Good news Bad news
Mahnnnn last time I had so much headache doing anything crypto was....wait for it....never! I don’t think I’ve ever had any headaches at all doing anything crypto related no matter how complicated it is but today, I’ve seen the horrible side of Ethereum and it’s given me a lot of headaches.
I try to avoid doing anything on Ethereum like a plague, I’m poor, relatively, and as such, Ethereum with its ridiculous gas fees is just not for me, or at least so I thought till I had to claim the airdrop from Thorswap community today.
Good news is that I got a total of 600 Thor on 2 different wallets worth about $1200, but to claim, I’ll need to pay gas fees. In my head, all I thought I’ll need to do was to buy about 100$ worth of ETH, transfer it to my trust wallet, claim and swap the token for RUNE or USDT. Heh! 😏 simple right?!
But in reality, I have to buy at least $300 worth of ETH that I’ll send to my Trust wallet, of which around 30% or more of it will probably be used for transfer fees alone, and the rest will be to pay fees to claim and pay fees to swap to RUNE and will still probably not be enough.
From a $600 worth of airdrop, about $300 is gone to fees, doesn’t sound right. So in attempt to seek other routes, perhaps cheaper...
I tried swapping directly on Thorchain but gas fees showed me I’ll need to pay about 327$ just to swap 100$ worth of BNB to ETH alone, if I’m lucky, I’ll pay a gas fee of around 70$ to claim, and still pay another fees for swapping to RUNE, all to a tune of around $500 out of $600 which seems like a worse option too, with same process going for both wallets.
Stake half, sell half as soon as gas prices reduce
So it seems like my best option is to wait for cheaper gas fees, but how much cheaper can they get? How much more can I possibly cut down from approximately $500? What is the assurance that gas fees won’t just spike higher knowing the period we are where everything is mostly going up? Or what is the assurance that $THOR won’t dump before then? I just hope I’m able to cash in a sizable chunk of it.
Lol I did not anticipate this happening, plus I’d expected an AIRDROP not a CLAIMDROP. I’m not complaining though, I’m grateful the claim drop is happening, ETH gas fees is just a real pain in the ass. I plan to use the other half of the claim drop to provide liquidity to THOR pool when I finally claim it so all is well hopefully.
This all just makes me appreciate Hive the more for its fast and feeless transactions.
Loosing Focus
A lot more people are more pissed than I am though, some are complaining about being whitelisted but not able to claim the airdrop, some are even threatening to dump their Rune tokens lol which I just think is funny because the entire drama has nothing to do with Thorchain,....
..... is Thorchain working? Yes, is Thorchain still the holy grail of crypto? Yes, are governments still moving mad and cracking down on exchanges? Yes, are exchanges still bending the knee to governments? Yes? See! Those dumping their Rune tokens are loosing focus. Everything isn’t exactly sailing super smoothly, but the vision is the same and I guess it can only get better from here.
Onwards Thorchards.
I’ll keep y’all updated. Stay safe.
Thanks for reading.