Insane Gas Fees and Badger

With the release of DIGG coming - the launch of a new product is always a delicate time - I’d like to know what is the general feeling around the current situation regarding the insane gas fees on Ethereum, and the way it impacts Badger overall, right now and in the longer term. While hoping that we get temporary solutions before ETH 2, I’m concerned about the impacts these fees may have for the delicate crypto ecosystems, mainly Badger, which represents a big part of my crypto holdings.
I’m no dev, I’m surely unaware of all the latest developments, but I’d like to have your take on the matter.

It might even sound naive, because I don’t understand all the implications related to such things - even though I can imagine all the complexities - but has Badger as a project ever considered the possibility that it might need to change it’s operating network, if the situation gets really unsustainable, fees-wise?

I’m thinking of all the noobs getting into crypto, that won’t be interested in spending 20-30$ for a claim, and any smaller investor for whom these crazy fees are absolutely prohibitive. As a matter of fact, they are for me. I’m personaly delaying reward claims because of fees.
I think at one point it might be a serious turn off and that it might seriously slow down project adoption.

Again, thanks for taking into considerations my personal lack of knowledge in dev/tech stuff . :stuck_out_tongue_winking_eye:

A quick note regarding the fact that english is not my first language, please excuse any syntax mistakes I might be doing.

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I understand where you’re coming from. I’m wondering the same.
I know we as a DAO are only on decentralized exchanges right now and some insignificant centralized exchanges, but I really do believe we should consider being listed on the major exchanges after the liquidity mining events of $BADGER. So around 3 or so weeks from now. Amongst other things, this increases $BADGER’s visibility as well as make $BADGER accessible to the masses without insane gas fees. This of course has an impact on the ecosystem so I’m wondering what the devs are thinking about @jonto @Spadaboom.
Other defi tokens are readily available on major centralized exchanges so I think it’s reasonable to believe we will be listed with them (Binance, Coinbase, Huboi, OkEX etc) soon. I know in the first week, Yahile from Huboi Global was already discussing in our Discord channel regarding $BADGER being listed on their exchange with positive marketing from Huboi, etc. At that time, I believe it wasn’t the best time to list BADGER as it was just starting.

Do you think $BADGER should be listed in major exchanges after liquidity mining event and DIGG launch?
  • YES
  • NO

0 voters

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agreed , after all , the projects’ goal is to bring BTC to DEFI , that does not mean Ethereum only.
Like you I have not claim my rewards either, for almost 2 weeks now, because the gas fees
not happy with this indeed

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thanks for taking the time to put up this poll. Appreciated.

The best way to market Badger in DEFI is on a well-known exchange, and many people don’t know him and want to see the news as soon as possible.

@jonto @spadaboom

Maybe change the question you put up for the vote to account for the fact that being listed on major exchanges costs $$$ ?

Do you think $BADGER should budget 50000 USD to be listed in major exchanges after liquidity mining event and DIGG launch?

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Gas fees are killing me.
I agree with the opening fully - we are in delicate times

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The question that has to be asked and answered is how much OTV is affected, but also take a bin of investment OTV against the unclaimed OTV value for the investor classes. My expectation is that this ratio grows dramatically as the investment OTV decreases.

I did buy both badger and wBTC to get in on the sett - and did this twice early on at like 15-18gwei and it was still expensive relative to the size of my investment. I want to do it again with my accumulated badgerclaims but it simply isn’t worth it to me from a cost/reward perspective. I have both claimed and unclaimed badger just sitting there doing nothing.

Hence why I support having a sett with 100% reinvestment vs. 50%. I am not going into another set that forces me to claim. I WILL put capital into a sett that reinvests 100%. In fact I’d like a sett or a sett model that would allow me to take claims from one or more setts and branch them into other sets.

Blockfi has this nice option where I can take all of my interest and convert it into a single asset. I would love to have a 100% reinvest option that via 1 on-chain transaction can direct 100% of the claims into a single sett or have them reinvest 100% into their relative setts. Alternatively also turn off the claims and have 100% of my rewards automatically converted into badger, wBTC, DIGG, or even ETH or DAI. Sure these reinvests may happen less (due to a spreading of funds and fees) but I think this should be considered generally as both whales and the little guys benefit. Also we reduce the network demands - helping to drive down fees generally by not having to do like 3-5 on-chain main net tx’s but only 1.

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I agree with your position, regarding a 100% automatic reinvestment option.
It’s been discussed in another conversation, as a matter of fact.
Some other options were also presented.

With the Optimistic rollups test phase beginning pretty soon (on the 15th), we can expect fees to drop on Ethereum network in what, 6 months, 1 year? More ?

I believe it would be a good idea, in a broader approach, to plan for different options, if the situation stays as it is for a while.
As I said, I don’t have the technical knowledge to propose anything, but I wanted for the community to think about how this is affecting and will affect the project from a short and mid term perspective.

I hope devs and peoplle from the team can hop in the discussion at some point, to have their point of view, what the think of the exchange proposition and all.

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Both are currently collecting a multiplier.

Not sure I fully understand the problem here.

Ok gas fees are crazy. But how a listing on a DEX will change that and the fact that you don’t claim you reward ?

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Gas fees are a major concern for all of DeFi, and unfortunately, the solutions are all timing specific.

In the short-term, I think the fiat-denominated value of ETH is only going to rise, which will 100% impact what users consider to be worth expending on any given transaction. I know that it’s already impacting my decisions on a personal level.

Rather than expend capital and effort to get listed on a CEX, I think a more worthwhile solution would be to expend effort toward getting listed on L2 exchanges and side-chain DEXs. Think Loopring.

On top of that, Badger could look into some kind of integration with gas cost offset or hedging options currently on the market such as the uGAS synthetic from Yam Finance (Disclaimer - I’m a member of the Yam Finance contributor team).

But those are two short term solutions.

Mid-term, I think it would be worth exploring EVM integrations to see if major transactions could be flipped to a different chain with more manageable fees and then settled on Ethereum. BADGER and DIGG on Polkadot, Algorand, Cardano, etc could be interesting.

Long-term, I think it’s all a moot point when Ethereum 2.0 is fully realized and proof-of-stake fully executed. So ultimately going to boil down to the patience and sentiment of the community.

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Agreed. Short and Mid-term are important. Maybe things will move faster than expected on Ethereum, who knows.

If all it takes is 50k, we should do it ASAP… i’m not sure it’s so easy.

Projects would rather gas fees discourage removal of liquidity or capital from their programs. It causes somewhat of a delay and an increase in liquidity or TVL when investors delay removing their funds because of high gas fees. JMHO… I could be totally wrong. I just don’t see different protocols and/or smart contracts being particularly bothered by high fees causing a delay in removal/decrease in TVL… :woman_shrugging:t5: