In This Issue
We all know that Ethereum gas fees are crushing. I have had times where I have spent a few thousand dollars in one day to do some defi stuff on Ethereum. That is not a humble brag by the way, that is a complaint. When possible I use Avalanche, Solana, Polygon, Binance Smart Chain, or Arbitrum. BUT, sometimes there are things that you just have to do on Ethereum, So if you have to, then you should try to pay as little as possible. That is the exact topic of Matt’s report today.
I also sat down with the team from Zone, an upcoming Gamefi coin on Algorand. As I have been saying a lot, the crypto gaming space is going to be huge. So I am always on the look out for early movers.
Save On Ethereum Fees By Matt
We all know that Ethereum gas fees have become a major hindrance for the network in recent times with token swap fees on platforms such as Uniswap regularly costing over $100 and some more complex transactions costing several hundred dollars. But there are some basic actions that you can take to help mitigate these costs. Saving a little bit here and there can make a big difference particularly if you are an active trader. Let’s take a look at how you can give less $$$ to miners and keep more $$$ in your pocket.
Timing is Everything
Particularly for transactions that you might not consider to be urgent such as moving tokens between wallets or yield farming activities, consider the timing of when you interact with the Ethereum network as fees can vary wildly. A handy resource is ETH Gas.watch where you can check out the hourly gas prices over the previous week. There are no hard and fast rules but generally speaking ETH gas fees are cheaper later in the week (Thursday/Friday) and cheaper again on weekends, particularly on Sunday. Also, the 8pm to 3am UTC timeslot is often the best.
Wallet Gas Limits
Most Ethereum wallets allow users to set their personal gas limit before sending a transaction to be processed. Essentially the gas limit dictates the maximum amount of gas/gwei that you are willing to pay. Popular wallets such as MyEtherWallet and Metamask give users the option of selecting a Low, Standard or Fast speed but the gas estimates for these settings are not always up to date due to fluctuations which occur from block to block. So before sending a transaction visit Eth Gas Station to see the most up to date fees. They also have a browser extension plugin that you can download for quick reference at any time. After you’ve determined the amount of gas that you should be paying, you can manually change the maximum amount of gwei that you are prepared to pay in the Ethereum wallet that you are using. Customising the gas limit can save you a considerable amount on the gas fee.
Yield Farming / Aggregators
The fees associated when interacting with yield farming protocols can become very expensive on the Ethereum network as users are typically required to undertake multiple transactions including swapping tokens, depositing them into a liquidity pool, claiming rewards and then selling them. If DeFi and yield farming is your thing, consider using an aggregator. By pooling deposits together with other investors, yield aggregators automate the farming process and in doing so they reduce gas fees. Just deposit, watch the rewards accrue and then withdraw. The aggregator handles everything else in between. They will also save you time as they find the best deals and maximise profits.
Consider using a Layer 2 solution
I recently published an article in the Wealth Mastery about Arbitrum which uses Rollup technology. This chain is built on top of and secured by the Ethereum blockchain but all transaction data is logged on the Ethereum mainnet. From a user perspective, interacting with Arbitrum feels exactly like interacting with Ethereum. The only way in which the Arbitrum chain does not resemble Ethereum is the cost, with transactions on Arbitrum costing 80 to 90% less than they would if run natively on Ethereum. There are now hundreds of Dapps (Decentralised Applications) that have been built on Arbitrum including popular choices such as Uniswap, Sushiswap and 1Inch. It’s also super easy to bridge assets from Ethereum mainnet to the Arbitrum chain.
A competing alternative is Optimism which is a scaling solution that also uses Rollups technology. Optimism has a broad range of Dapps in its ecosystem and it works in much the same way as Arbitrum and is very easy to use once you bridge your assets to the chain.
Polygon (Matic) is another option worth exploring. It’s one of the most popular Ethereum scaling solutions with over $12 billion in TVL (Total Value Locked). Some of the best Ethereum applications have been built on Polygon so users will find there is plenty of choice available. An easy to use bridge can be found on their website.
If you need some additional motivation to consider trying some of the actions suggested in this article, you can check out how much gas you’ve been spending on each of your wallets by visiting Gas.Wtf. Connect your wallet and make sure that you are sitting down when the result appears!
The reality is that base layer scaling on the Ethereum mainnet will be several years away according to the ETH 2.0 roadmap so investors need to be nimble in the interim and use as many tools as they can to minimise gas fees.
For anyone not familiar with Zone can you tell us what Zone is?
Zone is the first and only gamefi ecosystem on the Algorand blockchain with play-to-earn, cross-chain functionality, a gamefi Discord bot, yield farming, NFTs, on-chain fantasy sports and more!
With Zone, gamers can challenge their friends in some of the most popular games in the world like Chess, Clash Royale, League of Legends, DOTA2, etc. completely on-chain with a challenge amount. The entire gaming industry is heavily skewed towards only a few people making all the returns, while the 99% are not able to generate any income. Zone is built to empower the 99%, Zone is here to disrupt the gaming industry once and for all.
ZONE is the first-ever GameFi ecosystem built on the Algorand blockchain. Pioneering the first project of its type at a blockchain level. Unlike any other gamefi ecosystem in existence, Zone can bring the most non-blockchain games onto gamefi through the ZONE protocol. Looking at Zone’s advantage both technologically and business-wise investors showed unparalleled interest in Zone’s investment round with our first round raise -$1.6million -being oversubscribed. The lead VC for round 1 is Borderless Capital, one of the world’s leading blockchain VCs.
We have the full support from the core Algorand team and its community as well:
Zone was the Title Sponsor of Tie Break Tens Dubai
We have done some of the largest events ever seen in the gamefi space. With amazing traction and response from the world. Leading publications like: Forbes, Arab News and Gulf News have mentioned us.
The core team of Zone has been working together for the past 2+ years. Starting with ZPX Ventures, Singapore’s first venture-backed crypto company. At ZPX we created some amazing products in the De-Fi space. The core team is also the founding team of XTZ Esports which is one of the most dominant esports companies in Asia and the Middle East and Africa. Thinking of scaling up and amplifying the success of XTZ Esports and our deep expertise in blockchain we launched Zone
Our CTO’s career spans from his own startup and leading pioneering companies such as Fidelity Investments as their Global Director of Technology, Qualcomm, Motorola, and Intel. 20+ years in Financial Services, Telecomm, Wireless, and Semi-Conductors. Holds a patent in wireless signal processing. We have a strong development team led by our CTO Kodis.
CEO has 8+ years of experience working in the crypto industry in multiple defi projects.
CEO is the co-founder of ZPX, Singapore’s first venture-backed crypto company, and the founder of www.projectartha.com which aims to re-imagine decentralized finance.
Director of XTZ esports Tech – the first esports company under the DIFC Innovation Hub.
Launched a crypto index and a crypto news portal in addition to one of the largest crypto conferences in Singapore – De/Centralize 2018.
What does the Zone token do?
ZONE is the governance and the native utility token that powers the ZONE GameFi ecosystem.
Stakeholders will be rewarded through the usage of the ZONE token, establishing a system for community expansion.
Players can use the ZONE token to:
Pay any fees on the platform
Issue on-chain gaming challenges
Stake to earn ZONE plus other tokens
Unlock Fantasy Leagues
Trade NFTs and other assets
Buy loot boxes
Vote on governance proposals
Long term advantages are – staking pool rewards, platform fees sharing, governance to decide the future of the protocol
What are AFK elephants?
AFK Elephants are the most intelligent species in the metaverse, currently chilling in the Zone. The elephants are all algorithmically generated with varying degrees of rare traits. Owning an AFK Elephant enables you to do everything in the ZONE Metaverse.
What games do you support?
Right now for our testnet phase, we have integrated ‘Chess’. Zone is planning to integrate more web2 games on web3 like DOTA 2, CSGO, Clash Royale, League Of Legends, Ludo, Poker and many more.
What is your plan to onboard users?
We are plugging into already established gaming networks, first with OPEN APIs and popular games, secondly with our gamefi Discord bot Zobo which is already in 5000+ servers
All the Discord server owners who have integrated Zobo with their servers will generate revenue in Zone tokens with 15% of the revenue of the server directly going to them.
We are plugging into already established gaming networks, first with OPEN APIs and popular games, secondly with our gamefi Discord bot Zobo is already in 5000+ servers we will unlock huge network effects.
We already have deep connections in the sports world with our esports arm XTZ Esports, as you can see in our sports activations with Tie Break Tens and Chris Gayle.
We are built on Algorand and the first gamefi ecosystem on it so we already have the support of the Algorand community.
Nobody except us is monetizing the biggest gaming community in the world that is Discord.
We are innovators and trailblazers and Zone is going to dominate the gamefi market.
Why did you choose to build on Algorand?
Algorand is the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products.
Zone is one of the first DeFi projects, and currently the sole GameFi ecosystem to exist on the Algorand Blockchain. The decision to build ZONE on the Algorand blockchain has 3 primary modalities:
Miniscule transaction fees – High transaction fees have long been a nasty barrier of entry to defi services. The Algorand chain topologies require minuscule transaction fees. Usually $0.001 per transaction — regardless of the transaction size. Ethereum’s extremely volatile gas fees can go up to $50 per transaction.
High TPS and instant finality – Compared to Ethereum which can achieve TPS of fewer than 15, Algorand can process more than 1,000 transactions per second and Algorand’s block finalization time will shrink from the current 4.5 seconds to 2.5 seconds in the future. All of this directly translates to a faster, fluid-like web app experience on the front-end with the backend defi layer taking advantage of Algorand’s unique layer-1 smart contracts.
Simple wallet configuration – Leveraging elliptic curve cryptography and Zero-Knowledge Proofs, logging in to the Zone GameFi ecosystem is as simple as typing in your email. A wallet is automatically generated which manages non-custodial crypto keys for each user. Users receive a link in their inbox which is then used for authentication. In the case of advanced users who wish to manage their wallet end-to-end, Zone has partnered with My Algo Algorand wallet allowing users to create and manage their wallets with locally stored private keys that are encrypted with a password. The private keys never leave the user’s device and there is no need to install any software extensions.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.