It seems to me a major drawback of this service is the insanely high gas costs to withdraw your funds deposited in vaults. I’m not sure if everybody is being charged the same amount but it is going to cost me .7 ETH just to withdraw. Does anybody else have insight into this insanely high cost? Even with the .05% withdrawal fee included that price is just ridiculous.
YFI is successful because of their vault nature and without a properly functioning affordable vault structure this project will inevitably fail and lose many people a lot of funds.
Its not the yfi service that is the cause for this its the ethereum blockchain as a whole. So when the system is tested like this with this explosion of transactions gas prices rise. Ethereum runs on gas and when gas prices go up you get these ridiculous fees that are associated with it. You can find the current gas price in numerous places I usually just check it on https://etherscan.io/ gas price is on their front page as well as transaction volume. To be frank if you are not a whale it sucks right now, you want to aim for the times where gas prices are the lowest if your not a whale which during this mania may be impossible but there are people that can direct you to better info on that in the etheruem community I lack the knowledge to give you more concrete info on that, as I’m just some random dude on the internet, trying to learn this space just like everyone else.
The good news is there are solutions in the works that will be implemented soon, for more information on this look into zero knowledge roll-ups and optimistic roll-ups and layer 2 scaling solutions that are already available on other dapps. The thing thats taking the time to implement them is security.
People are always asking what the catch is for crypto the catch is its an unfinished technology and the reward is so great because of the inherent risk in trusting your money to a technology as its being built. We are the monkey test subject being flung into space testing these systems out, our hope is that we finally are on the rocket to hit the moon and not the one launched directly into the sun.
I’d recommend using a different medium than this governance forum for finding the knowledge you need to invest in this tech safely. For YFI specific questions I’d direct you to this post on the forums http://gov.yearn.fi/t/yearn-useful-links/1769, you would definitely have better luck learning from people on the discord or telegram in real time.
Thank you so much. I’m aware this isn’t the best forum for this type of question however I have been selfishly gauging the overall communities response to them. That was a very helpful post and I really appreciate it.
You’ve made 3 or more posts with this same question. If you have gas / fee related questions check the faq or ask in the discord or telegram.
No worries, I still have lots to learn still a novice myself, further topics I recommend research on are:
The rise and the fall of the ico boom in 2017
Hardware wallet use
How to unstick a stuck transaction
Remember as more money flys in there will be more and more scams always do you research and try to be helpful to new people when you do become knowledgeable about the topic, the more we foster a community the faster the tech can grow.
Hey, we discourage support questions on governance forum. Join Telegram or Discord to get community help.