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keep-network / tbtc-dapp

Deposit BTC and redeem TBTC
http://dapp.test.tbtc.network/
MIT License
33 stars 31 forks source link

Transaction costs real time - graphical ? #293

Open cryptocrs opened 4 years ago

cryptocrs commented 4 years ago

Transactional costs seem quite high at the moment. As an an example it costed me around 0.25 ETH (68$) and 0.00415276 test BTC (40$) to mint 0.5 tBTC. It would be good idea to give a ball park to users on how much they would spend on transaction costs before they even begin to mint tBTC to avoid user surprises. I was definitely surprised it costed me this much to mint 0.5 tBTC. One idea is to put some graphical representation of costs real time to give a ball park on what to expect for costs for minting tBTC and also for redeeming tBTC. Also potentially how many number of times we would need to interact with the contract, at the moment it is 5.

Details of my 0.5 tBTC mint - It took me 5 contract interactions which costed me 0.251546 ETH (At todays prices - 68$) and on top of it, it took me 0.00415276 test BTC to send from my wallet, btc fees at today charge is around 40$. So in total I had to spend approx $110 at today's prices to mint 0.5 tBTC which is extremely high for low/medium transactions. This is with normal proposed gas prices. I expect the cost to go up more if we want to speed up the transaction.

Here are transaction details - ETH txn hashes Transaction 1 - 0x537c71db792f91942faa9aa5a8877e69f93f36918ba278700f2101db7024858e transaction 2 - 0x2d32e079591742fc90a5ffeb1c5b0b42a4459cd892c0c2dfb7d3330663a35ef3 transaction 3 - 0x895be104ff122166dfa8529b2be680ba8699efc3006d54a8e8debdd50ec8fd52 transaction 4 - 0x31afda0c6ab3d69edd41242aed42606c3f06032bdd23bcb2a79e5c0303c881d2 transaction 5 - 0xdcffd2b63bda323e4c682f35b550ce9bff1d8907f8409906396233b5d23f488c

btc tx id - 92ad3f1cfb403e8bed6d3b55610cd3d8ce7994b6c2611bc092bbb46ce108bc94

mhluongo commented 4 years ago

With the way fees are going on both chains right now right now, I think the lot sizes need to go up, and we use swaps for smaller amounts.

Nothing we can do here is going to lower a $40 BTC fee. BTC has to be sent to mint tBTC.

cryptocrs commented 4 years ago

Agree on the current gas prices! But at the same time, it would not be worth it unless we deposit quite a bit of btc. This would automatically exclude a whole bunch. Would be good to know some sort of ball park on txn/gas costs dynamically thru some sort of graphs real time.

Shadowfiend commented 4 years ago

ball park on txn/gas costs

We've discussed something like that before for sure, though it's not on the short-term roadmap at the moment. I would love it if you massaged this issue's title and description to focus in on that enhancement!

cryptocrs commented 4 years ago

updated ! let me know if you would any other updates !