Yes, It depends on how congested the network is, you will pay the most expensive or cheapest rates.
Iām paying currently $24 for my bitcoin transaction to go through and itās still pending for over 7 hours. These L1 transactions can be slower and more costly however there are some great L2 options present or being build which are way cheaper and can accommodate many more tx/s.
It makes you think that Eth and BTC have problems with all things going on on them, that they are past their limit on what they can handle. Is Omni or Eth a good fit for Maid?
Odd question, what would be an alternative?
OmniBOLT allows tokens on the LN , so MAID will probably still be a attractive on the Bitcoin (omni) layer if not launched first
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OmniBOLTās Role: OmniBOLT is an open-source, off-chain decentralized platform built upon the BTC/OmniLayer network. It is designed to implement various functionalities like basic Hashed Timelock Contracts (HTLC) payments, atomic swap of multi-currencies, and more off-chain contracts on a network of smart asset-enabled lightning channelsć6ā sourceć.
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Integration with the Lightning Network: OmniBOLT enhances the Omni Layer, a decentralized asset protocol for Bitcoin, by porting its functionalities to Lightning channels. This integration essentially means that an Omni transaction becomes a Bitcoin transaction with additional metadata, allowing it to operate without requiring a separate blockchainć7ā sourceć.
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Token Creation and Transmission: OmniBOLT, constructed on top of OmniLayer, enables the creation and transmission of tokens via the Lightning Network. This significantly improves the flexibility and accessibility of the Lightning Network to a wider user base. The incorporation of smart contracts into OmniBOLT is also expected to provide additional benefitsć8ā sourceć.
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Benefits for Smart Crypto Assets: The Omni Foundation supports OmniBOLTās development, focusing on facilitating faster and lower-cost transactions of smart crypto assets. It also aims to provide more flexible contracts for upper-layer decentralized finance applications. This development indicates an advancement in how smart assets are managed and transacted on blockchain networksć9ā sourceć.
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Support for Other Tokens: OmniBOLT plans to support the circulation of other tokens, like the BRC20 Token, on the Lightning Network. This is aimed at enabling more efficient transactions and unlocking new possibilities for such tokens. This shows OmniBOLTās commitment to enhancing the transaction speed, capacity, and efficiency of the Lightning Networkć10ā sourceć.
In the context of MAID (MaidSafeCoin), the integration of OmniBOLT with the Lightning Network could make MAID more attractive on the Bitcoin (Omni) layer. This is because OmniBOLTās capabilities allow for enhanced flexibility, efficiency, and lower transaction costs for tokens on the Lightning Network. Therefore, even if MAID is not launched first, its attractiveness and utility could be significantly bolstered by these developments in the Omni Layer and Lightning Network ecosystem.
There are many L2 solutions with cheap fees, the problem there is that you have to go through a Bridge, which is a serious risk because bridges get hacked:
Privacy. Security. Freedom
On top of that, L2 solutions in general are less secure and mainly designed for smaller transactions. If you take the lighting network for example, thatās for your day to to shopping, paying for a drink for example. You really shouldnāt be putting large transactions on it.
Fees have always been higher during a massive uptrend. Wouldāt worry about it, theyāll come down eventually.
A post was merged into an existing topic: OTC trading
@SwissPrivateBanker Do you think Radix could help solve our problem for access to omni MAID and eMAID?
It seems they have the ability to make smart contracts that are very secure.
What are your thoughts?
Mehā¦
Iāve never had a good GPU before. Iām pretty much mining crypto for the first time.
This makes me realize how long this project has gone without a wallet.
They couldāve released some half-ass one a decade ago, 5 years ago, 2 years ago, and gotten some pump, maybe pump and dump. Or, possibly slow burn: heck, maybe thereās even a reality where a legit wallet couldāve been released several years ago with good intention, and wouldāve become the whole network eventually, except just with much time needing to pass. That may even happen in the future! (With hopefully not as much time needing to pass for additional [major] features, compared to a wallet releasing years back.)
But once that wallet finally releases, this price is going crazy. Or at least thatās the way I felt while mining some random crypto that was/is just the most profitable at the momentābecause I was thinking of the perspective about how the developersā story is, how insanely long they will have had to hold out before making the magic happen, and that idea will get planted in people interested in the project that begin mining/farming of this product; and theyāll feel that sense of real time involvement, earning, rewards, etc. that is completely lacking here for the past decade. Maybe they wonāt care about the history (not even that this used to be a top 10 cryptography project?!), but will surely be intrigued about the new system/environment created by a non-blockchain wallet, which should generally work the same but not related to GPU (unless that also works; still not sure of that).
Speaking of decade this, decade that: I think sometime(s) next year will be a 10-year milestone of, well, existing, in the space, albeit purely in development. I guess I mean more like 10-y since the ICO. I know by next year around this time it will be my 10 year anniversary for jumping into the project.
The recent pump in BTT (BitTorrent Token) up towards the top 50 is encouraging.
The token currently incentivises seeding on the BitTorrent Network and can be used to get faster downloads.
It is also planned to be used in the upcoming āBit Torrent File Systemā.
I donāt know the details, but perhaps BitTorrent File System will be a direct competitor to the Safe Network⦠not necessarily great for the eMAID token price if it offers all Safe will & gets to market first, but positive in showing thereās demand for the services the Safe Network will offer.
Might not be great for MAID price, but definitely positive for SNT price, if it familiarizes people with some similar functions that the Safe Network has.
Once The Network is out and doing itās thing, the word āBlockchainā really starts to sound like blocks and chains. Who wants anything to do with them?
Some observations from a newbie in DEX land:
I had an sell order of 1000 eMAID for 175 USDC on 1 Inch for 24 hours. No one took it. The fees were very good, Gas price just 3-4 USD worth.
Then I made another sell order of 1000 eMAID for 170 USDC, and no one took it for maybe an hour or so. Then I noticed, that price in Uniswap had risen to about 0,23 USDC per eMAID, and decided to cancel my order, but someone just got it out of my hands . But really, thatās the name of the game, no problem.
While that happened I was about to make a swap of 1000 eMAID in Uniswap, but the Gas fees would have been something like 50-60USD , and didnāt.
It seems to me that 1 Inch is the way to go. But I only recommend to make limit orders there, as the swap price seems to be about 15% -20% worse than in Uniswap, for both directions.
These are my preliminary, noobish observations. How about other folks, what do you think? What are your experiences?
I would recommend to use the FlashBot Protect RPC. It protects you from getting your order sandwiched, e.g. some bot buying and selling back to you for a less convenient price. You also donāt lose gas fees if the order doesnāt go through.
Iāll just note that the 3-4 usd you paid is for the one-time approval of the 1inch smart contract to interact with your wallet. The subsequent sale transaction is paid for by the buyer, not you. Also as pointed out by @DeusNexus the bot crushed you a bit - he sold 210 $ of your tokens and gave you 170ā¦
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Aha, aha⦠Happy that Iām smart enough to know that I may not know everything, and practice with these amounts.
Is there maybe some other āthingsā you and @DeusNexus and everyone could guess I should consider when using DEXes?
Good to know! So then the bot that got the about 40$ slice was operating in quite thin margins, winning maybe a dollar or two in the end?
The transaction cost $30, i.e. the bot is about $10 in profit.
You can read more here:
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Well, thatās a decent profit! I guess with enough of these kind of situations the bot owner can make a living.