Kyber Network devised a pretty cool upgrade for its liquidity protocol. For a bit of context, the exchange used to be fairly competitive with Uniswap early on in 2020 but it fell behind in the second half of the year. Skyrocketing gas fees likely contributed to this outcome, as its decentralized exchange is one of the most expensive protocols to use. <\/p>\n<p>Thankfully, the gas situation will change with the 3.0 upgrade. The team is redesigning the contracts to optimize gas usage, which hopefully will put Kyber more on par with the rest of the ecosystem. The new system is also built for integrations with layer two platforms, which should be useful for the long term.<\/p>\n<p>The core of the upgrade is the concept of specialized liquidity pools. Instead of having two or three decentralized exchanges doing different things \u2014 for example Uniswap for buying tokens and Curve for sw<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing stablecoins with one another \u2014 Kyber will just have different types of pools for different assets. Since Kyber is also an aggregator not unlike 1inch, this should make the protocol the all-in-one decentralized exchange.<\/p>\n<p>Plus, the protocol will also have dynamic fees depending on volatility. This can greatly help with impermanent loss, since liquidity providers will be compensated more for their potential losses.<\/p>\n<p>The only real downside of 3.0 is time \u2014 Full rollout will happen in the second half of the year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Central_bank_of_DSD_fails_to_revive_the_project\"><\/span>Central bank of DSD fails to revive the project<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>I can\u2019t help but chuckle at the irony of what happened this week in algorithmic stablecoin land. The community of Dynamic Set Dollar, one of many such \u201cstablecoins\u201d that sprung up recently, apparently made a pact with a whale to stop them from dumping all their DSD and depressing its price. <\/p>\n<p>The reason? The community members were holding $84 million in coupons, which were set to expire in two days. Coupons give you the right to get newly minted coins for when the price goes above $1. When the peg with the USD breaks down, coupon holders shoulder the risk by burning their \u201cdollars&#8221; in exchange for a promise to receive more of them next time supply expands. <\/p>\n<p>Imagine my surprise when I learned that coupon holders not only need to hope the coin\u2019s price <em>ever<\/em> gets back to $1, it also must do so quickly. In just two weeks, to be precise.<\/p>\n<p>So the community did the only natural thing, and bought out 5.5 million tokens from a whale going by escobar.eth, who previously dumped millions of tokens. The exchange occurred at a price of $0.62, according to Etherscan <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/tokentxns?a=0xfd72fac7d08f9912e5d02091417304d5a0072e2b&amp;p=2\">logs<\/a>.<\/p>\n<p>So with the nefarious Escobar defeated, did DSD coupon holders feast on the next supply expansion? No.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/c1284a92-d676-4841-9520-3e327caa9839.png\"><figcaption style=\"text-align: center;\"><em>DSD price chart by <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/dynamic-set-dollar\"><em>CoinGecko<\/em><\/a><em>.<\/em><\/figcaption><\/figure>\n<p>DSD almost reached $1 after the news. But something went wrong im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely after, with the coin plummeting all the way to $0.29. As you may expect, those millions in coupons expired. Seriously, who buys coupons knowing that two weeks is all the time you get?<\/p>\n<p>The intervention was ultimately a valiant attempt by DSD holders to defend their currency, and it\u2019s really not unlike the central banks of countries who peg their fiat currency to another. George Soros <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investopedia.com\/ask\/answers\/08\/george-soros-bank-of-england.asp\">first became famous<\/a> by successfully shorting such a peg for the British pound.<\/p>\n<p>As famous crypto lawyer Preston Byrne so eloquently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/prestonbyrne.com\/2017\/10\/13\/basecoin-bitshares-2-electric-boogaloo\/\">wrote<\/a> all the way back in 2017: \u201cThese situations are an object lesson in why you don\u2019t try to peg currencies: because you are unable to hold the peg any longer than you can afford to subsidize your differences of opinion with the market.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"In_other_news\"><\/span>In other news:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>StakeDAO rolls out multi-million dollar airdrop not unlike Uniswap back in the day.<\/li>\n<li>We published an overview of Ethereum competitors that show promise to take its mantle in DeFi.<\/li>\n<li>Aave sees partial integration in Matic\u2019s Plasma layer-two chain.<\/li>\n<li>BadgerDAO, a rebasing coin that follows Bitcoin\u2019s price, launched this week.<\/li>\n<li>Circle launches swaps between USDC and USD, potentially connecting the banking layer to DeFi<\/li>\n<\/ul>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/finance-redefined-what-can-you-do-about-those-gas-fees-jan-20-27\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Finance Redefined: What can you do about those gas fees? Jan. 20\u201327 &#8221; This is a repost of Finance Redefined&#8217;s latest installment, where Cointelegraph unpacks the latest developments in DeFi. The newsletter is delivered to subscribers every Wednesday. DeFi was reasonably quiet in terms of major fundamental developments, instead letting prices do the talking&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":165033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvNWVmMjMyNjAtYTlkZi00OWQxLTg1ZTgtZDA4NTE5OWMxMWYxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,74891,4965],"class_list":["post-165032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-ethereum","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/165032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=165032"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/165032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/165033"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=165032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=165032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=165032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}